The global drilling tools market is predicted to develop at a 4.21% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. Drilling tools, simply put, are tools used chiefly for drilling oil. They help to explore and extract natural gas or crude oil. Mechanical thrusters, drill swivels, drill jars, drill collars, stabilizers, reamers, drilling tubular and motors, & drill bits are the different types of drilling tools that have different offshore and onshore applications.
Various
factors are propelling the global drilling tools market share.
According to the recent MRFR report, such factors include the increasing
drilling activities, development of unconventional hydrocarbon
resources, growing energy demand, rising production of oil and gas in
oil-importing countries to reduce trade deficits, and increase in shale
gas exploration activities. Additional factors adding market growth
include an increase in oil exploration activities, advances in drilling
technologies that offer better efficiencies, easy accessibility of
suppliers, and reduced drilling time.
On
the contrary, longer transition times, high maintenance costs, high
product procurement cost, fluctuating raw material cost, and growing
preference for renewable sources of energy are factors that may impede
the global drilling tools market growth over the forecast period.
Besides, the on-going COVID-19 impact is also impacting the market
growth.
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Key Players
Key contenders profiled in the global drilling tools industry report include Sandvik AB, Perkins Drilling Tools Inc., BICO Drilling Tools, Inc., Cougar Drilling Solutions Inc., Rubicon Oilfield International Holdings, L.P., Drilling Tools International, Inc., Weatherford International plc, National Oilwell Varco, L.P., Halliburton Company, and Schlumberger Limited.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global drilling tools market based on application and type.
By
type, the global drilling tools market is segmented into mechanical
thrusters, drill swivels, drill jars, drill collars, stabilizers,
reamers, drilling tubular and motors, & drill bits. Of these, the
drilling tubular and motors type segment will lead the market over the
forecast period.
By
application, the global drilling tools market is segmented into
offshore and onshore. Of these, the onshore application segment will
dominate the market over the forecast period. Owing to advances in
drilling techniques like vertical and horizontal drilling, various
onshore drilling projects are being conducted across the world which is
adding to the growth of the segment.
Regional Analysis
Based
on the region, the global drilling tools market report covers the
recent trends and growth opportunities across the Asia Pacific (APAC),
North America, Europe, & the Middle East and Africa (MEA). Of these,
North America will lead the market over the forecast period. The
adoption of new technologies, increasing investments made in shale gas
extraction in the US, and the growing number of hydrocarbon exploration
activities is adding to the global drilling tools market growth in the
region. The US and Mexico have a maximum share in the market.
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The
global drilling tools market in Europe is predicted to hold the
second-largest share over the forecast period. An increase in oil
consumption due to a surge in oil production is adding to the global
drilling tools market growth in the region.
The
global drilling tools market in the APAC region is predicted to grow at
a fast pace over the forecast period. Rising investments in onshore
projects for drilling out shale oils in China, coupled with the growing
production of oil and gas and exploration activities in India, Japan,
and China, is adding to the global drilling tools market growth in the
region.
The global drilling tools market in the MEA is predicted to have sound growth over the forecast period. The presence of untapped hydrocarbon reserves is adding to the global drilling tools market growth in the region.
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