02 December 2019
The Downhole Tools Market Report : Forecasts by Product (Drilling Tools, Handling Tools, Flow & Pressure Tools, Control Tools), By Application (Well Drilling, Well Intervention, Formation & Evaluation, Production & Well Completion, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and analysis of leading companies operating in this industry.
In 2019, the global market value for downhole devices was valued at USD 4 billion. Rising E & P operations in deep-sea bed correlated with efficiencies in drilling and finishing results in industry stakeholders optimizing production rates. It, in effect, has been successful for the sector.
Continuing demand for technologically advanced instruments that function optimally under high-pressure and high-temperature (HPHT) environments is also anticipated to fuel consumer growth in order to improve penetration level (ROP). Industries are increasingly focused on developing new competitive techniques, as well as improving exploration operations with lower ROPs and low costs.
Significant oilfield discoveries in Oklahoma, the Gulf of Mexico, and North Dakota, along with government support for unconventional hydrocarbon deposits, are set to fuel market growth. Growing ecological and safety risks associated with offshore sites have also prompted enterprises to implement advanced tools for cost-effective E & P operations.
Continuous technological advances in E & P operations are expected to be one of the market's key growth stimulants. In turn, service providers have accelerated the movement to provide customized services rather than providing operators with a set of tools provided.
High-capital investment to develop new technologies, combined with risk factors linked to their ability to withstand intense operational conditions, is likely to hinder market growth. Nonetheless, with financing from various publicly traded companies, the major market participants concentrate on curbing expenses and maximizing operational efficiencies.
The category of drilling tools is expected to dominate the market by 2026 based on the material. The segment's rise can be linked to higher drilling rates in different countries, such as Argentina and Colombia. This is further helped by the resumption of onshore exploration in countries including Libya and the Republic of Congo, new start-ups of mining ventures in Qatar and China, and increased sales of drill bit in Algeria.
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