Drilling Tools Market Report - (Growth and Size by 2031)
The Drilling Tools Market is expected to register a CAGR of 5.1% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Type (Drill Bits, Drill Motors, Drill Reamers and Stabilizers, Drill Jars, Drill Swivels, Others). The report further presents analysis based on the Application (Onshore and Offshore). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Drilling Tools Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Drilling Tools Market Segmentation
Type- Drill Bits
- Drill Motors
- Drill Reamers and Stabilizers
- Drill Jars
- Drill Swivels
- Others
- Onshore and Offshore
Strategic Insights
Drilling Tools Market Growth Drivers- Increasing Demand for Well Intervention: Rise in demand for increasing the life of oil & gas wells across the globe is expected to drive the demand for drilling tools in the coming years. More than 5,000 oil and gas wells are present globally, with the rise in demand for oil & gas there is rise in need for well intervention services to increase the production which in turn is expected to drive the drilling tools market growth in the coming years.
- Increasing Oil & Gas Exploration and Production Activities Across the Globe: The increase in investment towards the exploration and production of oil & gas in Middle East & Africa, South America, and Asia Pacific is anticipated to drive the demand for drilling tools which in turn is expected to drive the market growth from 2023 to 2031.
- Rise in Shale Gas Production Activities in North America: In the US, natural gas production from the seven biggest shale basins is estimated to increase in 2023, per the US Energy Information Administration (EIA). Shale production is anticipated to expand from 23% of total gas production in the US in 2010 to approximately 49% by 2035. Such huge reserve and shale gas production in North America is expected to drive the drilling tools market in the coming years.
- Development of Multi-Functional Tools: There is a growing trend towards the development of multi-functional drilling tools that can perform various tasks, such as drilling, reaming, and casing. This versatility allows operators to streamline their operations and reduce equipment costs, driving demand for innovative solutions.
- Growing Developments in the Offshore Gas Industry: Investment and focus on offshore gas drilling and production are growing across the globe. For instance, in October 2022, the Italian government announced plans to augment its gas production from the current gas production capacity. This plan also includes the construction of new offshore gas rigs across the country. In May 2023, the Chinese government announced that it had completed the construction of a new 12,000-ton offshore drilling rig. In June 2023, the government announced drilling deeper into offshore platforms to reduce its dependency on other countries regarding the import of oil and gas. Hence, it is expected to be the key trend in the drilling tools market
- Growth of Digital Solutions in Drilling Operations: The increasing adoption of digital solutions in drilling operations, such as advanced monitoring systems and data analytics platforms, presents opportunities for manufacturers. Companies can integrate their tools with these technologies to offer enhanced performance and insights for operators.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Drilling Tools Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Drilling Tools Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
Have a question?
Naveen
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
The leading players operating in the Drilling Tools Market include Redback Drilling Tools, Knight Oil Tools, Weatherford International, Baker Hughes Company, Texas Steel Conversion, Inc., Schlumberger Limited, United Drilling Tools Ltd, BICO Drilling Products, Cougar Drilling Solutions, and X Drilling Tools
Growing Developments in the Offshore Gas Industry is the key future trend of the Drilling Tools Market
The Drilling Tools Market is estimated to witness a CAGR of 5.1% from 2023 to 2031
The major factors driving the Drilling Tools Market are: Increasing Demand for Well Intervention and Increasing Oil & Gas Exploration and Production Activities Across the Globe
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Drilling Tools Market - By Type
1.3.2 Drilling Tools Market - By Application
1.3.3 Drilling Tools Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. DRILLING TOOLS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. DRILLING TOOLS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. DRILLING TOOLS MARKET - GLOBAL MARKET ANALYSIS
6.1. DRILLING TOOLS - GLOBAL MARKET OVERVIEW
6.2. DRILLING TOOLS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. DRILLING TOOLS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. DRILL BITS
7.3.1. Overview
7.3.2. Drill Bits Market Forecast and Analysis
7.4. DRILL MOTORS
7.4.1. Overview
7.4.2. Drill Motors Market Forecast and Analysis
7.5. DRILL REAMERS AND STABILIZERS
7.5.1. Overview
7.5.2. Drill Reamers and Stabilizers Market Forecast and Analysis
7.6. DRILL JARS
7.6.1. Overview
7.6.2. Drill Jars Market Forecast and Analysis
7.7. DRILL SWIVELS
7.7.1. Overview
7.7.2. Drill Swivels Market Forecast and Analysis
7.8. DRILL COLLARS
7.8.1. Overview
7.8.2. Drill Collars Market Forecast and Analysis
7.9. OTHERS
7.9.1. Overview
7.9.2. Others Market Forecast and Analysis
8. DRILLING TOOLS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. ONSHORE
8.3.1. Overview
8.3.2. Onshore Market Forecast and Analysis
8.4. OFFSHORE
8.4.1. Overview
8.4.2. Offshore Market Forecast and Analysis
9. DRILLING TOOLS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Drilling Tools Market Overview
9.1.2 North America Drilling Tools Market Forecasts and Analysis
9.1.3 North America Drilling Tools Market Forecasts and Analysis - By Type
9.1.4 North America Drilling Tools Market Forecasts and Analysis - By Application
