Drilling Tools Market Analysis
The global Drilling Tools Market is predicted to develop at a 4.21% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. Drilling tools, simply put, are tools used chiefly for drilling oil. They help to explore and extract natural gas or crude oil. Mechanical thrusters, drill swivels, drill jars, drill collars, stabilizers, reamers, drilling tubular and motors, & drill bits are the different types of drilling tools that have different offshore and onshore applications.
Various factors are propelling the global drilling tools market share. According to the recent MRFR report, such factors include the increasing drilling activities, development of unconventional hydrocarbon resources, growing energy demand, rising production of oil and gas in oil-importing countries to reduce trade deficits, and increase in shale gas exploration activities. Additional factors adding market growth include an increase in oil exploration activities, advances in drilling technologies that offer better efficiencies, easy accessibility of suppliers, and reduced drilling time.
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On the contrary, longer transition times, high maintenance costs, high product procurement cost, fluctuating raw material cost, and growing preference for renewable sources of energy are factors that may impede the global drilling tools market growth over the forecast period. Besides, the on-going COVID-19 impact is also impacting the market growth.
The MRFR report highlights an inclusive segmental analysis of the global drilling tools market based on application and type.
By type, the global drilling tools market is segmented into mechanical thrusters, drill swivels, drill jars, drill collars, stabilizers, reamers, drilling tubular and motors, & drill bits. Of these, the drilling tubular and motors type segment will lead the market over the forecast period.
By application, the global Drilling Tools Industry is segmented into offshore and onshore. Of these, the onshore application segment will dominate the market over the forecast period. Owing to advances in drilling techniques like vertical and horizontal drilling, various onshore drilling projects are being conducted across the world which is adding to the growth of the segment.
Based on the region, the global drilling tools market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA).
Of these, North America will lead the market over the forecast period. The adoption of new technologies, increasing investments made in shale gas extraction in the US, and the growing number of hydrocarbon exploration activities is adding to the global drilling tools market growth in the region. The US and Mexico have a maximum share in the market.
The global drilling tools market in Europe is predicted to hold the second-largest share over the forecast period. An increase in oil consumption due to a surge in oil production is adding to the global drilling tools market growth in the region.
The global drilling tools market in the APAC region is predicted to grow at a fast pace over the forecast period. Rising investments in onshore projects for drilling out shale oils in China, coupled with the growing production of oil and gas and exploration activities in India, Japan, and China, is adding to the global drilling tools market growth in the region.
The global drilling tools market in the MEA is predicted to have sound growth over the forecast period. The presence of untapped hydrocarbon reserves is adding to the global drilling tools market growth in the region.
Key contenders profiled in the global drilling tools industry report include Sandvik AB, Perkins Drilling Tools Inc., BICO Drilling Tools, Inc., Cougar Drilling Solutions Inc., Rubicon Oilfield International Holdings, L.P., Drilling Tools International, Inc., Weatherford International plc, National Oilwell Varco, L.P., Halliburton Company, and Schlumberger Limited.
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