Downhole Tools Market Up at 8.6% CAGR to 2027; Increasing Demand for Oil and Gas Resources to Help Growth, said Fortune Business Insights ™ | Instant News

Pune, May 19, 2020 (GLOBE NEWSWIRE) – Global downhole tool market size is projected to be achieved USD 5.30 billion by 2027. Increased hydrocarbon exploration activities will have a positive impact on overall market growth in the coming years. According to a report published by Fortune Business Insights, titled “Market Size Downhole Equipment, Stock Analysis & Industry, by Type of Equipment (Drilling Tools, Pressure & Flow Control Devices, Handling Equipment, Impurity Control Devices, and Others), with Applications (Well Drilling, Well Completion, Well Intervention, Well Production, Formation & Evaluation), Based on Location (Onshore and Offshore {Shallow, Deepwater and Ultra-Deepwater}) and Regional Forecast, 2020-2027, “The market is feasible USD 4.06 billion in 2019 and will show off a CAGR of 8.6% during the forecast period, 2020-2027.

Downhole tools are equipment used in oil and gas exploration activities, specifically for drilling. This equipment is also used for good intervention and workover activities. Massive global demand for oil and gas and hydrocarbons has led to wider adoption of devices worldwide. The increasing demand for oil and gas has attracted massive investment from large-scale companies. The presence of several large scale companies will further contribute to overall market growth in the coming years. Increased hydrocarbon exploration activities, coupled with an emphasis on sustainable energy use will open great potential for companies operating in the market. The ability of downhole tools to minimize the overall costs associated with oil and gas drilling activities will contribute to increased adoption for devices worldwide.

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Overview of the Impact of COVID-19 on this Market:

The advent of COVID-19 has stopped the world. We understand that this health crisis has had an unprecedented impact on businesses in various industries. However, this will also pass. Increased support from the government and some companies can help fight this highly contagious disease. There are several industries that are struggling and some that are developing. Overall, almost every sector is expected to be affected by the pandemic.

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Despite Negativity, Some Companies Still Continue Drilling Activities

This report covers several factors that have contributed to overall market growth in recent years. Although the coronavirus outbreak has had a negative influence on the market as a whole, the constant need for resources such as oil and gas will prove beneficial for large scale companies. In March 2020, Maersk Drilling obtained a new contract for an offshore project in Egypt. The company announced that it was awarded a one-well contract for the Maersk Discoverer semi-submersible rig. The contract is estimated to be worth around USD 3.8 million. The company hopes that the coronavirus outbreak will not affect its operations and plans to start work in March 2020. Maersk’s latest contract for offshore drilling in Egypt will not only benefit the company, but will have a direct impact on overall market growth in the coming years.

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North America Witnesses Important Growth; Emphasis on Hydrocarbon Exploration Will Help Growth

This report analyzes ongoing market trends in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, markets in North America are likely to emerge as dominant regions. The increased emphasis on exploration of hydrocarbon reserves will help market growth in the region. Due to the high potential of hydrocarbons, several large scale companies focus on hydrocarbon exploration and research activities related to the same thing, with efforts to gain a broader consumer base. In 2019, the North American market is valued at USD 1.47 billion and this value is projected to continue to increase in the coming years. Although the market will witness a slight decline in 2019, new opportunities will help the market recover after the coronavirus pandemic is controlled. Markets in the Asia Pacific region stem from increasing population growth and increasing demand for oil and gas resources in many countries in the region.

The list of key companies profiled in the Downhole Tools Market Research Report are:

  • National Oilwell Varco (United States)
  • Schoeller-Bleckmann Sales (United States)
  • Weatherford (Switzerland)
  • Core Laboratory (Netherlands)
  • Baker Hughes (United States)
  • Hunting PLC (United Kingdom)
  • Schlumberger (United States)
  • RPC, Inc. (United States of America)
  • APS Technology Inc. (United States of America)
  • Flotek Industries, Inc. (United States of America)
  • TechnipFMC (United Kingdom)
  • United Drilling Tools Ltd (India)
  • Rival Downhole Tools (United States)

Industrial development:

April 2020: Drilling Maersk announced that it had received initial contract terminations for the two rigs. BG International Limited terminates the contract for the semi-submersible Maersk Developer immediately.

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Table of Contents Details

1 introduction
1.1. Research Scope
1.2. Market segmentation
1.3. Research methodology
1.4. Definition and Assumptions
2 Business plan summary
3 Market Dynamics
3.1. Market Movers
3.2. Market Restraints
3.3. Market opportunity
4 Key Insights
4.1. Major Trends Emerging – For Large Countries
4.2. Latest Technological Progress
4.3. Landscape Regulation
4.4. Industry SWOT Analysis
4.5. Analysis of Five Porter Strengths
5 Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Oil and Gas Industry
5.2. Steps the Government Takes to Overcome Impacts
5.3. Key Developments in Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to Plague
6 Global Downhole Tool Market Analysis (Billion USD), Insights and Forecast, 2016-2027
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Type of Tool
6.2.1. Drilling Tools
6.2.2. Pressure & Flow Control Devices
6.2.3. Handling Tool
6.2.4. Impurity Control
6.2.5. Others
6.3. Market Analysis, Insights and Forecast – With Application
6.3.1. Good Drilling
6.3.2. Good Settlement
6.3.3. Intervention well
6.3.4. Good Production
6.3.5. Formation & Evaluation
6.4. Market Analysis, Insights and Forecast – By Location
6.4.1. On land
6.4.2. Off the coast Shallow water Deepwater Ultra-deepwater
6.5. Market Analysis, Insights and Forecasts – by Region
6.5.1. North America
6.5.2. Latin America
6.5.3. Europe
6.5.4. Asia Pacific
6.5.5. Middle East & Africa

Advanced TOC … !!!

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