Downhole Equipment Market - Historic Data (2019-2024), Global Trends 2025, Growth Forecasts 2037
Downhole Equipment Market in 2025 is evaluated at USD 6.55 billion. The global Market size exceeded USD 6.06 billion in 2024 and is set to expand at a CAGR of over 10.2%, surpassing USD 21.42 billion revenue by 2037. North America is anticipated to secure USD 6.85 billion by 2037, fueled by rising crude oil demand and investment in oilfield production.
The rise in global economic growth is leading to a rise in the demand for oil and is predicted to escalate the need for an oil recovery system, which is expected to propel market growth. International Energy Agency (IEA) estimates that in 2023, the global oil demand to grow by 2.2 mb/d year-on-year.
The demand for downhole equipment is expanding with the growing global oil & gas production owing to the augmenting demand for petroleum products such as gasoline and diesel fuel with the expansion of the global transportation sector. According to the data, per day over 18 Million barrels of petroleum are produced in the United States. Downhole equipment is used for workover rigs. It is a mechanism that facilitates a tool body.
