Downhole Tools Market Business Opportunities, Top Companies Overview, Booming Trends during Forecast

Global Non-Volatile Memory Market Research Report: Forecast to 2023

Global Downhole Tools Market Research Report: Forecast to 2023

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Global Non-Volatile Memory Market Research Report: Forecast to 2023

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Global Non-Volatile Memory Market Research Report: Forecast to 2023

Summary According to a recent study report published by the Market Research Future, The global market of Downhole Tools is booming and expected to gain prominence over the forecast period. The global Downhole Tools market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2023). The global downhole tools market is anticipated to boom and attain significant dominance over the forecast period in the coming years of the forecast period.

Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the downhole tools market. Moreover, new oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. However, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.

The proliferating demand for energy has subsequently resulted in boosting the offshore drilling activities in order to meet the growing demand. This, in turn, has ultimately proved to be a major boost to the downhole tools market and is expected to be a positive driver in the coming years. Additionally, new oil reserve discoveries is expected to significantly ameliorate the drilling and exploration activities in the near future, thereby causing an upsurge to the global market for downhole tools.

Competitive Landscape Characterized by the presence of several well-established and small players, the global Market of Downhole Tools appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, and services. Vendors operating in the market strive to deliver the best quality products and services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Downhole Tools market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.

Schlumberger (U.S.), Halliburton (U.S.), Baker Hughes (U.S.), Weatherford International (Ireland), National Oilwell Varco Inc. (U.S.), Logan Oil Tools Inc. (U.S.), Wenzel Downhole Tools Ltd. (U.S.), Saint Gobain (France), and Oil States International Inc. (India), among other are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Downhole Tools Market.

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Global Non-Volatile Memory Market Research Report: Forecast to 2023

Market Segmentation The global downhole tools market segmentation is based upon two key components, namely application and type.

By type, the market segments into handling, drilling, downhole control, flow & pressure control, and others. Herein, the drilling tools segment holds the dominant share of this global market category. This is due to the widespread usage of the tool in drilling the wells. The growing drilling activities around the world further heightens the demand for these drilling tools.

By application, the market comprises drilling, formation & evaluation, completion, intervention, and production. The well intervention segment commands the global application market segment with the highest share percentage and is projected to remain the same in the forthcoming years of the forecast period. The demand for well drilling tools, however, is anticipated to remain at a fairly decent rate.

Regional Analysis The global regional market segmentation covers the following regions in its geographical segmentation: North America, Asia Pacific, Europe, and the Rest of the World (RoW).

The North American region is the dominant player in the global market for downhole tools. The region is spearheaded by the US, which holds the largest contributory share percentage. The growth of the region can be attributed to the advancements made in unconventional drilling technologies, one which have massively attractive capital for oil & gas-based drilling projects. In addition to this, the presence of a vast pool of hydrocarbon resources in the US is also a key driver of the region. In the Gulf of Mexico, shale basins and continuous offshore drillings are pushing the demand for the regional market. Add to this, the region hosts some of the major downhole tool manufacturers herein, thereby having a positive influence over the growth of the market.

Asia Pacific and Europe are two of the major regions in the downhole tools global market as identified in the report released by MRFR. The burgeoning demand for energy owing to the fast-paced urbanization and industrialization across countries like China, India, and Indonesia is one of the major driving factors of the Asia Pacific regional market.

The European regional market is anticipated to be the dominated by the presence of major contributory nations like Norway, Russia, and the UK. The growth of the region can be directed towards the development of traditional oil and gas exploration activities like shale.

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Global Non-Volatile Memory Market Research Report: Forecast to 2023

Industry/ Innovations/ Related News •

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In December 2017, Oil States International, Inc. announced that it has entered into a definitive agreement to acquire GEODynamics, Inc., a provider of oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations.

In September 2017, Halliburton has launched GeoTech HE, a robust drill bit that incorporates new features and materials to deliver enhanced performance and increased reliability in high energy drilling systems characterized by very high weight-on-bit and drilling torque.

In January 2017, Schlumberger announced the acquisition of Peak Well System, an Aberdeen-based manufacturer of downhole tools for well intervention.

In July 2016, American Securities LLC, a leading U.S. private equity firm, Completes Acquisition of Ulterra Drilling Technologies, L.P. Ulterra is a leading manufacturer of polycrystalline diamond compact ("PDC") drill bits for the oil and gas industry. The Company was owned by ESCO Corporation.

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Global Non-Volatile Memory Market Research Report: Forecast to 2023

Trican Well Service Ltd. is pleased to announce that it has closed the previously announced acquisition of i-TEC Well Solutions ("i-TEC"), a privately

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Global Non-Volatile Memory Market Research Report: Forecast to 2023

owned company based in Norway that has developed a field-proven portfolio of completion systems and intervention tools.

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