The global downhole tools market exhibited negative growth in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 4% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Downhole tools refer to the equipment used for well drilling, interventions and completions. These tools aid in accessing the untapped oil remains beneath the surface and optimizing production levels of the oil wells. Some of the commonly used downhole tools include roller centralizers, drilling jars, drag friction, fishing, shock and tubular tools and drill pipes. These tools are used in the bottom hole assembly for workover operations and are highly efficient in high temperature and pressure conditions. They also aid in maintaining the desired flow and examining the properties of the reservoir by analyzing the quality of rock, sand and liquid samples on the well surface.
Significant growth in the oil and gas industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the increasing number of ultra-deep on-shore and off-shore drilling activities is providing a thrust to the market growth. Downhole tools are crucial for cementing, well bottom communications and fishing in oil and gas exploration activities. Additionally, various technological advancements, such as the development of automated and sustainable downhole tools for a higher rate of penetration (ROP) and minimal impact on the environment, are acting as other growth-inducing factors. Product manufacturers are also utilizing visualization and modeling tools to optimize, recreate and construct accurate well paths through the reservoir target. Other factors, including the implementation of favorable government policies, along with extensive research and development (R&D) activities, are anticipated to drive the market toward growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global downhole tools market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, product and application.
Breakup by Product:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Baker Hughes Company, Bilco Tools Inc, Halliburton Company, Innovex Downhole Solutions Inc., NOV Inc., Oil States International Inc., Schlumberger Limited, Schoeller-Bleckmann Oilfield Equipment AG, Ulterra Drilling Technologies LP, United Drilling Tools LTD, Weatherford International plc and Wenzel Downhole Tools Ltd. (Basin Tools LP).
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