Downhole Fishing Equipment Industry - Regional Synopsis
North America Market Forecasts
North America industry is predicted to dominate majority revenue share of 43% by 2037, driven by growing need for efficient drilling operations in the region. The demand for downhole fishing equipment in North America is driven by the growing need for efficient drilling operations. The North American oil drilling industry saw a surge in activity after the pandemic began, as demand for crude oil returned to pre-Covid levels. North America is expected to see significant investments in well intervention infrastructure. Following the boom in US shale oil and natural gas production, the country has focused on building new intervention wells to meet growing demand for crude oil and natural gas. According to an energy report, by 2027, North America is expected to account for 64% of all potential completed oil and gas wells. Additionally, according to World Oil, US well production is expected to increase 8.2% in 2023, reaching 20,655 wells. Drilling footage is expected to grow at a slightly higher rate, reaching 289 million feet in 2023, an increase of 8.7%.
Rest of World Market Statistics
The downhole fishing equipment market for rest of world is anticipated to account for a CAGR of 5.5% in the forecast period. The rest of the world includes Europe, Asia-Pacific countries, Latin American countries except Mexico, the Middle East and Africa. The Asia-Pacific region is seeing an increase in the number of exploration drilling projects. Additionally, as of December 2022, there were 197 platforms operating in the Asia-Pacific region, of which 116 were onshore, excluding operations in China. In the APAC region, there are 63 onshore platforms operating in India, 18 in Australia and 26 in Indonesia. An increase in the number of land-based rigs often leads to higher demand for bottom fishing tools.