9.1.5 North America Drilling Tools Market Forecasts and Analysis - By Countries
9.1.5.1 United States Drilling Tools Market
9.1.5.1.1 United States Drilling Tools Market by Type
9.1.5.1.2 United States Drilling Tools Market by Application
9.1.5.2 Canada Drilling Tools Market
9.1.5.2.1 Canada Drilling Tools Market by Type
9.1.5.2.2 Canada Drilling Tools Market by Application
9.1.5.3 Mexico Drilling Tools Market
9.1.5.3.1 Mexico Drilling Tools Market by Type
9.1.5.3.2 Mexico Drilling Tools Market by Application
9.2. EUROPE
9.2.1 Europe Drilling Tools Market Overview
9.2.2 Europe Drilling Tools Market Forecasts and Analysis
9.2.3 Europe Drilling Tools Market Forecasts and Analysis - By Type
9.2.4 Europe Drilling Tools Market Forecasts and Analysis - By Application
9.2.5 Europe Drilling Tools Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Drilling Tools Market
9.2.5.1.1 Germany Drilling Tools Market by Type
9.2.5.1.2 Germany Drilling Tools Market by Application
9.2.5.2 France Drilling Tools Market
9.2.5.2.1 France Drilling Tools Market by Type
9.2.5.2.2 France Drilling Tools Market by Application
9.2.5.3 Italy Drilling Tools Market
9.2.5.3.1 Italy Drilling Tools Market by Type
9.2.5.3.2 Italy Drilling Tools Market by Application
9.2.5.4 United Kingdom Drilling Tools Market
9.2.5.4.1 United Kingdom Drilling Tools Market by Type
9.2.5.4.2 United Kingdom Drilling Tools Market by Application
9.2.5.5 Russia Drilling Tools Market
9.2.5.5.1 Russia Drilling Tools Market by Type
9.2.5.5.2 Russia Drilling Tools Market by Application
9.2.5.6 Rest of Europe Drilling Tools Market
9.2.5.6.1 Rest of Europe Drilling Tools Market by Type
9.2.5.6.2 Rest of Europe Drilling Tools Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Drilling Tools Market Overview
9.3.2 Asia-Pacific Drilling Tools Market Forecasts and Analysis
9.3.3 Asia-Pacific Drilling Tools Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Drilling Tools Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Drilling Tools Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Drilling Tools Market
9.3.5.1.1 Australia Drilling Tools Market by Type
9.3.5.1.2 Australia Drilling Tools Market by Application
9.3.5.2 China Drilling Tools Market
9.3.5.2.1 China Drilling Tools Market by Type
9.3.5.2.2 China Drilling Tools Market by Application
9.3.5.3 India Drilling Tools Market
9.3.5.3.1 India Drilling Tools Market by Type
9.3.5.3.2 India Drilling Tools Market by Application
9.3.5.4 Japan Drilling Tools Market
9.3.5.4.1 Japan Drilling Tools Market by Type
9.3.5.4.2 Japan Drilling Tools Market by Application
9.3.5.5 South Korea Drilling Tools Market
9.3.5.5.1 South Korea Drilling Tools Market by Type
9.3.5.5.2 South Korea Drilling Tools Market by Application
9.3.5.6 Rest of Asia-Pacific Drilling Tools Market
9.3.5.6.1 Rest of Asia-Pacific Drilling Tools Market by Type
9.3.5.6.2 Rest of Asia-Pacific Drilling Tools Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Drilling Tools Market Overview
9.4.2 Middle East and Africa Drilling Tools Market Forecasts and Analysis
9.4.3 Middle East and Africa Drilling Tools Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Drilling Tools Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Drilling Tools Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Drilling Tools Market
9.4.5.1.1 South Africa Drilling Tools Market by Type
9.4.5.1.2 South Africa Drilling Tools Market by Application
9.4.5.2 Saudi Arabia Drilling Tools Market
9.4.5.2.1 Saudi Arabia Drilling Tools Market by Type
9.4.5.2.2 Saudi Arabia Drilling Tools Market by Application
9.4.5.3 U.A.E Drilling Tools Market
9.4.5.3.1 U.A.E Drilling Tools Market by Type
9.4.5.3.2 U.A.E Drilling Tools Market by Application
9.4.5.4 Rest of Middle East and Africa Drilling Tools Market
9.4.5.4.1 Rest of Middle East and Africa Drilling Tools Market by Type
9.4.5.4.2 Rest of Middle East and Africa Drilling Tools Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Drilling Tools Market Overview
9.5.2 South and Central America Drilling Tools Market Forecasts and Analysis
9.5.3 South and Central America Drilling Tools Market Forecasts and Analysis - By Type
9.5.4 South and Central America Drilling Tools Market Forecasts and Analysis - By Application
9.5.5 South and Central America Drilling Tools Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Drilling Tools Market
9.5.5.1.1 Brazil Drilling Tools Market by Type
9.5.5.1.2 Brazil Drilling Tools Market by Application
9.5.5.2 Argentina Drilling Tools Market
9.5.5.2.1 Argentina Drilling Tools Market by Type
9.5.5.2.2 Argentina Drilling Tools Market by Application
9.5.5.3 Rest of South and Central America Drilling Tools Market
9.5.5.3.1 Rest of South and Central America Drilling Tools Market by Type
9.5.5.3.2 Rest of South and Central America Drilling Tools Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. DRILLING TOOLS MARKET, KEY COMPANY PROFILES
11.1. BAKER HUGHES
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. BICO DRILLING TOOLS, INC.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. DRILLING TOOLS INTERNATIONAL
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. DYNOMAX DRILLING TOOLS INC.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. HALLIBURTON ENERGY SERVICES, INC.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. NATIONAL OILWELL VARCO
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. SCHLUMBERGER LIMITED
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SCIENTIFIC DRILLING INTERNATIONAL
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. TIANHE OIL GROUP CO. LTD.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. WEATHERFORD INTERNATIONAL LTD.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. Baker Hughes
2. BICO Drilling Tools, Inc.
3. Drilling Tools International
4. Dynomax Drilling Tools Inc.
5 .Halliburton Energy Services, Inc.
6. National Oilwell Varco
7. Schlumberger Limited
8. Scientific Drilling International
9. Tianhe Oil Group Co. Ltd.
10. Weatherford International Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For