Downhole tools are the equipment used for drilling well, production of oil and gas, also for well intervention and completions. Various downhole tools are used for these operations; the tools include are drilling solutions like drill pipes, drilling jars, roller centralizers, fishing tools, drag friction, shock tools and tubular tools.

These tools are usually used in bottom hole assembly during well completions under extreme temperatures and pressure. The demand for downhole tools and drilling solutions is ever increasing due to increase in the drilling and construction activities around the globe.

The Downhole Tools Market is expected to grow enormously during the forecast period in 2021. Downhole drilling tools play a major role in the Downhole Tools Market as the drilling activity is highly in demand. Another reason for this market growth includes the development and rising demand of of oil and gas industries, a recent study of MarketIntelReports.

Downhole Tools Market can be categorised according to type, application and geography. Depending upon the type of tools it includes impurity control tools, drilling tools and handling tools, flow & pressure control tools. These tools are used as per the demand of the industry. The oil and gas drilling tools are high in demand due to an increase in the end-user application.

On the basis of application the Downhole Tools Market includes drilling, completion, well intervention, formation & evaluation and production. Owing to these applications downhole equipment’s are used depending upon the specific operation. On the basis of geography the Downhole Tools Market is largely dominated by Asia-pacific region due to increasing number of drilling and construction activities. The oil and gas drilling tools are majorly in demand in the APAC region due to an increase in the oil and gas industry. North America is considered as the second largest market for downhole drilling tools which is followed by Europe.

According to various findings, the Downhole Tools Market can be categorised into various segments on the basis of:

• Types: Flow & Pressure Control Tools, Impurity Control Tools, Drilling Tools and Handling Tools
• Applications: Drilling, Completion, Well Intervention, Formation & Evaluation and Production
• Geography: North America, Europe, Asia – pacific and Rest of The World (RoW)

Some of the key players involved in the Downhole Tools Market are as follows:

• GE Oil & Gas
• GMU Downhole Tool Corp
• Halliburton
• Penetrators Canada Inc.
• Scientific Drilling International

Tags: MarketIntelReports