Global Drilling Tools Market was valued at US$ 6.50 Bn in 2020 and is expected to reach US$ 9.20 Bn by 2026, at a CAGR of 4.44% during a forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
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An upsurge in oil, exploration, and production activities, rising concern towards energy security, advancement in drilling technologies offering better efficiencies and condensed drilling time, easy readiness of suppliers is expected to drive the global drilling tools market. Additionally, the surge in shale gas exploration activities in the United States is another factor driving the drilling tools markets.
Increased demand for fabricated metal products, development of heavy equipment industry, and increasing large-scale industrial automation are projected to drive the growth of the global drilling tools market. Additionally, development in manufacturing types of machinery and government initiatives concerning the machine tools industry offer lucrative growth opportunities to the global drilling machine market. Furthermore, the drilling tools market is estimated to face regulatory concerns, and a shift towards renewable energy development is expected to hamper the global drilling tools market.
The objective of the report is to present a comprehensive assessment of the global drilling tools market and contains considerate insights, facts, historical data, industry-validated market data, and projections with an appropriate set of traditions and methodology. The report also helps in understanding dynamics, structure by analyzing the market segments by material, type, end-user, and region and, projects the global market size.
The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global drilling tools market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
Global Drilling Tools Market Segment Analysis:
The drilling tubular segment is estimated to grow at a high rate of CAGR during the forecast period. This can be accredited to growing drilled footage and the advancement of deep-water oil & gas fields.
An onshore segment is expected to dominate the global drilling tools market. The dominant position is attributed to the increasing onshore and drilling activities in North America and Asia Pacific region. Development in drilling techniques, such as horizontal and vertical drilling. Onshore drilling is cost-effective and less complex than offshore application. Furthermore, offshore drilling needs higher capital investments and is complex owing to depth, complicated good formations, and instability features. China is focusing on several onshore oil drilling projects carried out to extract shale oil.
Global Drilling Tools Market Regional Analysis:
Geographically, Asia Pacific is expected to witness significant growth in the global drilling tools market. The growth is attributed to increasing drilling Activities in developing countries such as India and China. The developing countries from this region are focused on developing their shale gas resources to increase their oil & gas production is expected to drive growth in the drilling tool market. Rapid industrialization and advancement in drilling tools are expected to boom the drilling tools market in this region. Furthermore, North America is projected to share a major contribution in the global market during the forecast period. Growing shale gas production and energy reforms are expected to drive the growth of the drilling tools in the region.
Global Drilling Tools Market, Key Highlights:
• Global Drilling Tools Market analysis and forecast, in terms of value.
• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Drilling Tools Market
• Global Drilling Tools Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
• Global Drilling Tools Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
• Global Drilling Tools Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Drilling Tools Market are also profiled.
The report has considered the base year of 2019 and past four years trend. 2020 figures are at actuals, however due to different dynamics of year 2020, market forecast is not only dependent upon 2020, but on the basis of 2016-2020.
Scope of the Report Global Drilling Tools Market: Inquire before buying
Global Drilling Tools Market
Global Drilling Tools Market Key Players
• Schlumberger Limited
• Halliburton Company
• National-Oilwell Varco, Inc.
• Sandvik AB
• Baker Hughes A GE Co.
• Tenaris SA
• TMK Ipsco Enterprises Inc.
• Vallourec SA
• Stabil Drill Baker Hughes
• Cougar Drilling Solutions
• Drilling Tools International
• Rubicon Oilfield International
• Bico Drilling Tools
• Dynomax Drilling Tools
• United Drilling Tools LTD
• BICO Drilling Products
• X Drilling Tools
• Redback Drilling Tools,
• Knight Oil Tools
• Weatherford International
• Pacesetter Directional Drilling
• Scientific Drilling
• Tianhe Oil Group
• Wenzel Downhole Tools
• Pacesetter Directional Drilling
• Solid Control Equipment
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