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