Drilling Tools (Drill Bits, Drilling Tubulars, Drilling Motors, Drill Reamers and Stabilizers, Drill Collars, Drill Jars, Drill Swivels, Mechanical Thrusters) Market - Global Forecast to 2022 - ResearchAndMarkets.com

DUBLIN--()--The "Drilling Tools Market by Type (Drill Bits, Drilling Tubulars, Drilling Motors, Drill Reamers and Stabilizers, Drill Collars, Drill Jars, Drill Swivels, Mechanical Thrusters), Application (Onshore and Offshore), and Region - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering

The drilling tool market is projected to reach USD 8.61 billion by 2022, at a CAGR of 4.75%, from 2017 to 2022

Increasing drilling activities and the development of unconventional hydrocarbon resources along with growing energy demand in Asia Pacific are driving the drilling tools market. High maintenance costs and transition time along with an increasing focus on renewable energy sources act as restraints for the market.

The drilling tubulars market is expected to grow at the highest CAGR during the forecast period. The growth of the market can be attributed to the increasing drilled footage and development of deepwater oil & gas blocks in countries such as Brazil and Mexico.

Asia Pacific is projected to dominate the global drilling tool market during the forecast period due to the increase in drilling activities in China. The country is the largest market in Asia Pacific and is focused on developing its shale gas resources to increase its oil & gas production. The other key markets in Asia Pacific are India, Australia, and Indonesia. Australia aims to be the largest LNG exporting country by 2020 by increasing its gas production.

The leading players in the drilling tools market include Schlumberger (US), Baker Hughes (US), Halliburton (US), Weatherford (Switzerland), and National Oilwell Varco (US).

Market Dynamics

Drivers

  • Increasing Drilling Activities
  • Development of Unconventional Hydrocarbon Resources

Restraints

  • High Maintenance Cost and Transition Time
  • Increasing Focus on Renewable Energy Sources

Opportunities

  • New Oilfield Discoveries
  • Developments in Technology

Challenges

  • Prohibitive Cost of Drilling Tools for Offshore Applications

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Drilling Tools Market, By Application

7 Drilling Tools Market, By Type

8 Drilling Tools Market, By Region

9 Competitive Landscape

10 Company Profiles

  • Baker Hughes
  • Benchmarking
  • Bico Drilling Tools
  • Cougar Drilling Solutions
  • Drilling Tools International
  • Dynomax Drilling Tools
  • Gyrodata
  • Halliburton
  • National Oilwell Varco
  • Pacesetter Directional Drilling
  • Rubicon Oilfield International
  • Schlumberger
  • Scientific Drilling
  • Tianhe Oil Group
  • Weatherford
  • Wenzel Downhole Tools

For more information about this report visit https://www.researchandmarkets.com/research/6kgglp/drilling_tools?w=4

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Related Topics: Oilfield Equipment and Services

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Oilfield Equipment and Services