LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global downhole drilling tools market is expected to reach USD 31.22 billion by 2021, growing at a CAGR of more than 4%.
This research report titled ‘Global Downhole Drilling Tools Market’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global oil and gas demand has been rapidly increasing. Downhole drilling tools are used in the drilling processes of the upstream sector to extract the crude oil and natural gas that sit beneath the earth's surface. In November 2016, the Organization of Petroleum Exporting Countries (OPEC) and Russia came together with a deal to cut the supply of oil, which will fuel the upward movement of crude oil prices. The inflow of investments and the stabilization of global crude oil prices will increase the demand for downhole drilling tools during the forecast period.
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Technavio’s energy research analysts categorize global downhole drilling tools market into seven major segments by product. They are:
- Deflection and downhole motors
- Casing and cementing tools
- Drill bits
- Impact tools and coiled tubing tools
- Miscellaneous downhole tools
- Others (include fishing tools, drill stem testing tools.)
The top three product segments for the global downhole drilling tools market are discussed below:
Global downhole drilling tools market by tubulars
The tubular segment is expected to account for a market share of almost 21% in the global downhole drilling tools market by 2021. With the stabilization in crude oil prices, oil exploration activities are seeing a steady growth and will rapidly increase during the forecast period, triggered by the increasing demand for fuel. Increased exploration activities will mean an increase in the use of tubulars.
According to Sayani Roy, a lead oil and gas research analyst from Technavio, “Compared with a few decades ago, petroleum resources are being found at greater depths and in formations that are more difficult to reach. Deeper wells and increased drilling activities in unconventional resources such shale formations are the key drivers in the tubulars segment of the global downhole drilling tools market.”
Global downhole drilling tools market by deflection tools and downhole motors
The deflection and downhole motors segment is expected to account for a market share of more than 18% in the global downhole drilling tools market by 2021. Increased exploration activities worldwide in conventional and non-conventional resources will fuel the growth of this segment during the forecast period.
“Increased reliability and the higher torque-speed ratio of downhole motors have facilitated an increase in oil well depths. Advances in technology have increased the penetration rate of deflection tools and improved the deviation control of downhole motors, which supports the market growth,” adds Sayani.
Global downhole drilling tools market by casing and cementing tools
The casing and cementing tools segment is one of the fast-growing segments of the market and is expected to reach a market share of more than 14% by 2021. The extensive adoption of multilateral wells and horizontal wells to improve oil recovery is primarily expected to contribute to the growth of the segment. New explorations in India, Mozambique, Kenya, and Tanzania are expected to come up during the forecast period, driving the demand for casing and cementing tools.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Baker Hughes
- National Oilwell Varco
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