LONDON--(BUSINESS WIRE)--The new downhole drilling tools market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the increase in oil and gas E&P activities”, says a senior analyst for the Energy industry at Technavio. As the markets recover Technavio expects the downhole drilling tools market size to grow by USD 3.65 billion during the period 2020-2024.
Downhole Drilling Tools Market Segment Highlights for 2020
- The downhole drilling tools market is expected to post a year-over-year growth rate of -8.58%.
- Based on the product, the market saw maximum growth in the tubular segment in 2019.
- The growth of the market in the tubular segment will be significant during the forecast period.
Regional Analysis
- 39% of the growth will originate from the North America region.
- The growth of the market in North America will be driven by the introduction of new oil and gas exploration policies.
- The US is the key market for the downhole drilling tools market in North America. This report provides an accurate prediction of the contribution of all segments to the growth of the downhole drilling tools market size.
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Notes:
- The downhole drilling tools market size is expected to accelerate at a CAGR of almost 3% during the forecast period.
- The downhole drilling tools market is segmented by Product (Tubulars, Deflection and downhole motors, Casing and cementing tools, Drill bits, and Others) and Geography (North America, MEA, APAC, Europe, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Baker Hughes Co., Halliburton Co., National Oilwell Varco Inc., Nine Energy Service Inc., RUBICON OILFIELD PRODUCTS LTD., Schlumberger Ltd., Schoeller-Bleckmann Oilfield Equipment AG, Tasman Oil Tools Ltd., Weatherford International Plc, and Wenzel Downhole Tools
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
