Downhole Equipment Market Forecast and CAGR
Downhole equipment has grown at a solid pace over the past few decades. Such equipment’s are widely used in the oil & gas industry for the operations like production & exploration activities. According to the latest research by Fact. MR, the sales of downhole equipment is expected to grow at a steady rate with a CAGR of 4.8% over the forecast period of 2021 to 2031.
The oilfield service companies and operators are outlaying a substantial amount on boring hydrocarbon wells. The oilfield developments in North Dakota, Gulf of Mexico, and Texas are tied with supportive regulations of the government for exceptional hydrocarbon reserves. Such factor is expected to lift the growth of the market.
Moreover, the increased maintenance costs and environmental risks have commended the companies to set up advanced downhole equipment for cost-efficient E&P (exploration & production) activities.
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The abstraction of oil & gas incorporates different operations such as well production, well intervention, well completion, drilling and others. Most of the oil & gas companies are enhancing E&P (exploration & production) activities, which leads to generating more revenue for the manufacturers of downhole equipment. Therefore, the rising implementation of advanced technologies to yield oil & gas sector powerfully is expected to propel the downhole equipment market.
Moreover, the rising number of ultra-deep off-shore and on-shore drilling activities is pushing the growth of the market. The downhole equipment is decisive for cementing, fishing and well bottom communications in oil and gas exploration activities.
Additionally, numerous advancements, such as the development of downhole tools for a higher penetration rate and less environmental impact, are substituting as other growth-inducing factors. The companies are also using modeling and visualization tools to recreate, construct and optimize the accurate well paths through the reservoirs.
The rising implementation of IoT in downhole drilling activities has been a bulging the trend and is likely to transform the downhole equipment market. Though, the mounting geo-political tension between the U.S. and Iran and instability in the prices of crude oil is expected to hamper global market growth.
Global Demand Outlook for Downhole Equipment
The North America region is projected to be the most attractive among all the regions. It is expected to enlarge at a substantial pace, owing to the presence of several prominent companies and rise in the number of well drilling activities in oil & gas sector.
The Central African country, Angola has the most prospective domain in the pre-salt areas, ultra-deep water, and deep water. The drilling activities can be categorized as high-reward with high-risk and is projected to target pre-salt and deep water prospects. Such activities will fuel the downhole equipment market.
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The European countries such as Norway and the U.K. are expected to witness huge expansion especially in offshore basins, owing to increased drilling deep sea activities in the North Sea. Additionally, modern developments in offshore activities such as increasing production of oil in countries like Qatar and Iran are projected to shoot the offshore E&P over the forecast period.
Who are the Key Manufacturers of Downhole Equipment?
The downhole equipment market is highly fragmented due to the presence of several large-sized international companies as well as local players. Some of the prominent players in the market are
- NOV Inc.
- Oil States International Inc.
- Wenzel Downhole Tools Ltd.
- Baker Hughes Company
- Schlumberger Limited
- Excalibre Downhole Tools Ltd.
- Halliburton
- Weatherford
- Exwell oilfield
- Rubicon oilfield products limited
- Toro Downhole Tools
- Cougar Drilling Solutions
- Ulterra
- Vertex Downhole.
These key players are engaged in a number of business tactics to seizure more revenue share and bear the competition. For instance, in 2020, Wenzel Downhole Tools had a partnership with InFocus Energy Services Inc. to provide metal power through tubing motors.
Over the past few years, the Schlumberger Company had invested a huge amount in electronic components that can caliber high downhole temperatures. This can easily operate at a range of 200°C. Additionally, the rising number of companies entering into the downhole equipment manufacturing as well as the launch of products is driving the global requirement.
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Key Segments
-
By Type
- Downhole Tools
- Handling Tools
- Drilling Tools
- Flow & Pressure Control Tools
-
By Application
- Well Drilling
- Well Completion
- Well Intervention
- Formation & Evaluation
- Oil & Gas Production
-
By End Use Industry
- Oil & Gas Industry
- Mining Industry
- Geothermal Industry
- Petrochemical industry
-
By Region
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Europe
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Oceania
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
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