Market Dynamics
The rise in unconventional oil and gas resources such as shale gas, coalbed methane, and tight oil is driving the downhole tools market growth. Investments are being made in unconventional sources, especially in North American countries such as the US. Moreover, the expansion of the oil and gas industry in Canada resulted in the high economic growth of the country.
The volatility in crude oil prices is challenging the downhole tools market growth. The volatility affects investment decisions in new and existing projects, leading to project abandonment, delays, and reduction in investment outlays. In addition, the downward movement in oil and gas market prices has a direct impact on storage service customers, pressurizing the entire value chain.
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Company Profiles
The downhole tools market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Some of the companies covered in this report are Aker Solutions ASA, AKITA Drilling Ltd., American Oilfield Tools Inc., Archer Ltd., Baker Hughes Co., Dril Quip Inc., General Electric Co., Halliburton Co., Hunting Plc, Innovex, NexTier Oilfield Solutions Inc., Nine Energy Service Inc., NOV Inc., Schlumberger Ltd., Schoeller Bleckmann Oilfield Equipment AG, Superior Energy Services Inc., Tasman Oil Tools Ltd., The Weir Group Plc, Tryton Tool Services, and Weatherford International Plc etc.
Competitive Analysis
The competitive scenario provided in the downhole tools market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.
Market Segmentation
- By application, the market is classified into drilling, well intervention, and completion. The drilling segment will contribute the largest share of the market. The rise in crude oil extraction because of the growing popularity of hydraulic fracturing and horizontal drilling techniques is expected to drive the demand for drilling and, in turn, lead to the growth of the global downhole tools market in the coming years.
- By geography, the market is classified into North America, Middle East and Africa, Europe, APAC, and South America. North America will have the largest share of the market. The rise in the number of drilling activities owing to an increase in the number of rig counts will drive the downhole tools market growth in North America during the forecast period.
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Related Reports
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Downhole Tools Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.5% |
Market growth 2022-2026 |
USD 11.38 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.47 |
Regional analysis |
North America, Middle East and Africa, Europe, APAC, and South America |
Performing market contribution |
North America at 46% |
Key consumer countries |
US, Saudi Arabia, China, Russia, and Brazil |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Aker Solutions ASA, AKITA Drilling Ltd., American Oilfield Tools Inc., Archer Ltd., Baker Hughes Co., Dril Quip Inc., General Electric Co., Halliburton Co., Hunting Plc, Innovex, NexTier Oilfield Solutions Inc., Nine Energy Service Inc., NOV Inc., Schlumberger Ltd., Schoeller Bleckmann Oilfield Equipment AG, Superior Energy Services Inc., Tasman Oil Tools Ltd., The Weir Group Plc, Tryton Tool Services, and Weatherford International Plc |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1. Executive Summary
1.1 Market Overview
Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
Exhibit 06: Executive Summary – Chart on Incremental Growth
Exhibit 07: Executive Summary – Data Table on Incremental Growth
Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2. Market Landscape
2.1 Market ecosystem
Exhibit 09: Parent market
Exhibit 10: Market characteristics
3. Market Sizing
3.1 Market definition
Exhibit 11: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 12: Market segments
3.3 Market size 2021
3.4 Market outlook: Forecast for 2021 - 2026
Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4. Five Forces Analysis
4.1 Five Forces Summary
Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
4.2 Bargaining power of buyers
Exhibit 18: Bargaining power of buyers – Impact of key factors in 2021 and 2026
4.3 Bargaining power of suppliers
Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
4.4 Threat of new entrants
Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
4.5 Threat of substitutes
Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
4.6 Threat of rivalry
Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
4.7 Market condition
Exhibit 23: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Application
5.1 Market segments
Exhibit 24: Chart on Application - Market share 2021-2026 (%)
Exhibit 25: Data Table on Application - Market share 2021-2026 (%)
5.2 Comparison by Application
Exhibit 26: Chart on Comparison by Application
Exhibit 27: Data Table on Comparison by Application
5.3 Drilling - Market size and forecast 2021-2026
Exhibit 28: Chart on Drilling - Market size and forecast 2021-2026 ($ billion)
Exhibit 29: Data Table on Drilling - Market size and forecast 2021-2026 ($ billion)
Exhibit 30: Chart on Drilling - Year-over-year growth 2021-2026 (%)
Exhibit 31: Data Table on Drilling - Year-over-year growth 2021-2026 (%)
5.4 Well intervention - Market size and forecast 2021-2026
Exhibit 32: Chart on Well intervention - Market size and forecast 2021-2026 ($ billion)
Exhibit 33: Data Table on Well intervention - Market size and forecast 2021-2026 ($ billion)
Exhibit 34: Chart on Well intervention - Year-over-year growth 2021-2026 (%)
Exhibit 35: Data Table on Well intervention - Year-over-year growth 2021-2026 (%)
5.5 Completion - Market size and forecast 2021-2026
Exhibit 36: Chart on Completion - Market size and forecast 2021-2026 ($ billion)
