Global Downhole Drilling Tools Market - Segmented by Type, and Geography - Growth, Trends, and Forecast (2022 - 2030)
The downhole drilling tools market follows drilling activity across the globe. The drilling activity in 2017 improved with an increase of around 27% in quarterly active rig count compared to 2016. In 2018, the drilling activity is at its peak in the past three years supported by increasing crude oil price, which has already touched USD 70 per barrel market in April 2018. The United Kingdom Continental Shelf witnessed the end of the sharp reduction in investment, end of underinvestment in Brazil and Argentina with strong government support and robust drilling activity in North America is expected to drive the demand for downhole drilling tools, such as drill pipes, drill collar, drill bit, and others.
Tubular Account for the Largest Share among All Components
Among all components the tubular accounts for the largest share due to the high volume demand and is expected to continue to dominate the market during the forecast period. The increasing share of directional well in countries, such as the United States, North Sea, Russia have driven the demand for tubulars in the past few years. The global drilling activity is expected to increase on account of healthy crude oil price and hence downhole drilling tools.
Recovery in South America’s Oil & Gas Industry is supporting the Market
Brazil and Argentina are important countries in South America’s oil & gas industry and accounts for 47% of rig count in the region. The new government in both the countries have made the oil & gas business more attractive, and the disinvestment scenario has come to an end. The Argentine government is planning to eliminate natural gas subsidies by 2022 and increase the prices for upstream producers, to attract sufficient investment in production. In Brazil, the new government has ended the monopoly of Petrobras over the countries prolific hydrocarbon resources and has opened the hydrocarbon reserves to foreign companies. The country is aiming for additional oil production capacity of around 2 MMb/d by 2027. The positive outlook for oil & gas industry in South America is expected to support the market.
United States is one of the Largest Markets for Downhole Drilling Tools
The United States accounts for around 40% of the global drilling market and hence one of the largest markets for downhole drilling tools. The active rig count in the country has increased by 9% in the first four months of 2018. The decline in the breakeven price has been the major driver for the robust drilling activity in the country. Onshore drilling dominates the market in the country while offshore market has not witness much activity in the past few years. The offshore sector in the country is expected to pick up as the government has opened around 98% its coastal water for drilling in January 2018, which was earlier not allowed.
The major players include - Halliburton Company, Schlumberger Limited, National-Oilwell Varco, Inc., Sandvik AB, Baker Hughes A GE Co., Weatherford International plc, Tenaris SA, TMK Ipsco Enterprises Inc., Vallourec SA, and Stabil Drill, among others.
Reasons to Purchase this Report
Current and future downhole drilling tools market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identifying the latest developments, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Tubular Account for the Largest Share among All Components
Among all components the tubular accounts for the largest share due to the high volume demand and is expected to continue to dominate the market during the forecast period. The increasing share of directional well in countries, such as the United States, North Sea, Russia have driven the demand for tubulars in the past few years. The global drilling activity is expected to increase on account of healthy crude oil price and hence downhole drilling tools.
Recovery in South America’s Oil & Gas Industry is supporting the Market
Brazil and Argentina are important countries in South America’s oil & gas industry and accounts for 47% of rig count in the region. The new government in both the countries have made the oil & gas business more attractive, and the disinvestment scenario has come to an end. The Argentine government is planning to eliminate natural gas subsidies by 2022 and increase the prices for upstream producers, to attract sufficient investment in production. In Brazil, the new government has ended the monopoly of Petrobras over the countries prolific hydrocarbon resources and has opened the hydrocarbon reserves to foreign companies. The country is aiming for additional oil production capacity of around 2 MMb/d by 2027. The positive outlook for oil & gas industry in South America is expected to support the market.
United States is one of the Largest Markets for Downhole Drilling Tools
The United States accounts for around 40% of the global drilling market and hence one of the largest markets for downhole drilling tools. The active rig count in the country has increased by 9% in the first four months of 2018. The decline in the breakeven price has been the major driver for the robust drilling activity in the country. Onshore drilling dominates the market in the country while offshore market has not witness much activity in the past few years. The offshore sector in the country is expected to pick up as the government has opened around 98% its coastal water for drilling in January 2018, which was earlier not allowed.
The major players include - Halliburton Company, Schlumberger Limited, National-Oilwell Varco, Inc., Sandvik AB, Baker Hughes A GE Co., Weatherford International plc, Tenaris SA, TMK Ipsco Enterprises Inc., Vallourec SA, and Stabil Drill, among others.
Reasons to Purchase this Report
Current and future downhole drilling tools market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identifying the latest developments, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
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