Downhole Tools Market (Flow & Pressure Control, Drilling, Impurity Control, Downhole Control, and Handling), Application (Drilling, Completion, Well Intervention, Formation & Evaluation, and Oil & Gas Production) - Global Trends & Forecasts to 2019

Downhole Tools Market (Flow & Pressure Control, Drilling, Impurity Control, Downhole Control, and Handling), Application (Drilling, Completion, Well Intervention, Formation & Evaluation, and Oil & Gas Production) - Global Trends & Forecasts to 2019
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Summary

"The oil & gas industry has witnessed significant growth in last decade due to increasing E & P activities throughout the world, when oil prices were priced above $100 per barrel. However, the recent crude oil price drop has slowed down the industry. Brent crude prices fell down to $47.7 per barrel in January 2015, from $108.1 per barrel in January 2014, which is close to 60% change. It is expected that this slump would slowly recover in the coming years with the focus of the industry being shifted to efficiency and optimization. Downhole tools still find their importance in terms of increasing production efficiencies and intervention jobs

Oil & gas operators use different types of tools to optimize the production and to reduce the cost of production activities. Downhole tools are equipment used in Bottomhole Assembly (BHA). These tools play important role in oil & gas exploration & production activities. These tools are employed during various operations such as drilling, well completion, fishing, casing, cementing, logging, fracturing, and well measurements. Downhole tools are used in extreme conditions such as high temperatures and pressure as their vulnerability is high.

Increased directional drilling and shale gas activities are the major drivers of this market. The declined crude oil price is expected to result into slow growth rate for downhole tools market. The competition within the industry is high because big players are focused on providing customized products to cater to the demands of their customers. Mergers and acquisition seems to be one of the growth strategies of the top companies to sustain in the market.

The global downhole tools market has been segmented on various bases. Firstly, it has been segmented on the basis of its type such as flow and pressure control, impurity control, drilling, downhole control systems, and handling tools. Secondly, it has been segmented on the basis of its application covering well drilling, well completion, well intervention, formation and evaluation, and oil & gas production. Lastly, the market has been segmented on the basis of various geographical markets such as North America, Europe, Asia-Pacific, the Middle-East, South & Central America, and Africa. Each segment has been analyzed with respect to its market trends, growth, and future prospects. The data has been analyzed from 2014 to 2019 and all quantitative data regarding segmentation has been mentioned in terms of value ($million)."

Publish Date

June, 2015

Format / Pages

PDF / 155