The Global drilling tools market was valued at US$ 6.50 Bn in 2017 and is expected to reach US$ 9.20 Bn by 2026, at a CAGR of 4.44 % during a forecast period.
An upsurge in oil, exploration and production activities, rising concern towards energy security, advancement in drilling technologies offering better efficiencies and condensed drilling time, easy readiness of suppliers are expected to drive global drilling tools market. Additionally, the surge in shale gas exploration activities in the United States is another factor driving the drilling tools markets.
Increased demand for fabricated metal products, development of heavy equipment industry, and increasing large-scale industrial automation are projected to drive the growth of the global drilling tools market. Additionally, development in manufacturing types of machinery and government initiatives concerning to machine tools industry offer lucrative growth opportunity to the global drilling machine market. Furthermore, the drilling tools market is estimated to face regulatory concerns, and shift towards renewable energy development is expected to hamper the global drilling tools market.
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The objective of the report is to present a comprehensive assessment of the global drilling tools market and contains considerate insights, facts, historical data, industry-validated market data and projections with appropriate set of traditions and methodology. The report also helps in understanding dynamics, structure by analysing the market segments by material, type, end-user and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global drilling tools market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
The drilling tubular segment is estimated to grow at a high rate of CAGR during the forecast period. This can be accredited to growing drilled footage and the advancement of deep-water oil & gas fields.
An onshore segment is expected to dominate the global drilling tools market. The dominance position is attributed to the increasing onshore and drilling activities in North America and Asia Pacific region. Development in drilling techniques, such as horizontal and vertical drilling. Onshore drilling is cost-effective and less complex than offshore application. Furthermore, offshore drilling needs higher capital investments and is complex owing to depth, complicated good formations, and instability feature. China is focusing on several onshore oil drilling projects for carried out to extract shale oil.
Geographically, Asia Pacific is expected to witnessing significant growth in the global drilling tools market. The growth is attributed to increasing drilling Activities in developing countries such as India and China. The developing countries from this region are focused on developing its shale gas resources to increase its oil & gas production is expected to drive the growth in the drilling tool market. Rapid industrialization and advancement in the drilling tools are expected to boom the drilling tools market in this region. Furthermore, North America is projected to share major contribution in the global market during the forecast period. Growing shale gas production and energy reforms are expected to drive the growth of the drilling tools in the region.
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The Scope of the Report Global Drilling Tools Market
Global Drilling Tools Market, By Tool Type
• Drill Bits
• Drill Collars
• Drilling Jars
• Drilling Motors
• Drilling Tubulars
• Drill Swivels
• Drill Reamers and Stabilizers
• Mechanical Thrusters
• Shock Tools
Global Drilling Tools Market, By Application
• Onshore
• Offshore
Global Drilling Tools Market, By Geography
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players analyzed in the Report:
• Schlumberger Limited
• Halliburton Company
• National-Oilwell Varco, Inc.
• Sandvik AB
• Baker Hughes A GE Co.
• Tenaris SA
• TMK Ipsco Enterprises Inc.
Vallourec SA
• Stabil Drill Baker Hughes
• Cougar Drilling Solutions
• Drilling Tools International
• Rubicon Oilfield International
• Bico Drilling Tools
• Dynomax Drilling Tools•