Downhole Tools Market Analysis

Downhole Tools Segmentation

Tool Type (Handling, Flow & Pressure Control, Drilling, Impurity Control, Downhole Control)

The drilling segment is predicted to hold a tremendous share of about 35% and the highest revenue in the year 2037. Rising demand for drilling equipment will drive the segment gain. Leading jack-up fleet operators predict global demand for modern jack fleets to exceed 95% in the coming quarters. The demand for drilling equipment is rising due to many factors, such as growing energy demand, improved living standards, higher reliance of the transportation sector on oil & gas, and low widespread of renewable energy resources.

Application (Drilling, Completion, Intervention, Formation & Evaluation)

Downhole tools market from the drilling segment is expected to garner a notable proportion of around 40% in the year 2037. The rising discovery of liquids and gas is contributing to the segment’s expansion.  Discovered liquids make up for around 1 billion boe, or about 70% of global volumes in 2022, while the quantity of gas discovery was roughly 550 million boe. Downhole seismic tools, such as geophones, and accelerometers are used for conducting to map the subsurface geological structures before drilling. It helps in finding potential hydrocarbon reservoirs.

Our in-depth analysis of the global market includes the following segments: