Downhole Equipment Market Size

Downhole Equipment Market size was over USD 6.06 billion in 2024 and is poised to exceed USD 20.87 billion by the end of 2037, growing at over 9.9% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of downhole equipment is evaluated at USD 6.54 billion. 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.

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of downhole equipment is evaluated at USD 6.54 billion.

The downhole equipment market size was over USD 6.06 billion in 2024 and is poised to exceed USD 20.87 billion by the end of 2037, growing at over 9.9% CAGR during the forecast period i.e., between 2025-2037. The growing oil production and the expanding onshore and offshore exploration owing to increasing demand for hydrocarbons and shale gas will boost the market growth.

North America industry is expected to be the largest with a share of about 32% by 2037, backed by increasing investment in oilfields in the U.S. and Canada.

The major players in the market include Schlumberger Limited, Schoeller-Bleckmann Oilfield Equipment AG, Baker Hughes Company, Halliburton Company, Logan Oil Tools Inc., NOV Inc., American Block Manufacturing Co., WV Jet Drilling, LLC, Scientific Drilling International, FMC Technologies, Inc.

Downhole Equipment Market Size