Drilling Tools Market to be dominated by Onshore segment through 2028
Increasing Consumption of Oil and Gas and the
redevelopment of developed oil fields to drive Global Drilling Tools Market in
the forecast period, 2023-2028.
According to TechSci Research report, “Global
Drilling Tools Market - By Region, Competition, Forecast & Opportunities,
2028”, Global Drilling Tools Market is anticipated to grow at a 9.26% CAGR
in the forecast period, 2024-2028, the drilling tools are majorly dominating by
an increase in activities in construction, steel industry and oil & gas
industry, etc. Expansion in demand for fabricated metal devices, the
advancement of heavy industrial equipment, and expanding enormous scale
industrial automation are anticipated to drive the development of the worldwide
drilling tools. Owing to an increase in research for extraction and exploration
activities helps to increase the drilling tools market.
Based on application, Global oilfield equipment market
is segmented into two segments— On-shore and Off-shore, the market's largest
contribution will be the onshore segment. The discovery of new oil and gas
resources is helping the demand for onshore oilfield equipment. Oil and gas
companies are focusing on exploring new oil and gas resources in order to meet
the rising demand. Oil and gas drilling need oilfield equipment. They are
therefore positioned at the gas or oil drilling hole. Oilfield equipment is widely
utilized in onshore applications for pressure sealing of the whole casing
employed in the relevant activity. Additionally, offshore oil and gas
exploration and production activities offer a growing market growth potential
that has the potential to be very profitable.
Based on Type, Drill Bit Emerging as a Prominent
Drilling Tool in the Market. The drill bit is one of the major tools in oil and
gas drilling operations. It is designed to cut underneath earth layers
consisting of various rocks to discover and extract oil and gas from the
earth's crust. The tool is divided into two types, based upon its design, i.e.,
roller cone bit and fixed cutter bit. The fixed cutter bits held the majority
market share over the roller cone bits, accounting for nearly 80% of the global
drill bit market. Although very old technology, roller cone bits are still
preferred in the drilling industry due to their cost efficiency and robustness.
However, improvements in drilling practices, bit designs, hydraulics, and
continued technological developments in fixed cutter technology have paved the
way for the commercial success of fixed cutter bits.
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Fixed cutter bits have no moving parts or bearings,
unlike roller cone bits. The cutters are permanently mounted onto blades, which
are integral to the structure of the bit. Polycrystalline diamond compact (PDC)
bits dominate this category and hold a much higher market share than roller
cone bits in the current drill bit market. With newly discovered oil and gas
fields, majorly in the offshore market, the drill bit market is expected to
witness significant demand. Around 37 oil and gas discoveries were found in
2020, estimated to have around eight billion barrels of oil equivalent (boe).
Furthermore, in June 2021, China National Petroleum Corporation (CNPC)
discovered a new one-billion-ton super-deep oil and gas area in the Tarim Basin
in Northwest China's Xinjiang Uygur Autonomous Region. The discovered well is
located in the Fuman Oilfield area, the main block for crude oil production in
the Tarim Oilfield. Its drilling depth reached 8,470 meters, and the height of
the test oil column hit 550 meters, both marking new records for the highest
oil production and the highest oil column in the desert area of the Tarim
Basin. Therefore, owing to the above factors, the drill bit tool is expected to
witness dominant growth during the forecast period.
Based on Region, North America region is expected to
dominate the market for Drilling Tools during the forecast period. North
America comprises developed economies with substantial oil and gas resources.
The United States is one of the largest producers of crude oil and natural gas
and accounted for around 18.6% and 23.7%, respectively, of global production in
2020. Production surged mainly due to the robust drilling of shale gas reserves
in the Permian Basin. Permian Basin is the most important basin and market for
drilling tools in the United States. In 2020, in the Permian Basin, the
drilling of 900 wells was completed, creating a huge demand for drilling tools
in the United States.
As the demand for drilling tools is directly related
to oil and gas activities, increased oil and gas exploration and production
have resulted in higher demand for drilling tools in the United States.
Furthermore, in Canada, new investment in new oil and gas projects witnessed a
significant decrease from 2014 to 2016. The rebound of oil prices to a
sustainable level is expected to increase upstream exploration and production
(E&P) activities, particularly in the oil sands and shale areas. As per the
EIA’s statistical report 2021, crude oil production is expected to increase in
2022 by 0.4 million b/d because of increased drilling as prices remain at or
near USD 50 per barrel. Therefore, North America is expected to be the dominant
player in the drilling tools market, supported by increasing oil and gas
exploration activities during the forecast period.
Major companies operating in the Global Drilling Tools market are:
- NOV Inc.
- Halliburton Company
- Schlumberger Limited
- Baker Hughes Company
- Rival Downhole Tools
- Hunting PLC
- United Drilling Tools Limited
- Weatherford International PLC
- Drilling Tools International
- Cougar Drilling Solutions
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“The Global Drilling Tools Market is expected to
expand during the projected period. Factors such as rising redevelopment of
existing oil wells, expanding oil exploration and drilling activities, and the
recovery of the oil price are some of the primary factors driving the market's
expansion. Additionally, growing economic competition in the service and oil
exploration and drilling sectors is speeding up market expansion and many more
factors will drive the market.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
Drilling Tools Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast, Segmented by Type (Drill Bits, Drilling
Tubulars, Mud Pumps, Reamers & Stabilizers, Drill Swivels, Drill Collars
& Others), by Application (Onshore, Offshore), By Region,
Competition, 2018-2028”, has evaluated the future growth potential of
global Drilling Tools market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision-makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global
Drilling Tools market.
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