Downhole Equipment Industry - Regional Synopsis
North American Market Forecast
North America is projected to be the largest with a share of about 32% by the end of 2037. The increasing investment in oilfields in the U.S. and Canada for the optimization of the production levels with the rising demand for crude oil is escalating the employment of downhole equipment, propelling the regional market. According to the statistics by the U.S. Energy Information Administration (EIA), the estimated crude oil production to hike from 720,000 bpd to 12.61 million bpd in 2023.
Additionally, the growing exploration of shale oil fields with the rapidly expanding demand for petroleum products is augmenting the demand for downhole tools in the region.
Middle East and African Market Statistics
Middle East and Africa is estimated to be the second largest, registering a share of about 28% by the end of 2037. The existence of many of the world's largest oilfields in the Middle East, specifically in Saudi Arabia and other North African countries is leading to the expansion of downhole operations. Saudi Arabia is the second most prosperous country after the U.S. with 212 billion barrels of untapped oil.
Moreover, the growing interest of private players to gain profit from the oil reserves with globally rising demand for oil is further pushing the downhole operations in the region.
