New York, NY, March 08, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Downhole Tools Market By Product (Drilling, Handling, and Flow & pressure control) and By Application (Well drilling, Well intervention, Production & well completion): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” .
“According to the research report, the global Downhole Tools Market was estimated at USD 3.2 Billion in 2019 and is expected to reach USD 5.6 Billion by 2026. The global Downhole Tools Market is expected to grow at a compound annual growth rate (CAGR) of 8% from 2019 to 2026”.
The growing drilling activities worldwide have resulted in high demand for downhole equipment globally. In the coming years, this is expected to complement the development of the world downhole tool market. With the growing application of downhole tools in a wide range of industries, such as oil and gas development, well drilling, and well completion, well interventions are expected to complement the global demand growth over the forecast period. One of the key factors in the growth of the market in the years to come is the rise in unconventional gas and oil resources. Costs associated with the extraction method have decreased with the advent of technological developments and operating efficiency. This has led to an increase in unorthodox resource exploration. Over the years, demand for natural gas has increased, leading to a growing acceptance of unconventional sources such as shale gas. Laser drilling is one of the major market developments in the global downhole tools industry and it is projected to fuel market growth in the future. Due to ongoing discoveries in the oil and gas industry, coupled with an increasing number of mature areas, the downhole tool market is expected to reach a high level over the forecast period. Multinationals and well-established firms are also expected to compete strongly in the market.
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Our Free Sample Report Includes:
- 2020 Updated Report Introduction, Overview, and In-depth industry analysis
- COVID-19 Pandemic Outbreak Impact Analysis Included
- 190+ Pages Research Report (Inclusion of Updated Research)
- Provide Chapter-wise guidance on Request
- 2020 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of table & figures
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
(Note: The sample of this report is updated with COVID-19 impact analysis before delivery)
Key Questions Answered in this Report
1) What was the impact of COVID-19 on the Downhole Tools Market?
2) What is the market size, share of the Downhole Tools Market?
3) Who are the top market players in Downhole Tools Market?
4) What will be the future market of the Downhole Tools Market?
KEY REPORT POINTERS & HIGHLIGHTS:
- Statistically Validated Analysis of Historical, Current, and Projected Industry Trends with Authenticated Market Sizes Information and Data in terms of Value and Volume, wherever applicable
- Direct and Indirect Factors that Impacted the Industry as well Projected Rationales expected to affect the industry going forward
- Micro, Meso, Macro, and In-Depth Analysis of Technically relevant and Commercially viable Segments and Sub-segments of the Market
- Historical and Projected Company / Vendor / OEM / Supplier Market Shares, Competitive Landscape, and Player Positioning Data
- Historical and Current Demand (Consumption) and Supply (Production) Scenarios as well as Projected Supply-Demand Scenario Analysis
- Detailed List of Key Buyers and End-Users (Consumers) analyzed as per Regions and Applications
- Value Chain and Supply Chain Analysis along with Horizontal and Vertical Integration Scenarios
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Impact Analysis of COVID-19 Pandemic on Businesses: Know Short Term and Long Term Impact
Most of the businesses are facing a growing litany of business-critical concerns related to the coronavirus outbreak, including supply chain disruptions, a risk of a recession, and a potential drop in consumer spending. All these scenarios will play out differently across various regions and industries, making accurate and timely market research more essential than ever.
We at Facts and Factors ( http://www.fnfresearch.com ) understand how difficult it is for you to plan, strategize, or make business decisions, and as such, we have your back to support you in these uncertain times with our research insights. Our team of consultants, analysts, and experts has developed an analytical model tool for markets that helps us to assess the impact of the virus more effectively on the industrial markets. We are further implementing these insights into our reports for a better understanding of our clients.
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Industry Major Market Players
- Antelope Oil Tool
- American Block Manufacturing Co.
- Buckman Jet Drilling Inc
- Canary USA
- Enventure Global Technology
- Downhole Oil Tools Inc.
- DoubleBarrel Downhole Technology
- Drill King International
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The report utilizes established industry analysis tools and models such as Porter’s Five Forces framework to analyze and recognize critical business strategies adopted by various stakeholders involved in the entire value chain of the Downhole Tools industry. The Downhole Tools market report additionally employs SWOT analysis and PESTLE analysis models for further in-depth analysis.
The report study further includes an in-depth analysis of industry players’ market shares and provides an overview of leading players’ market position in the Downhole Tools sector. Key strategic developments in the Downhole Tools market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the Downhole Tools market are appropriately highlighted in the report.
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The increase in shale and other resource exploration, particularly in the North American region, followed by Asia-Pacific and South & Central America, also contributed to the growth of the market. However, fluctuating oil prices may negatively affect the growth of the downhole tool market over the forecast period.
Based on the product, a drilling segment dominated the global downhole tool market in 2019, this surge in the growth of this segment is primarily owned to the rising use of downhole tools across various verticals combined with the growing demand for crude oil worldwide.
Based on the application, the well drilling segment held the majority of shares in the global downhole drilling market in 2019. This segment is anticipated to bolster in the coming years. The growth of this segment is attributable to the rising demand for water as well as crude oil worldwide.
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By region, North America held substantial shares of the global downhole tool industry in 2019. This growth is primarily attributable to a large number of oil field exploration projects in the North American region. Moreover, the presence of a huge number of oilfields in the North American region is estimated to boost the market of the downhole tool market even more over the coming years.
Browse the full “Downhole Tools Market By Product (Drilling, Handling, and Flow & pressure control) and By Application (Well drilling, Well intervention, Production & well completion): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” report at https://www.fnfresearch.com/downhole-tools-market-by-product-drilling-handling-and-719
This report segments the Downhole Tools market as follows:
Global Downhole Tools Market: By Type Segmentation Analysis
- Flow & pressure control
Global Downhole Tools Market: By Application Segmentation Analysis
- Well drilling
- Well intervention
- Production & well completion
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