Downhole Tools Market Exhibiting At A CAGR Of 4.2% For The Forecast Period From 2019 To 2026 : Grand View Research Inc.

Downhole Tools Market
San Francisco, 14 October 2019: The Report Downhole Tools Market Size, Share & Trends Analysis Report By Product (Drilling, Handling, Flow & Pressure Control), By Application (Well Drilling, Well Intervention, Production & Well Completion), And Segment Forecasts, 2019 – 2026

 The global downhole tools market size is expected to reach USD 5.16 billion by 2026, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.2% during the forecast period. The growth of the market is primarily driven by ongoing increase in drilling activities worldwide. The operational cost incurred in E&P activities has dropped with advent of operational efficiencies and technological innovations. This has resulted in rise in exploration of unconventional resources, thereby spurring the global demand for the product.

Enhanced efficiency of downhole tools will facilitate in improved extraction of hydrocarbons without raising the cost involved in production, which will provide an edge over conventional equipment. The implementation of digital technology has also enhanced E&P activities, which, in turn, has boosted the market over the last few years. Various digital well construction planning and operation software have improved drilling operations. Several wellbore technologies have been manufactured for premium connections that are designed to reduce bottomhole failure and improve the rate of connection on rig floor.

Regulatory trends and various industry standardizations have a major impact on the growth of the market. There is an increased stringency in rules and regulations by various governments for protecting the environment and minimizing damage during well operations. Specifications given by governments to meet standard tools are anticipated to stimulate the growth of the downhole tools market.

Drilling tools were the leading product segment and accounted for more than one fourth of the overall revenue in 2017. Some of the major drilling equipment include reamers & stabilizers, jars & impact tools, and tubulars. Evolution of various sensor technologies and increasing investments from cross-industry players has enhanced drilling equipment efficiencies.

 Access Research Report of Downhole Tools Market @ https://www.grandviewresearch.com/industry-analysis/downhole-tools-market

Further key findings from the report suggest:
  • The U.S. handling tools market is anticipated to cross value of USD 175 Million by 2026
  • The Asia Pacific market for well intervention was valued at USD 101.13 million in 2017. It is estimated to register a CAGR of 5.3% from 2018 to 2026
  • The Middle East & Africa downhole tools market is anticipated to reach USD 1.76 Billion by 2026, owing to selling off ongoing rig operations and resuming operations in abandoned oil wells in Persian Gulf
  • In Brazil, increasing deep and ultra-deepwater exploration and production activities in offshore sedimentary oil & gas fields are expected to drive the demand for downhole tools over the forecast period
  • Key market players operating in the global downhole tools market include Schlumberger, Halliburton, Weatherford International, Baker Hughes (BHGE), and National Oilwell Varco (NOV).
Browse more reports of this category by Grand View Research at: https://www.grandviewresearch.com/industry/oil-and-gas-drilling-and-extraction-equipments

Grand View Research has segmented the global downhole tools market on the basis of product, application, and region:
Downhole Tools Product Outlook (Revenue, USD Million, 2014 - 2026)
  • Drilling Tools
  • Handling Tools
  • Flow & Pressure Tools
  • Control Tools
  • Others
Downhole Tools Application Outlook (Revenue, USD Million, 2014 - 2026)
  • Well Drilling
  • Well Intervention
  • Formation & Evaluation
  • Production & Well Completion
Downhole Tools Regional Outlook (Revenue, USD Million, 2014 - 2026)
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa (MEA)
  • Central & South America (CSA)
Access Press Release of Downhole Tools Market @ https://www.grandviewresearch.com/press-release/global-downhole-tools-market

About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com

Comments

Post a Comment

Popular posts from this blog

U.K. Point Of Sale Software Market To Expand Industry Growth At USD 1.05 Billion By 2028

Image
  San Francisco, 21 Jan 2022:   The Report  U.K. Point Of Sale Software Market  Size, Share & Trends Analysis Report By Application (Fixed POS, Mobile POS), By Deployment, By Organization Size, By End-user, And Segment Forecasts, 2021 - 2028 The global U.K. point of sale software market size is expected to reach USD 1.05 billion by 2028, expanding at a CAGR of 8.1% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The integration of a Point-Of-Sale (POS) solution with capabilities such as sales reports monitoring, cash flow recording, product demand analysis, tracking delivery status, and inventory management ensure systematic functioning and upscaling of a business. The adoption of POS software is directly impacted by the demand for POS terminals, which is witnessing growth in demand due to changing lifestyles and government policies. However, the COVID-19 pandemic disrupted the industry's business, wherein ...
Read more

Gas Detection Equipment Market Anticipated To Expand At A CAGR 9.7% From 2021 To 2028

  San Francisco, 5 May 2021:   The Report  Gas Detection Equipment Market  Size, Share & Trends Analysis Report By Product, By Technology (Infrared, Catalytic, PID), By End-use, By Region, And Segment Forecasts, 2021 - 2028 The global gas detection equipment market size is expected to reach USD 8.38 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 9.7% from 2021 to 2028. The market growth can be attributed to the growing awareness among governments regarding the harmful effects of greenhouse gases, coupled with their increased efforts toward protecting the environment. Major industries such as petroleum, oil, and gas, among others are needed to comply with safety and environmental regulations which are also major factors driving the market growth. Many companies are focused on introducing drone-based gas detection equipment, which is expected to create new opportunities for market growth in...
Read more