Downhole Tools Market Industry Trends, Share 2021, Business Growth, and Size

    Jenifer Windegt

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    According to the latest report by IMARC Group, titled “Downhole Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global downhole tools market size exhibited negative growth in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 4% during 2021-2026. Downhole tools refer to equipment that are widely used for well drilling and interventions. Commonly including drilling jars, fishing tools, shock tools, drag friction and roller centralizers, they are extensively utilized in oil and gas production as they enhance the overall efficiency of drilling processes while reducing the overall cost of operation. 

    As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.

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    Market Trends:

    The global market is primarily driven by the significant growth in the oil and gas industry. The increasing investments by the government of numerous countries to discover untapped oil fields and refineries are also contributing to the market growth. Along with this, continual technological advancements, such as the advent of three-dimensional (3D) visualization tools that aid in improving accuracy and advanced downhole tools that sustain high-pressure and high-temperature, are providing an impetus to the market growth further. Some of the other factors contributing to the market growth include rapid industrialization and extensive research and development (R&D) activities conducted by key players to enhance the rate of penetration (ROP) in oil extraction processes. 

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    Key Market Segmentation:

    Competitive Landscape with Key Player:

    • Baker Hughes Company
    • Bilco Tools Inc
    • Halliburton Company
    • Innovex Downhole Solutions Inc
    • NOV Inc
    • Oil States International Inc
    • Schlumberger Limited
    • Schoeller-Bleckmann Oilfield Equipment AG
    • Ulterra Drilling Technologies LP
    • United Drilling Tools LTD
    • Weatherford International plc
    • Wenzel Downhole Tools Ltd. (Basin Tools LP)

    Breakup by Product:

    • Drilling Tools
    • Handling Tools
    • Flow and Pressure Tools
    • Control Tools
    • Others

    Breakup by Application:

    • Well Drilling
    • Well Intervention
    • Formation and Evaluation
    • Production and Well Completion
    • Others

    Key Highlights of the Report:

    • Market Performance (2015-2020)
    • Market Outlook (2021- 2026)
    • Porter’s Five Forces Analysis
    • Market Drivers and Success Factors
    • SWOT Analysis
    • Value Chain
    • Comprehensive Mapping of the Competitive Landscape

    If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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    About Us:

    IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

    IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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