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Drilling Tools Market Trends

ID: MRFR//4429-HCR | 100 Pages | Author: Chitranshi Jaiswal| July 2024

Drilling Tools Market Overview

Drilling Tools Market Size was valued at USD 7 Billion in 2023. The Drilling Tools Market industry is projected to grow from USD 7.29 Billion in 2024 to USD 9.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.76% during the forecast period (2024 - 2032). The rising need for offshore and deepwater drilling, as well as the widespread use of automation and digital technologies are the key market drivers enhancing the market growth.

Drilling Tools Market Overview

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Drilling Tools Market Trends

Rising Energy Demand Drives Market Growth

The growing demand for energy is a major driving force in the drilling tools market CAGR. As the world's population and economy expand, there is a greater demand for energy to power homes, businesses, and industries. This increases demand for oil and gas, as well as other forms of energy such as nuclear, coal, and renewable sources such as wind and solar. Drilling companies are investing in new technologies and equipment to help them extract energy resources more efficiently and cost-effectively in order to meet this demand. This comprises drill bits, drilling fluids, and drilling rigs, as well as ancillary equipment such as well completion tools and production equipment. Schlumberger, Halliburton, and Baker Hughes are among the global leaders in drilling gear, offering new products and services that assist fulfill the world's expanding energy demands.

The rising need for unconventional oil and gas resources is another driving force in the drilling tools industry. As traditional oil and gas deposits grow more difficult and expensive to extract, unconventional resources such as shale gas and tight oil are becoming more vital sources of energy. These resources necessitate the use of specialized drilling techniques and equipment, like as hydraulic fracturing and horizontal drilling, which fuels demand for new and novel drilling instruments. Furthermore, the development of unconventional resources is opening up new prospects for drilling companies because many of these deposits are in previously untouched areas. This is pushing investment in new drilling technology and equipment, as well as research and development to improve drilling efficiency and efficacy. As a result of the rising demand for unconventional oil and gas resources, the drilling tools market is likely to expand more in the coming years.

Moreover, rising demand for offshore drilling. Offshore drilling is growing more important as firms seek new sources of oil and gas supplies. The discovery of huge offshore oil and gas reserves in Brazil, West Africa, and the Gulf of Mexico, for example, has resulted in an increase in demand for drilling instruments and equipment. Drilling companies are investing in new technology and equipment to enable them drill more efficiently and cost-effectively in offshore areas in order to meet this demand. This comprises specialized drilling instruments such as subsea blowout preventers, risers, and wellheads, as well as drilling rigs built to withstand extreme offshore conditions. Transocean, Seadrill, and Diamond Offshore are among the main competitors in the offshore drilling market, offering innovative products and services that are driving growth in the drilling tools market.

Another driving force in the drilling tools market is the rising need for deepwater drilling. Deepwater drilling is the process of drilling for oil and gas deposits in sea depths greater than 500 feet. As traditional oil and gas deposits grow increasingly difficult to reach, firms are turning to deepwater drilling to explore new sources of oil and gas. This is increasing demand for specialist drilling tools and equipment capable of operating in deepwater settings, such as drillships, semisubmersibles, and subsea wellheads.

Drilling Tools Market Segment Insights

Drilling Tools Technology Type Insights

The Drilling Tools Market segmentation, based on Technology Type includes drill bits, drill collars, drilling jars, drilling motors, drilling tubulars, drilling swivels, mechanical thrusters, shock tools, drill reamers. The drill bits category has the biggest market share. This means that drill bits are the most popular and commonly utilized sort of drilling tool. Drill bits are critical components of any drilling operation and are utilized in a variety of industries such as oil & gas exploration, mining, and construction. As a result, in terms of revenue and market share, the drill bits sector accounts for the majority of the drilling tools market.

Drilling Tools Application Type Insights

The Drilling Tools Market segmentation, based on Application Type, includes onshore and offshore. The offshore category of the drilling tools market is the fastest expanding. This is due to the growing need for offshore oil and gas exploration, which necessitates the use of specialist drilling instruments and equipment. Drilling tools and equipment built expressly for use in offshore conditions, such as deep-water drilling rigs and subsea systems, are included in the offshore section.

