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Downhole Tools Market by Application and Geography - Forecast and Analysis 2022-2026

  • Published: Apr 2022
  • Pages: 120
  • SKU: IRTNTR46540
Technavio

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According to Technavio analysts, the downhole tools market share is estimated to increase by USD 11.38 billion by 2026, and the market’s growth momentum will accelerate at a CAGR of 5.5%.

This downhole tools market research report extensively covers market segmentation by the following:

  • Application - Drilling, well intervention, and completion 
  • Geography - North America, Middle East and Africa, Europe, APAC, and South America

The downhole tools market vendors compiled and studied in this report include Aker Solutions ASA, AKITA Drilling Ltd., American Oilfield Tools Inc., Archer Ltd., Baker Hughes Co., Dril Quip Inc., General Electric Co., Halliburton Co., Hunting Plc, Innovex, NexTier Oilfield Solutions Inc., Nine Energy Service Inc., NOV Inc., Schlumberger Ltd., Schoeller Bleckmann Oilfield Equipment AG, Superior Energy Services Inc., Tasman Oil Tools Ltd., The Weir Group Plc, Tryton Tool Services, and Weatherford International Plc among others.

What will the Downhole Tools Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Downhole Tools Market Size for the Forecast Period and Other Important Statistics

 

Downhole Tools Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rise in unconventional oil and gas resources is notably driving the downhole tools market growth, although factors such as volatility in crude oil prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the downhole tools industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Downhole Tools Market Driver

One of the key factors driving the global downhole tools market growth is the rise in unconventional oil and gas resources such as shale gas, coalbed methane, and tight oil. With technological innovations and operational efficiencies, the cost incurred in the extraction process has been reduced, which has resulted in the flourishing of unconventional resource exploitation. Investments are being made in unconventional sources, especially in North American countries such as the US. In addition, the increased supply from the shale formation was one of the major reasons for the declining prices of crude oil. The expansion of the oil and gas industry in Canada resulted in the high economic growth of the country. Canada has huge reserves of oil sands, with Alberta having the third-largest proven crude oil reserve in the world. Thus, the rise in unconventional oil and gas resources will increase the demand for downhole tools in the forecast years.

Key Downhole Tools Market Trend

New-generation automated drilling rigs is one of the key downhole tools market trends that is expected to impact the industry positively in the forecast period. Digital technology has become an important tool, as it drives profit margins and reduces the downtime and idle time for the equipment. Digitalization will help in recording huge amounts of data, which can be later compared with the information collected from other fields and rigs, along with analyzing the historical data that will assist in making effective decisions. For instance, Schlumberger and Nabors Industries offer new rig concepts. The technology will digitally integrate the drilling process, including the bottom-hole assembly and drilling bit, and other downhole tools, to the surface equipment with the help of software, which will aid in automating the mechanical processes of geo-steering. Such factors will further support the market growth in the coming years.

Key Downhole Tools Market Challenge

One of the key challenges to the global downhole tools market growth is the volatility in crude oil prices. For instance, a steep decline in the price of crude oil has been observed from over USD 100/bbl in 2014 to below USD 35/bbl by May 2020. Volatility in oil and gas prices affects investment decisions in new and existing projects, leading to project abandonment, delays, and reduction in investment outlays. In addition, the downward movement in oil and gas market prices has a direct impact on storage service customers, pressurizing the entire value chain. Such volatility in commodity prices severely impacts the market for exploration and drilling companies as the number of new projects reduces owing to the lack of investments, mainly in the deep and ultra-deepwater, which will reduce the demand for downhole tools in the coming years.

This downhole tools market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global downhole tools market as a part of the global oil and gas drilling market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the downhole tools market during the forecast period.

Who are the Major Downhole Tools Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Aker Solutions ASA
  • AKITA Drilling Ltd.
  • American Oilfield Tools Inc.
  • Archer Ltd.
  • Baker Hughes Co.
  • Dril Quip Inc.
  • General Electric Co.
  • Halliburton Co.
  • Hunting Plc
  • Innovex
  • NexTier Oilfield Solutions Inc.
  • Nine Energy Service Inc.
  • NOV Inc.
  • Schlumberger Ltd.
  • Schoeller Bleckmann Oilfield Equipment AG
  • Superior Energy Services Inc.
  • Tasman Oil Tools Ltd.
  • The Weir Group Plc
  • Tryton Tool Services
  • Weatherford International Plc

 

This statistical study of the downhole tools market encompasses successful business strategies deployed by the key vendors. The downhole tools market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Archer Ltd. - The company offers downhole tools for the entire well lifecycle, from well construction to decommissioning supported by laboratory and technical support. 
  • Archer Ltd. - The eastern hemisphere segment includes platform drilling in the North Sea, engineering, wireline, and oil tools service divisions. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The downhole tools market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Downhole Tools Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the downhole tools market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Downhole Tools Market?

