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Downhole Equipment Market to Grow by a CAGR of ~5% during 2022 – 2031; Increasing Drilling Activities Globally to Fuel the Market Growth

Research Nester published a report titled Downhole Equipment Market: Global Demand Analysis & Opportunity Outlook 2031which delivers detailed overview of the global downhole equipment market in terms of market segmentation by tool type, application, end-user, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global downhole equipment market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. The market is segmented on the basis of application into drilling, completion, well intervention, formation & evaluation, and others, out of which, the drilling segment is anticipated to hold the notable share over the forecast period. This can be attributed to the increasing investment in drilling of new oil wells to meet the growing oil demand globally.

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The global downhole equipment market is anticipated to grow on the back of increasing production, as well as, consumption of oil and gas across the world. According to the International Energy Agency (IEA), 164,626,034 exajoule (EJ) crude oil was produced globally in 2019. Moreover, increasing investment in drilling of new oil wells, is estimated to generate massive demand for downhole equipment. Further, the various applications of downhole equipment in oil and gas production, such as, fracturing, drilling, well measurement, and well bottom communication are estimated to boost the market growth.

On the basis of geographical analysis, the global downhole equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of presence of large number of oil reserves in Canada, and the US, along with the rising consumption of oil in the region.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

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Increasing Demand for Oil across the Globe to Boost the Market Growth

Oil and gas are the primary source of energy for various sectors, such as, transport, industrial, and others. As a result, there is a massive surge in the demand for oil, backed by the rising sale of vehicles. Such factors contribute to the increasing demand for drilling new oil well, which is further expected to boost the market growth.

However, fluctuating oil prices is expected to operate as key restraint to the growth of global downhole equipment market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global downhole equipment market which includes company profiling of Baker Hughes Company, Schoeller-Bleckmann Oilfield Equipment AG, Halliburton Company, Logan Oil Tools Inc., NOV Inc., American Block Manufacturing Co., WV Jet Drilling, LLC, Scientific Drilling International, and FMC Technologies, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global downhole equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.   

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