Factors such as rise in rig counts due to new discoveries in oil & gas field is anticipated to boost the downhole drilling tools market. In addition, ongoing demand for technically advanced equipment, which function efficiently in high-pressure and high-temperature (HPHT) circumstances to increase the rate of penetration (ROP) boosts the growth of the market. Companies are constantly focusing on evolving new technology to strengthen their foothold in the competitive the market and to improve drilling operations with higher ROP and low-cost involvement. Furthermore, rapid increase in exploration and production (E&P) activities in deep-sea beds affiliated with drilling and completing productivity results in increasing cost of production, which significantly contributes toward the growth of the global market.
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Modern downhole drilling techniques are being implemented periodically to increase the production efficiency. Developing automated drilling equipment and technological advancements in drilling activities are expected to present a substantial amount of opportunities for downhole drilling companies. High tubular requirements coupled with expanded directional drilling operations in developing regions further boost the demand for downhole drilling tools. However, adverse environmental effects of E&P operations such as the release of not only crude oil into the ecosystem but also of heavy metals may have significant environmental consequences. These factors are expected to restrain the growth of the global market.
Key Market Players
- Challenger Downhole Tools
- Schlumberger
- Halliburton
- Bilco Tools
- National Oilwell Varco
- Logan International
- American Oilfield Tools
- Weatherford
- Downhole Oil Tools
- Wenzel Downhole Tools
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Key benefits of the report
- This study presents the analytical depiction of the global downhole drilling tools industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global downhole drilling tools market share.
- The current market is quantitatively analyzed from 2019 to 2027 to highlight the global downhole drilling tools market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
COVID-19 scenario analysis
Global downhole drilling tools market is expected to witness slowdown during the forecast period, owing to the breakdown of the COVID-19 pandemic. In addition, the lockdown implemented by governments and public authorities has taken industries to a standstill. As a result, many large-scale corporations have halted their oil & gas production operations. Various EPC projects have further witnessed an indefinite pause, which, in turn, has negative impacted the requirement for drilling and excavation services. Moreover, several firms have terminated their contracts with giant corporations, with the chances of revival not expected anytime soon.
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