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46% of the market’s growth will originate from North America during the forecast period. The US is the key market for downhole tools in North America. Market growth in this region will be faster than the growth of the market in South America and Europe.

The rise in the number of drilling activities owing to an increase in the number of rig counts will facilitate the downhole tools market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The unexpected COVID-19 pandemic severely affected the regional economy. Owing to the first nationwide mandatory closure of non-essential businesses imposed by countries in the region, such as the US, manufacturing units were closed, and the manufacturers faced the challenge of survival. However, in 2021, lockdown restrictions were relaxed, and the oilfields and refineries reopened due to the COVID-19 vaccination drives. This will contribute to the growth of the downhole tools market in the region, which would lead to the gradual recovery of the market in focus in North America.

What are the Revenue-generating Application Segments in the Downhole Tools Market?

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The downhole tools market share growth by the drilling segment will be significant during the forecast period. The increase in crude oil extraction owing to the growing popularity of hydraulic fracturing and horizontal drilling techniques is expected to drive the demand for drilling and thereby lead to the growth of the global downhole tools market in the coming years.

This report provides an accurate prediction of the contribution of all the segments to the growth of the downhole tools market size and actionable market insights on post COVID-19 impact on each segment.

 

Downhole Tools Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 5.5%

Market growth 2022-2026

$ 11.38 billion

Market structure

Fragmented

YoY growth (%)

4.47

Regional analysis

North America, Middle East and Africa, Europe, APAC, and South America

Performing market contribution

North America at 46%

Key consumer countries

US, Saudi Arabia, China, Russia, and Brazil

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Aker Solutions ASA, AKITA Drilling Ltd., American Oilfield Tools Inc., Archer Ltd., Baker Hughes Co., Dril Quip Inc., General Electric Co., Halliburton Co., Hunting Plc, Innovex, NexTier Oilfield Solutions Inc., Nine Energy Service Inc., NOV Inc., Schlumberger Ltd., Schoeller Bleckmann Oilfield Equipment AG, Superior Energy Services Inc., Tasman Oil Tools Ltd., The Weir Group Plc, Tryton Tool Services, and Weatherford International Plc

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Downhole Tools Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive downhole tools market growth during the next five years
  • Precise estimation of the downhole tools market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the downhole tools industry across North America, Middle East and Africa, Europe, APAC, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of downhole tools market vendors

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1. Executive Summary                         

               1.1 Market Overview 

                              Exhibit 01:  Executive Summary – Chart on Market Overview

                              Exhibit 02:  Executive Summary – Data Table on Market Overview

                              Exhibit 03:  Executive Summary – Chart on Global Market Characteristics

                              Exhibit 04:  Executive Summary – Chart on Market by Geography

                              Exhibit 05:  Executive Summary – Chart on Market Segmentation by Application

                              Exhibit 06:  Executive Summary – Chart on Incremental Growth

                              Exhibit 07:  Executive Summary – Data Table on Incremental Growth

                              Exhibit 08:  Executive Summary – Chart on Vendor Market Positioning

2. Market Landscape                            

               2.1 Market ecosystem             

                              Exhibit 09:  Parent market

                              Exhibit 10:  Market characteristics

3. Market Sizing                      

               3.1 Market definition

                              Exhibit 11:  Offerings of vendors included in the market definition

               3.2 Market segment analysis  

                              Exhibit 12:  Market segments

               3.3 Market size 2021 

               3.4 Market outlook: Forecast for 2021 - 2026 

                              Exhibit 13:  Chart on Global - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 14:  Data Table on Global - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 15:  Chart on Global Market: Year-over-year growth 2021-2026 (%)

                              Exhibit 16:  Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4. Five Forces Analysis                         

               4.1 Five Forces Summary         

                              Exhibit 17:  Five forces analysis - Comparison between 2021 and 2026

               4.2 Bargaining power of buyers            

                              Exhibit 18:  Bargaining power of buyers – Impact of key factors in 2021 and 2026

               4.3 Bargaining power of suppliers        

                              Exhibit 19:  Bargaining power of suppliers – Impact of key factors in 2021 and 2026

               4.4 Threat of new entrants     

                              Exhibit 20:  Threat of new entrants – Impact of key factors in 2021 and 2026

               4.5 Threat of substitutes          

                              Exhibit 21:  Threat of substitutes – Impact of key factors in 2021 and 2026

               4.6 Threat of rivalry   

                              Exhibit 22:  Threat of rivalry – Impact of key factors in 2021 and 2026

               4.7 Market condition 

                              Exhibit 23:  Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Application                        

               5.1 Market segments

                              Exhibit 24:  Chart on Application - Market share 2021-2026 (%)

                              Exhibit 25:  Data Table on Application - Market share 2021-2026 (%)