Exhibit 37: Data Table on Completion - Market size and forecast 2021-2026 ($ billion)
Exhibit 38: Chart on Completion - Year-over-year growth 2021-2026 (%)
Exhibit 39: Data Table on Completion - Year-over-year growth 2021-2026 (%)
5.6 Market opportunity by Application
Exhibit 40: Market opportunity by Application ($ billion)
6. Customer landscape
6.1 Customer landscape overview
Technavio's customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7. Geographic Landscape
7.1 Geographic segmentation
Exhibit 42: Chart on Market share by geography 2021-2026 (%)
Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
7.2 Geographic comparison
Exhibit 44: Chart on Geographic comparison
Exhibit 45: Data Table on Geographic comparison
7.6 North America - Market size and forecast 2021-2026
Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ billion)
Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
7.5 Middle East and Africa - Market size and forecast 2021-2026
Exhibit 50: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
Exhibit 51: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
Exhibit 52: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
Exhibit 53: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
7.3 APAC - Market size and forecast 2021-2026
Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)
7.4 South America - Market size and forecast 2021-2026
Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ billion)
Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
7.7 Europe - Market size and forecast 2021-2026
Exhibit 62: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
Exhibit 63: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
Exhibit 64: Chart on Europe - Year-over-year growth 2021-2026 (%)
Exhibit 65: Data Table on Europe - Year-over-year growth 2021-2026 (%)
7.8 US - Market size and forecast 2021-2026
Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ billion)
Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ billion)
Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)
7.9 Saudi Arabia - Market size and forecast 2021-2026
Exhibit 70: Chart on Saudi Arabia - Market size and forecast 2021-2026 ($ billion)
Exhibit 71: Data Table on Saudi Arabia - Market size and forecast 2021-2026 ($ billion)
Exhibit 72: Chart on Saudi Arabia - Year-over-year growth 2021-2026 (%)
Exhibit 73: Data Table on Saudi Arabia - Year-over-year growth 2021-2026 (%)
7.10 China - Market size and forecast 2021-2026
Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ billion)
Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ billion)
Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)
7.11 Russia - Market size and forecast 2021-2026
Exhibit 78: Chart on Russia - Market size and forecast 2021-2026 ($ billion)
Exhibit 79: Data Table on Russia - Market size and forecast 2021-2026 ($ billion)
Exhibit 80: Chart on Russia - Year-over-year growth 2021-2026 (%)
Exhibit 81: Data Table on Russia - Year-over-year growth 2021-2026 (%)
7.12 Brazil - Market size and forecast 2021-2026
Exhibit 82: Chart on Brazil - Market size and forecast 2021-2026 ($ billion)
Exhibit 83: Data Table on Brazil - Market size and forecast 2021-2026 ($ billion)
Exhibit 84: Chart on Brazil - Year-over-year growth 2021-2026 (%)
Exhibit 85: Data Table on Brazil - Year-over-year growth 2021-2026 (%)
7.13 Market opportunity by geography
Exhibit 86: Market opportunity by geography ($ billion)
8. Drivers, Challenges, and Trends
8.1 Market drivers
8.1.1 Rise in unconventional oil and gas resources
8.1.2 Growing popularity of offshore field operations
8.1.3 Discovery of new oilfields and refineries
8.2 Market challenges
8.2.1 Volatility in crude oil prices
8.2.2 Increasing investments in renewable energy
8.2.3 Environmental risks and strict government regulations
8.3 Impact of drivers and challenges
Exhibit 87: Impact of drivers and challenges in 2021 and 2026
8.4 Market trends
8.4.1 New-generation automated drilling rigs
8.4.2 Introduction of laser drilling
8.4.3 Rise in deep and ultra-deepwater drilling projects
9. Vendor Landscape
9.1 Overview
9.2 Vendor landscape
Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
The potential for the disruption of the market landscape was moderate in 2020, and its threat is expected to remain unchanged by 2025.
9.3 Landscape disruption
Exhibit 89: Overview on factors of disruption
9.4 Industry risks
Exhibit 90: Impact of key risks on business
10. Vendor Analysis
10.1 Vendors covered
Exhibit 91: Vendors covered
10.2 Market positioning of vendors
Exhibit 92: Matrix on vendor position and classification
10.3 Archer Ltd.
Exhibit 93: Archer Ltd. - Overview
Exhibit 94: Archer Ltd. - Business segments
Exhibit 95: Archer Ltd. - Key offerings
Exhibit 96: Archer Ltd. - Segment focus
10.4 Baker Hughes Co.
Exhibit 97: Baker Hughes Co. - Overview
Exhibit 98: Baker Hughes Co. - Business segments
Exhibit 99: Baker Hughes Co. - Key news
Exhibit 100: Baker Hughes Co. - Key offerings
Exhibit 101: Baker Hughes Co. - Segment focus
10.5 Dril Quip Inc.
Exhibit 102: Dril Quip Inc. - Overview
Exhibit 103: Dril Quip Inc. - Business segments
Exhibit 104: Dril Quip Inc. - Key offerings
Exhibit 105: Dril Quip Inc. - Segment focus
10.6 General Electric Co.
Exhibit 106: General Electric Co. - Overview
Exhibit 107: General Electric Co. - Business segments
Exhibit 108: General Electric Co. - Key news
Exhibit 109: General Electric Co. - Key offerings
Exhibit 110: General Electric Co. - Segment focus
10.7 Halliburton Co.
Exhibit 111: Halliburton Co. - Overview
Exhibit 112: Halliburton Co. - Product / Service
Exhibit 113: Halliburton Co. - Key news
Exhibit 114: Halliburton Co. - Key offerings
10.8 NOV Inc.
Exhibit 115: NOV Inc. - Overview
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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