Pune, India, May 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Drilling Tools Market.
The global consumption of drilling tools is rising constantly as it supports the production of two essential objects needed for sustenance of various industries, oil and gas. Drilling tools are required to extract them from onshore or offshore locations. The global drilling tools market is expected to grow with 4.21% CAGR during the forecast period (2022-2030). Market Research Future (MRFR) in their published report mentioned the possibility of the drilling tools market reaching the estimated valuation with considerable ease.
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Factors like efforts to revamp the existing infrastructure, increasing offshore & onshore site exploration, new drilling technologies, and technique such as horizontal & vertical drilling can improve the market scenario substantially. However, the recent capping on the oil production in the MEA sector has reduced the production due to which the drilling tools market can get bottlenecked. Also, growing application of sustainable energies can dampen the production rate causing sluggishness in the growth rate of the drilling tools market. But the market is not expected to stay bogged down for long by such factors.
The global drilling tools market, as per MRFR analysis, can be segmented by types and application. This analysis is amply backed by volume-wise and value-wise data for a better predictive analysis of the global drilling tools market.
Based on the volume, the drilling tools market can be segmented into drill bits, drill collars, drilling jars, drilling motors, drilling tubulars, and others. In major drilling activities all these components play an integral role. By doing that, they ensure growth for the global market.
Based on the application, the global drilling tools market can be segmented into offshore and onshore. The offshore drilling activities are gaining momentum as several countries are now investing much in the discovering new oil reserves, such as Mexico, India, China, and others.
The global drilling tools market, if considered from a region-specific perception, includes namely, North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). This analysis provides valuable information regarding growth opportunities and assesses regions based on their individual potential.
North America is expected to record high growth during the forecast period and retain its dominant position. The region is doing extensively well and it has increased its various activities in the MEA section to inspire market expansion. New technologies have been incorporated for further progress. The investment made by the U.S. in extracting shale gas is also expected to take the market forward. Mexico’s investment in the Gulf of Mexico region is also expected to promote the regional market.
Europe is following the lead of North America. The region is witnessing a surge in the production of oil due to the increase in consumption of oil. However, the APAC market is expanding rapidly due to the interests shown by countries like China. China is investing substantially in onshore projects to drill out shale oils. But this production is bound to increase with major oilfield players resuming their drilling activities.
Several companies have involved themselves in the growth of the drilling tools market by implementing strategies for their own expansion which boosted the global market’s prospects. These companies are Weatherford International plc, National Oilwell Varco, L.P., Schlumberger Limited, Halliburton Company, Cougar Drilling Solutions Inc., Rubicon Oilfield International Holdings, L.P., Drilling Tools International, Inc., Perkins Drilling Tools Inc., BICO Drilling Tools, Inc., and Sandvik AB. The list, as profiled by MRFR, also focuses on latest developments made by these companies to give a prominent perspective on how they would perform in the coming years.
Transocean, in May 2019, revealed that they have started equipping their drills with downhole sensors to get hold of information by using wired drilling pipe. These pipes send information to the surface for a detailed analysis. The company has revealed that in several wells this technology has made it possible to accelerate work by 30%.