Downhole Tools Market: dominated by Asia Pacific with high market shares of revenue during 2016-2021.
Downhole tools are highly used in oilfield services and play vital role in oil & gas operations. They are used for work over and completion events of a well and are particularly based on the formation of the reservoir and the rate of diffusion to be attained. There is high scope for the Downhole Tools Market due to expanding oil and gas industries and activities during 2016-2021.
Regional Forecast and Scope of the Downhole Tools Market:
The Downhole Tools Market research report by IndustryARC suggests that the drilling is one of the largest applications for this market. Some downhole drilling tools are exclusive and precise to the specific drilling operation while others are universal in nature and can be used for multiple purposes.
Asia Pacific is the leading market region for the Downhole Tools Market with increasing use of down hole drilling tools and drilling motor during 2016-2021. Downhole tools is attaining enormous growth owing to the growing demand of end-user applications such as drilling, completion, well intervention, formation & evaluation, oil & gas production and others. There is high demand for slickline tools and wireline tools for the drilling and extraction process across the globe.
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North America and Asia are estimated to occupy a major share of almost 2/3rd of the global Downhole Tools Market. RoW is expected to grow at a faster rate with the highest CAGR due to various projects relating to hydrocarbons in Africa during 2016-2021.
Segmentation and Key Players of the Downhole Tools Market:
The Downhole Tools Market is segmented in different categories in the IndustryARC marketing analysis report by type, by application and by geography.
By type: flow and pressure control tools, impurity control tools, drilling tools, handling tools and others
By application: drilling, completion, well intervention, formation and production, production and others
By geography: North America, South America, Europe, Asia Pacific and ROW
The key players in the Downhole Tools Market as mentioned in the IndustryARC research report are as follows:
- American Block Manufacturing Co.
- Downhole Oil Tools, Inc.
- Buckman Jet Drilling Inc.
- FMC Technologies, Inc.
The Downhole Tools Market is a rapidly growing market due to the expansion of oil and gas industries and with the increasing mining and construction activities across the globe. This market is expected to witness high growth with increasing use of drilling tools and downhole equipment during 2016-2021.
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