Global Downhole Tools Market: Downhole tools are equipment’s primarily used in oilfields for various operations such as fishing, casing, cementing, well-bottom communication, drilling, logging, well measurement, and fracturing. Downhole tools are especially effective during extreme temperatures and pressure conditions. Also, they are used in bottom hole assembly for workover operations and well completions.
Increasing drilling needs across the globe is a key factor driving growth of the global downhole tools market. In addition, increasing use of downhole tools in bottom hole assembly (BHA) and in end use applications such as well intervention, and in well completion are major factors expected to fuel growth of the global downhole tools market over the forecast period. Also, growing adoption of downhole tools by oil and gas industry and technological advancements in downhole tools are other major factors anticipated to boost growth of the global downhole tools market to a significant extent.
However, high cost associated with downhole tools is a key factor restraining growth of the global downhole tools market. Additionally, increasing prices of raw materials and increasing use of renewable energy sources are some other factors expected to hamper growth of the global downhole tools market over the forecast period.
The global downhole tools market report has been segmented on the basis of application, and region. On the basis of region, the global downhole tools market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America is a dominant player in the global downhole tools market and accounts for highest market share in terms of revenue as compared to that of markets in other regions. This can be attributed to presence of several prominent companies and significant increase in drilling activities in countries in the region. The market in Europe accounts for second-highest revenue share contribution in the global downhole tools market followed by markets in Latin America, Asia Pacific, and Middle East & Africa respectively. In addition, the market in Asia Pacific is projected to witness fastest growth in terms of revenue, owing to factors such as increasing number of drilling activities for oil and gas production.
Prominent players in the global downhole tools market include, Schlumberger Ltd., Bilco Tools Inc., Baker Hughes Inc., Weatherford International, National Oilwell Varco Corp., United Drilling Tools Ltd., Oil States International Inc., Halliburton Company, Logan Oil Tools Inc., and C&J Energy Services.