Figure 1: Drilling Tools Market, by Application Type, 2022 & 2032 (USD Billion)

Global Drilling Tools Market, by Application Type, 2022 & 2032

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Drilling Tools Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific dominates the drilling tools market, because of the increased need for infrastructure and building projects in the region. These initiatives necessitate the use of drilling tools and equipment, resulting in an increase in demand for drilling tools and equipment in the region. Moreover, China’s Drilling Tools Market held the largest market share, and the Indian Drilling Tools Market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Drilling Tools Market Share By Region 2022 (USD Billion)

Global Drilling Tools Market Share By Region 2022

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Drilling Tools Market accounts for the second-largest market share because of growing investment in onshore and offshore drilling activities to produce oil and gas. Further, the German Drilling Tools Market held the largest market share, and the UK Drilling Tools Market was the fastest growing market in the European region

The North America Drilling Tools Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to growing shale gas production and energy reforms are likely to fuel regional drilling tool expansion.

Drilling Tools Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Drilling Tools Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Drilling Tools industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Drilling Tools industry to benefit clients and increase the market sector. In recent years, the Drilling Tools industry has offered some of the most significant advantages to medicine. Major players in the Drilling Tools Market, including Weatherford International plc, Drilling Tools International, Inc., Rubicon Oilfield International Holdings, L.P., Cougar Drilling Solutions Inc., and others, are attempting to increase market demand by investing in research and development operations.

The Halliburton Company is a global American firm that is in charge of the majority of the world's hydraulic fracturing operations. It was the world's second largest oil field servicing firm in 2009. It has a presence in over 70 countries. It has hundreds of subsidiaries, affiliates, branches, brands, and divisions around the world and employs around 55,000 people. The corporation maintains dual headquarters in Houston and Dubai and is still incorporated in the United States.  In July 2019, Kuwait Oil Company awarded Haliburton a contract for comprehensive offshore drilling services for six high-pressure, raised temperature exploration wells on two jack-up rings in the Arab Gulf. The company will provide and manage drilling services, liquids, wireline, perforating, well evaluation, cementing, and other offshore logistics. Along with the boats for the project, Halliburton will supply an offshore ring.

Baker Hughes Company, based in Houston and incorporated in Delaware, is one of the world's major oil field services firms. The company offers oil well drilling, formation appraisal, completion, production, and reservoir consulting goods and services. It has research and manufacturing centres in Australia, Singapore, Malaysia, India, Dubai, Saudi Arabia, Italy, Germany, Norway, Oklahoma, Louisiana, and Missouri, among other places. General Electric (GE) owned the bulk of the corporation. In 2020, Baker Hughes unveiled the TerrAdapt adaptive drill bit, which employs machine learning algorithms to optimize drilling performance in real time. This technique has the potential to improve drilling efficiency and lower costs for oil and gas firms. 

Key Companies in the Drilling Tools market include

  • Schlumberger Limited

  • Halliburton Company

  • National Oilwell Varco L.P.

  • Weatherford International plc

  • Drilling Tools International Inc.

  • Rubicon Oilfield International Holdings L.P.

  • Cougar Drilling Solutions Inc.

  • BICO Drilling Tools Inc.

  • Perkins Drilling Tools Inc

Drilling Tools Industry Developments

January 2021, United Drilling Tools has announced the start of operations at its newly established manufacturing plant in Gujarat, near Mundra Port, which spans 35 acres and has an initial capital investment of INR 15 crore. This division creates cutting-edge items such as casing pipes with connection assembly pieces.

In March 2021, Enteq has introduced the SABRE Tool, a revolutionary alternative to the classic rotary steerable system (RSS) for directional drilling. The SABRE Tool steers from the drill bit face using internally directed pressure differentials, providing genuine "at-bit" geosteering.

Drilling Tools Market Segmentation

Drilling Tools Market By Technology Type Outlook

  • Drill Bits

  • Drill Collars

  • Drilling Jars

  • Drilling Motors

  • Drilling Tubulars

  • Drilling Swivels

  • Mechanical Thrusters

  • Shock Tools

  • Drill Reamers

Drilling Tools Market By Application Type Outlook

  • Onshore

  • Offshore

Drilling Tools Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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