Growing drilling activities across the globe, as well as the development of unconventional hydrocarbon resources, is the major factors that contributing to the growth of the drilling tools market. The consumption of oil and gas is steadily growing over the past couple of years which increased production and exploration activities, thereby increasing demand for the drilling tools that fuel the growth of the drilling tools market. Rising development of oilfield and growing deepwater and ultra-deepwater activities support to the growth of the drilling tools market.
MARKET DYNAMICS
Advancement in drilling such as reduced drilling time and higher efficiency coupled with the necessity of drilling tools are some of the major factors that boost the growth of the drilling tools market. Moreover, increasing energy demand is result in growing drilling activities that required drilling tolls which propel the growth of the drilling tools market. However, the high maintenance cost and the long transition times of drilling tools is the major restraint for the growth of the drilling tools market. Growing shale gas production coupled with the increasing investment in oilfield development is expected to drive the growth of the drilling tools market.
MARKET SCOPE
The "Global Drilling Tools Market Analysis to 2028" is a specialized and in-depth study of the drilling tools industry with a special focus on the global market trend analysis. The report aims to provide an overview drilling tools market with detailed market segmentation by type, application, and geography. The global drilling tools market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading drilling tools market players and offers key trends and opportunities in the drilling tools market.
MARKET SEGMENTATION
The global drilling tools market is segmented on the basis of type, application. On the basis type the market is segmented as drill bits, drill motors, drill reamers and stabilizers, drill jars, drill swivels, drill collars, others. On the basis application the market is segmented as onshore, offshore.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global drilling tools market based on various segments. It also provides market size and forecast estimates from year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The drilling tools market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting drilling tools market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the drilling tools market in these regions.
MARKET PLAYERS
The reports cover key developments in the drilling tools market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from drilling tools market are anticipated to lucrative growth opportunities in the future with the rising demand for drilling tools in the global market. Below mentioned is the list of few companies engaged in the drilling tools market.
The report also includes the profiles of key drilling tools companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
- Baker Hughes
- BICO Drilling Tools, Inc.
- Drilling Tools International
- Dynomax Drilling Tools Inc.
- Halliburton Energy Services, Inc.
- National Oilwell Varco
- Schlumberger Limited
- Scientific Drilling International
- Tianhe Oil Group Co. Ltd.
- Weatherford International Ltd.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.