All updated as on -
During the projected period of 2023–2030, the worldwide drilling tools market is anticipated to grow at a CAGR of 5.21%. The development of more mature oil fields globally is anticipated to propel the market.
Due to a shortage of workers on drilling rigs, the use of drilling tools in onshore and offshore drilling operations has decreased dramatically. The drilling tools market is anticipated to be driven by rising exploration and development activities that boost the number of rigs and unconventional field development activities during the forecasting year.
The lower cost of drilling equipment for offshore applications and the paucity of investment in the offshore sector relative to onshore applications are anticipated to restrain market expansion in the ensuing years. As drilling activity increases both onshore and offshore throughout the world, the drill bit market sector is anticipated to grow more quickly. In the years to come, this is anticipated to rule the market. One of the most important equipment used in oil and gas drilling operations is the drill bit, which is made to sever the rock-filled earth layers under the surface in order to find and extract oil and gas from the crust. Based on its design, the tool can be classified as either a fixed cutter bit or a roller cone bit.
According to type, the drilling tools market is divided into drill bits, drilling tubular and motors, reamers, stabilisers, drill collars, drill jars, drill swivels, and mechanical thrusters. The drilling tool market is divided into onshore and offshore based on application. Many onshore drilling projects are carried out worldwide thanks to improvements in drilling techniques like horizontal and vertical drilling.
The rise in onshore drilling activities in North America and the Asia Pacific region is what is driving the market for drilling tools globally. For instance, the United States has spent many billions on onshore drilling projects to extract shale oil and gas since 2007. Similar projects are being carried out to extract shale oil onshore in China. China is now the world's leading producer of shale oil as a result of this. In the North Sea and Gulf of Mexico region, offshore deepwater drilling initiatives are also carried out. The growing number of established oil fields around the world is another key factor driving the industry. New drilling operations are being conducted in the Gulf of Mexico and North Sea regions, where several offshore oil production installations are quickly approaching the end of their operating lifetimes. Once the big oilfield firms begin oil drilling activities in the offshore regions, the number of drilling operations worldwide is anticipated to rise.
The drilling tool market is anticipated to be dominated by North America and Europe. Drilling equipment is anticipated to gain market share as more money is invested in onshore and offshore drilling operations to produce oil and gas. The market for drilling tools is also anticipated to be driven by rising oil demand and increased onshore drilling investments in the Asia Pacific region.
Report Coverage
Global Drilling Tools research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Drilling Tools report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Drilling Tools competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Drilling Tools market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Drilling Tools market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Drilling Tools market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Schlumberger Limited, Halliburton Company, National Oilwell Varco, L.P., Weatherford International plc, Drilling Tools International, Inc., Rubicon Oilfield International Holdings, L.P., Cougar Drilling Solutions Inc., BICO Drilling Tools, Inc., Perkins Drilling Tools Inc., and Sandvik AB
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Drilling Tools market based on the below-mentioned segments:
Global Drilling Tools Market, By Technology Type
Drill Bits
Drill Collars
Drilling Jars
Drilling Motors
Drilling Tubulars
Drilling Swivels
Mechanical Thrusters
Shock Tools
Drill Reamers
Global Drilling Tools market, By Application
Onshore
Offshore
Global Drilling Tools market, Regional Analysis
Due to a shortage of workers on drilling rigs, the use of drilling tools in onshore and offshore drilling operations has decreased dramatically. The drilling tools market is anticipated to be driven by rising exploration and development activities that boost the number of rigs and unconventional field development activities during the forecasting year.
The lower cost of drilling equipment for offshore applications and the paucity of investment in the offshore sector relative to onshore applications are anticipated to restrain market expansion in the ensuing years. As drilling activity increases both onshore and offshore throughout the world, the drill bit market sector is anticipated to grow more quickly. In the years to come, this is anticipated to rule the market. One of the most important equipment used in oil and gas drilling operations is the drill bit, which is made to sever the rock-filled earth layers under the surface in order to find and extract oil and gas from the crust. Based on its design, the tool can be classified as either a fixed cutter bit or a roller cone bit.
According to type, the drilling tools market is divided into drill bits, drilling tubular and motors, reamers, stabilisers, drill collars, drill jars, drill swivels, and mechanical thrusters. The drilling tool market is divided into onshore and offshore based on application. Many onshore drilling projects are carried out worldwide thanks to improvements in drilling techniques like horizontal and vertical drilling.
The rise in onshore drilling activities in North America and the Asia Pacific region is what is driving the market for drilling tools globally. For instance, the United States has spent many billions on onshore drilling projects to extract shale oil and gas since 2007. Similar projects are being carried out to extract shale oil onshore in China. China is now the world's leading producer of shale oil as a result of this. In the North Sea and Gulf of Mexico region, offshore deepwater drilling initiatives are also carried out. The growing number of established oil fields around the world is another key factor driving the industry. New drilling operations are being conducted in the Gulf of Mexico and North Sea regions, where several offshore oil production installations are quickly approaching the end of their operating lifetimes. Once the big oilfield firms begin oil drilling activities in the offshore regions, the number of drilling operations worldwide is anticipated to rise.
The drilling tool market is anticipated to be dominated by North America and Europe. Drilling equipment is anticipated to gain market share as more money is invested in onshore and offshore drilling operations to produce oil and gas. The market for drilling tools is also anticipated to be driven by rising oil demand and increased onshore drilling investments in the Asia Pacific region.
Report Coverage
Global Drilling Tools research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Drilling Tools report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Drilling Tools competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Drilling Tools market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Schlumberger Limited, Halliburton Company, National Oilwell Varco, L.P., Weatherford International plc, Drilling Tools International, Inc., Rubicon Oilfield International Holdings, L.P., Cougar Drilling Solutions Inc., BICO Drilling Tools, Inc., Perkins Drilling Tools Inc., and Sandvik AB |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Drilling Tools Market from 2021 to 2030.
- Market Forecast for Drilling Tools Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Drilling Tools competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Drilling Tools
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Drilling Tools market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Drilling Tools market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Schlumberger Limited, Halliburton Company, National Oilwell Varco, L.P., Weatherford International plc, Drilling Tools International, Inc., Rubicon Oilfield International Holdings, L.P., Cougar Drilling Solutions Inc., BICO Drilling Tools, Inc., Perkins Drilling Tools Inc., and Sandvik AB
Primary Target Market
- Market Players of Drilling Tools
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Drilling Tools market based on the below-mentioned segments:
Global Drilling Tools Market, By Technology Type
Drill Bits
Drill Collars
Drilling Jars
Drilling Motors
Drilling Tubulars
Drilling Swivels
Mechanical Thrusters
Shock Tools
Drill Reamers
Global Drilling Tools market, By Application
Onshore
Offshore
Global Drilling Tools market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive drilling tools market market research and competitor analysis for your business to help you develop more profound insights into the drilling tools market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the drilling tools market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.