Downhole Tools Industry Status and Trend Report by 2026Posted by Nicky Arora on November 29th, 2019 The global Downhole Tools Market size is expected to reach USD 5.16 billion by 2026, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.2% during the forecast period. The growth of the market is primarily driven by ongoing increase in drilling activities worldwide. The operational cost incurred in E&P activities has dropped with advent of operational efficiencies and technological innovations. This has resulted in rise in exploration of unconventional resources, thereby spurring the global demand for the product. Enhanced efficiency of downhole tools will facilitate in improved extraction of hydrocarbons without raising the cost involved in production, which will provide an edge over conventional equipment. The implementation of digital technology has also enhanced E&P activities, which, in turn, has boosted the market over the last few years. Various digital well construction planning and operation software have improved drilling operations. Several wellbore technologies have been manufactured for premium connections that are designed to reduce bottomhole failure and improve the rate of connection on rig floor. Regulatory trends and various industry standardizations have a major impact on the growth of the market. There is an increased stringency in rules and regulations by various governments for protecting the environment and minimizing damage during well operations. Specifications given by governments to meet standard tools are anticipated to stimulate the growth of the downhole tools market. Drilling tools were the leading product segment and accounted for more than one fourth of the overall revenue in 2017. Some of the major drilling equipment include reamers & stabilizers, jars & impact tools, and tubulars. Evolution of various sensor technologies and increasing investments from cross-industry players has enhanced drilling equipment efficiencies. Access More Info https://www.grandviewresearch.com/industry-analysis/downhole-tools-market/request/rs1 Further key findings from the report suggest:
Grand View Research has segmented the global downhole tools market on the basis of product, application, and region: Downhole Tools Product Outlook (Revenue, USD Million, 2014 - 2026)
Downhole Tools Application Outlook (Revenue, USD Million, 2014 - 2026)
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