“The global downhole tools market size was estimated at USD 4.0 billion in 2018”, says Visiongain report

10 September 2019
Materials

Visiongain’s new report the Downhole Tools Market Report 2019-2029: Forecasts by Product (Drilling, Handling, Flow & Pressure Control), by Application (Well Drilling, Well Intervention, Production & Well Completion), by Region and Analysis of Leading Companies Operating in This Industry. The global downhole tools market size was estimated at USD 4.0 billion in 2018. Rising exploration and production activities in deep-sea bed associated with drilling and completion efficiencies is resulting in maximization of production rates by industry participants. This, in turn, is expected to increase market expansion over the forecast period.

Continuous demand for technologically sophisticated instruments that operate optimally in high-pressure and high-temperature circumstances is also expected to boost market growth in order to increase the rate of penetration. Companies are continually focused on creating new competitive technologies, as well as enhancing drilling operations with greater penetration rates and minimal cost participation.

Significant oilfield developments in Texas, the Gulf of Mexico, and North Dakota, combined with government support for unconventional hydrocarbon resources, are expected to increase market growth. Increased environmental and maintenance dangers connected with offshore places have also encouraged businesses to deploy sophisticated instruments for cost-effective exploration and production operations.

Continuous technological advances in exploration and production are set to be one of the market's primary growth stimulants. In addition, service suppliers have developed the trend of delivering optimized alternatives and techniques to solve the difficulties experienced by operators rather than providing operators with a list of instruments supplied.

High-capital investment to develop fresh products, combined with risk variables linked to their capacity to resist extreme operating conditions, is probable to inhibit market growth. Nevertheless, with financing from countless publicly traded businesses, the major market players’ focusing on curbing expenses and optimizing operational efficiencies.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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