New York, NY, March 08, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Downhole Tools Market by Type (Contamination Control Tools, Drilling Tools, Pressure and Flow Control Tools, and Handling Tools) and by Application (Well Drilling, Well Completion, Well Intervention, Formulation & Evaluation, and Oil & Gas Production): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global downhole tools market was valued at approximately USD 4.05 billion in 2018 and is expected to generate around USD 5.62 billion by 2025, at a CAGR of around 4.78% between 2019 and 2025.
Large-scale oilfield exploration and production activities witnessed in developing countries of North America and Europe is likely to drive the downhole tools market in the future. The superior functionalities of downhole tools in comparison to conventional drilling tools lies in their ability to augment oil production from oil wells. The crucial factors that are boosting the downhole tools market include the implementation of new technology in mature wells and rise in the shale oil and gas drilling activities. Moreover, the ongoing technological advancements in the oil exploration and production operations are likely to further propel the downhole tools market in the future, as these advancements trigger the need for the downhole tools for cost-effective operations. Thus, the major companies are investing significantly in their R&D activities for developing new products by upgrading their functionalities. The rise in unconventional oil fields is also projected to fuel the downhole tools market over the forthcoming years. Unconventional oil and gas resources refer to the natural gas and crude oil found in shale formations. Coal-bed methane is another unconventional source of natural gas, which is found in coal seams or coal deposits. However, fluctuating crude oil prices may hamper the downhole tools market in the future.
Browse through 29 Tables & 20 Figures spread over 110 Pages and in-depth TOC on “Downhole Tools Market: Industry Size, Share, Application, Segments, and Global Forecast, 2018–2025”.
Request Free Sample Report of Global Downhole Tools Market Report @ https://www.zionmarketresearch.com/sample/downhole-tools-market
Based on the type, the downhole tools market is segmented into contamination control tools, drilling tools, pressure, and flow control tools, and handling tools. Drilling tools are expected to dominate the downhole tools market in the future, owing to their ability to drill up to 7,000 to 11,000 feet with an angle of more or less than 900 degrees and the drilling activities can also be controlled from above the surface. On the basis of application, the downhole tools market is segmented into well drilling, well completion, well intervention, formulation and evaluation, and oil and gas production. The well drilling segment is expected to dominate the market in the future, due to the rising number of unconventional oilfields. Downhole tools are utilized for retaining the pressure and flow of production fluids during operations and thus widely installed by the oilfield service providers.
North America contributed an extensive revenue share to the global downhole tools market in 2018, due to the increasing number of oilfield exploration and production activities across the region. Gulf of Mexico, Texas, North Dakota, etc. provide promising prospects for the growth of the North American downhole tools market. Moreover, the ongoing developments of various power plant projects coupled with shale gas exploration activities across the region are anticipated to further boost this regional market in the upcoming years.
Download Free Report PDF Brochure: https://www.zionmarketresearch.com/requestbrochure/downhole-tools-market
The Asia Pacific downhole tools market is projected to grow at the highest rate over the forecast timeframe, due to the rising LNG demand across the region. Unconventional oil fields are the major source of natural gas in the region. Moreover, the rising demand for LNG is due to China’s coal-to-gas switch policies, which is anticipated to further foster this regional market in the years ahead.
Europe is expected to provide significant growth opportunities for the global downhole tools market in the years ahead, owing to the escalating demand for energy. This, in turn, has resulted in an increasing number of operations related to offshore and onshore oilfield operations, particularly in the North Sea Basin area. Moreover, the presence of several major manufacturers in Europe is further anticipated to drive this regional market in the future.
Browse the full “Downhole Tools Market by Type (Contamination Control Tools, Drilling Tools, Pressure and Flow Control Tools, and Handling Tools) and by Application (Well Drilling, Well Completion, Well Intervention, Formulation & Evaluation, and Oil & Gas Production): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/downhole-tools-market
Some key players of the global downhole tools market are Excalibre Downhole Tools Ltd., Bilco Tools Inc., Baker Hughes Inc., Schlumberger Ltd., Wenzel Downhole Tools Ltd., Oil States International Inc., Halliburton Company, National Oil Varco Inc., Weatherford International Ltd., Logan Oil Tools Inc., and United Drilling Tools Ltd.
Inquire more about this report before purchase @ https://www.zionmarketresearch.com/inquiry/downhole-tools-market
This report segments the global downhole tools market as follows:
Global Downhole Tools Market: Type Analysis
- Contamination Control Tools
- Drilling Tools
- Pressure and Flow Control Tools
- Handling Tools
Global Downhole Tools Market: Application Analysis
- Well Drilling
- Well Completion
- Well Intervention
- Formulation and Evaluation
- Oil and Gas Production
Global Downhole Tools Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
Related Reports:
- Industrial Hand Tools Market: https://www.zionmarketresearch.com/report/industrial-hand-tools-market
- Concrete Pump Market: https://www.zionmarketresearch.com/report/concrete-pump-market
- Power Tools Market: https://www.zionmarketresearch.com/report/power-tools-market
- Conveyor Systems Market: https://www.zionmarketresearch.com/report/conveyor-systems-market
- CNG Dispenser Market: https://www.zionmarketresearch.com/report/cng-dispenser-market
About Us:
Zion Market Research is an obligated company. We create futuristic, cutting edge, informative reports ranging from industry reports, company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.
Follow Us LinkedIn: https://www.linkedin.com/company/zion-market-research
Follow Us Twitter: https://twitter.com/zion_research
Blog: http://zmrindustryjournal.us | http://zmrresearchnews.us | http://zmrmarketjournal.com | https://zmrnewsjournal.us | http://zmrnewsmagazine.com | https://zmrnewsblog.com
Contact Us:
Joel John
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651
Email: sales@zionmarketresearch.com
Website: https://www.zionmarketresearch.com
Blog: http://zmrblog.com