ALBANY, N.Y., Jan. 11, 2021
- Trend of automation, propelled by utilization 3D visualization tools, to expand the capabilities of directional drilling technologies, global valuation to touch the mark of ~US$ 8.5 Bn by 2027
- Logging while drilling emerging an attractive trend in offshore and onshore wells, research and developments to focus on improving accuracy and cost-effectiveness of tools
ALBANY, N.Y., Jan. 11, 2021 /PRNewswire/ -- An array of downhole components are utilized in oil and gas industry especially in horizontal drilling operations, propelling the demand in the downhole tools market. Downhole tools are broadly used in well workover activities, well drilling, well intervention, and well completion activities. They form an integral part of oilfield equipment in optimizing the production levels from drilling reservoirs notably in hostile downhole environments. Advances made in materials used in making these tools and the design elements have expanded the avenue in the downhole tools market. Research and developments have been increasingly focusing on improving the design parameters, such as improving the drill bits and reducing drilling vibrations. These are also used in maintaining the reservoir flow integrity.
The changing requirements of the modern-day oil and gas sector is constantly expanding the avenue for high-performance downhole tools. In 2018, the global downhole tools market stood at ~US$ 7.8. The global market is projected to clock CAGR of ~2% during 2019 – 2027.
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Key Findings of Downhole Tools Market
The growing number of oil drilling activities in unconventional petroleum production has spurred the prospects in the downhole tools market. This has propelled the market proposition of high-performance directional drilling tools. Some of the unconventional production areas attracting investments in the downhole tools market relate to new E&P activities in shale gas, tight gas, coalbed methane gas, and gas hydrates. The presence of hostile downhole conditions bolsters the incorporation of such tools in the oilfield equipment. Further, around the world, the rise in numbers of wells drilled is rapidly increasing year-over-year, which has motivated to downhole component manufacturers offer cost-effective solutions to oil operators.
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Engineers and geoscientists are increasingly gaining from the advent of 3D visualization technologies and 3D earth models. This has helped oil and gas operators have access to high-performance directional drilling systems. Thus, advancements in directional drilling tools has propelled the prospects in the downhole tools market. More than 70000 have been drilled till date.
Need for Better Insights into Downhole Data Drives Advancements
The demand for better insights into downhole data has propelled the need for advancements in techniques in measurement while drilling. This has stoked the popularity of logging while drilling (LWD) techniques. This has improved the effects on drilling efficiency and rate of penetration. Thus, LWD techniques are witnessing strong adoption rate, spurring innovation in directional drilling systems, thereby boosting the prospect in the downhole tools market. Furthermore, the demand for automation solutions for oil and gas operators is expanding the canvas for players in the downhole tools market.
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Downhole Tools Market: Key Driving Factors and Promising Avenues
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Downhole Tools Market: Regional Markets Insights
Substantial numbers of oil and gas well drilling activities undertaken by operators in North America makes the region highly lucrative. Rapidly rising production of unconventional oil and gas will help spur new revenue streams in the regional market during 2020 – 2027. The presence of worldwide providers of equipment and components to the oil sector also renders the North America attractive.
On the other hand, Asia Pacific is emerging with huge untapped revenue potential in the downhole tools market. A large chunk of the demand is likely to come from growing exploration and production activities in India and China.
Downhole Tools Market: Key Market Participants
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