               5.2 Comparison by Application             

                              Exhibit 26:  Chart on Comparison by Application

                              Exhibit 27:  Data Table on Comparison by Application

               5.3 Drilling  - Market size and forecast 2021-2026        

                              Exhibit 28:  Chart on Drilling  - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 29:  Data Table on Drilling  - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 30:  Chart on Drilling  - Year-over-year growth 2021-2026 (%)

                              Exhibit 31:  Data Table on Drilling  - Year-over-year growth 2021-2026 (%)

               5.4 Well intervention   - Market size and forecast 2021-2026   

                              Exhibit 32:  Chart on Well intervention   - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 33:  Data Table on Well intervention   - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 34:  Chart on  Well intervention   - Year-over-year growth 2021-2026 (%)

                              Exhibit 35:  Data Table on Well intervention   - Year-over-year growth 2021-2026 (%)

               5.5 Completion  - Market size and forecast 2021-2026

                              Exhibit 36:  Chart on Completion  - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 37:  Data Table on Completion  - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 38:  Chart on Completion  - Year-over-year growth 2021-2026 (%)

                              Exhibit 39:  Data Table on Completion  - Year-over-year growth 2021-2026 (%)

               5.6 Market opportunity by Application              

                              Exhibit 40:  Market opportunity by Application ($ billion)

6. Customer landscape                        

               6.1 Customer landscape overview       

                              Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria

                              Exhibit 41:  Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7. Geographic Landscape                    

               7.1 Geographic segmentation

                              Exhibit 42:  Chart on Market share by geography 2021-2026 (%)

                              Exhibit 43:  Data Table on Market share by geography 2021-2026 (%)

               7.2 Geographic comparison    

                              Exhibit 44:  Chart on Geographic comparison

                              Exhibit 45:  Data Table on Geographic comparison

               7.6 North America - Market size and forecast 2021-2026          

                              Exhibit 46:  Chart on North America - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 47:  Data Table on North America - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 48:  Chart on North America - Year-over-year growth 2021-2026 (%)

                              Exhibit 49:  Data Table on North America - Year-over-year growth 2021-2026 (%)

               7.5 Middle East and Africa - Market size and forecast 2021-2026           

                              Exhibit 50:  Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 51:  Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 52:  Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)

                              Exhibit 53:  Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

               7.3 APAC - Market size and forecast 2021-2026             

                              Exhibit 54:  Chart on APAC - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 55:  Data Table on APAC - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 56:  Chart on APAC - Year-over-year growth 2021-2026 (%)

                              Exhibit 57:  Data Table on APAC - Year-over-year growth 2021-2026 (%)

               7.4 South America - Market size and forecast 2021-2026          

                              Exhibit 58:  Chart on  South America - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 59:  Data Table on  South America - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 60:  Chart on  South America - Year-over-year growth 2021-2026 (%)

                              Exhibit 61:  Data Table on  South America - Year-over-year growth 2021-2026 (%)

               7.7 Europe - Market size and forecast 2021-2026         

                              Exhibit 62:  Chart on Europe - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 63:  Data Table on Europe - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 64:  Chart on Europe - Year-over-year growth 2021-2026 (%)

                              Exhibit 65:  Data Table on Europe - Year-over-year growth 2021-2026 (%)

               7.8 US - Market size and forecast 2021-2026   

                              Exhibit 66:  Chart on US - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 67:  Data Table on US - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 68:  Chart on US - Year-over-year growth 2021-2026 (%)

                              Exhibit 69:  Data Table on US - Year-over-year growth 2021-2026 (%)

               7.9 Saudi Arabia - Market size and forecast 2021-2026              

                              Exhibit 70:  Chart on Saudi Arabia - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 71:  Data Table on Saudi Arabia - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 72:  Chart on Saudi Arabia - Year-over-year growth 2021-2026 (%)

                              Exhibit 73:  Data Table on Saudi Arabia - Year-over-year growth 2021-2026 (%)

               7.10 China - Market size and forecast 2021-2026          

                              Exhibit 74:  Chart on China - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 75:  Data Table on China - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 76:  Chart on China - Year-over-year growth 2021-2026 (%)

                              Exhibit 77:  Data Table on China - Year-over-year growth 2021-2026 (%)

               7.11 Russia - Market size and forecast 2021-2026         

                              Exhibit 78:  Chart on Russia - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 79:  Data Table on Russia - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 80:  Chart on Russia - Year-over-year growth 2021-2026 (%)

                              Exhibit 81:  Data Table on Russia - Year-over-year growth 2021-2026 (%)

               7.12 Brazil  - Market size and forecast 2021-2026         

                              Exhibit 82:  Chart on Brazil  - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 83:  Data Table on Brazil  - Market size and forecast 2021-2026 ($ billion)

                              Exhibit 84:  Chart on Brazil  - Year-over-year growth 2021-2026 (%)

                              Exhibit 85:  Data Table on Brazil  - Year-over-year growth 2021-2026 (%)

               7.13 Market opportunity by geography            

                              Exhibit 86:  Market opportunity by geography ($ billion)

8. Drivers, Challenges, and Trends                  

               8.1 Market drivers      

                              8.1.1 Rise in unconventional oil and gas resources

                              8.1.2 Growing popularity of offshore field operations

                              8.1.3 Discovery of new oilfields and refineries

               8.2 Market challenges              

                              8.2.1 Volatility in crude oil prices

                              8.2.2 Increasing investments in renewable energy

                              8.2.3 Environmental risks and strict government regulations

               8.3 Impact of drivers and challenges   

                              Exhibit 87:  Impact of drivers and challenges in 2021 and 2026

               8.4 Market trends      

                              8.4.1 New-generation automated drilling rigs

                              8.4.2 Introduction of laser drilling

                              8.4.3 Rise in deep and ultra-deepwater drilling projects

9. Vendor Landscape                            

               9.1 Overview

               9.2 Vendor landscape

                              Exhibit 88:  Overview on Criticality of inputs and Factors of differentiation

                              The potential for the disruption of the market landscape was moderate in 2020, and its threat is expected to remain unchanged by 2025. 

               9.3 Landscape disruption         

                              Exhibit 89:  Overview on factors of disruption

               9.4 Industry risks        

                              Exhibit 90:  Impact of key risks on business

10. Vendor Analysis               

               10.1 Vendors covered              

                              Exhibit 91:  Vendors covered

               10.2 Market positioning of vendors    

                              Exhibit 92:  Matrix on vendor position and classification

               10.3 Archer Ltd.          

                              Exhibit 93:  Archer Ltd. - Overview

                              Exhibit 94:  Archer Ltd. - Business segments

                              Exhibit 95:  Archer Ltd. - Key offerings

                              Exhibit 96:  Archer Ltd. - Segment focus

               10.4 Baker Hughes Co.            

                              Exhibit 97:  Baker Hughes Co. - Overview

                              Exhibit 98:  Baker Hughes Co. - Business segments

                              Exhibit 99:  Baker Hughes Co. - Key news

                              Exhibit 100:  Baker Hughes Co. - Key offerings

                              Exhibit 101:  Baker Hughes Co. - Segment focus

               10.5 Dril Quip Inc.      

                              Exhibit 102:  Dril Quip Inc. - Overview

                              Exhibit 103:  Dril Quip Inc. - Business segments

                              Exhibit 104:  Dril Quip Inc. - Key offerings

                              Exhibit 105:  Dril Quip Inc. - Segment focus

               10.6 General Electric Co.         

                              Exhibit 106:  General Electric Co. - Overview

                              Exhibit 107:  General Electric Co. - Business segments

                              Exhibit 108:  General Electric Co. - Key news

                              Exhibit 109:  General Electric Co. - Key offerings

                              Exhibit 110:  General Electric Co. - Segment focus

               10.7 Halliburton Co.  

                              Exhibit 111:  Halliburton Co. - Overview

                              Exhibit 112:  Halliburton Co. - Product / Service

                              Exhibit 113:  Halliburton Co. - Key news

                              Exhibit 114:  Halliburton Co. - Key offerings

               10.8 NOV Inc.

                              Exhibit 115:  NOV Inc. - Overview

                 

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
Technavio

TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
Technavio

TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The downhole tools market growth will increase by $11.38 billion during 2022-2026.
The downhole tools market is expected to grow at a CAGR of 5.5% during 2022-2026.
Technavio has segmented the downhole tools market by application (Drilling, Well intervention, and Completion) and geographic (North America, Middle East and Africa, Europe, APAC, South America, North America, MEA, Europe, APAC, and South America).
Aker Solutions ASA, AKITA Drilling Ltd., American Oilfield Tools Inc., Archer Ltd., Baker Hughes Co., Dril Quip Inc., General Electric Co., Halliburton Co., Hunting Plc, Innovex, NexTier Oilfield Solutions Inc., Nine Energy Service Inc., NOV Inc., Schlumberger Ltd., Schoeller Bleckmann Oilfield Equipment AG, Superior Energy Services Inc., Tasman Oil Tools Ltd., The Weir Group Plc, Tryton Tool Services, Weatherford International Plc are a few of the key vendors in the downhole tools market.
North America will register the highest growth rate of 45.61% among the other regions. Therefore, the downhole tools market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • Saudi Arabia
  • China
  • Russia
  • Brazil
The key factors driving the downhole tools market growth are:
  • Rise in unconventional oil and gas resources
  • New-generation automated drilling rigs
The downhole tools market vendors should focus on grabbing business opportunities from the drilling segment as it accounted for the largest market share in the base year.
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