The report, now available on ASDReports, "Drilling Tools Market by Type (Drill Bits, Drilling Tubulars, Drilling Motors, Drill Reamers and Stabilizers, Drill Collars, Drill Jars, Drill Swivels, Mechanical Thrusters), Application (Onshore and Offshore), and Region - Global Forecast to 2022", The drilling tools market is expected to grow from an estimated USD 6.83 Billion in 2017 to USD 8.61 Billion by 2022, at a CAGR of 4.75%, from 2017 to 2022. This market growth worldwide is driven by the increased drilling activities and the development of unconventional hydrocarbon resources.
Onshore application segment is expected to hold the largest share of the drilling tool market, by application, during the forecast period.
Onshore segment is expected to be the largest market for drilling tools, by application, in 2017. Approximately 70% of the total oil and gas production in the world takes places at onshore fields. These fields are easier to operate from an exploration perspective and require less capital investment as compared to offshore fields. Formations in onshore wells are more stable during the drilling process than those in offshore. Market demand for drilling tools from onshore segment is also the fastest-growing. US and China with vast onshore reserves present ample market opportunities in this onshore segment.
North America is expected to be the fastest-growing drilling tools market.
In this report, drilling tools market has been analyzed with respect to 6 regions, namely, North America, Europe, Asia Pacific, Middle East, Africa, and South America. North America is expected to be the largest and the fastest-growing market, by region, during the forecast period. Increasing shale gas production and energy reforms of respective countries would drive the growth of the drilling tools in the region. Asia Pacific is expected to be the second fastest-growing market for drilling tools.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the drilling tools market including Schlumberger (US), Halliburton (US), Weatherford (Switzerland), Baker Hughes GE (US), and National Oilwell Varco (US).
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Source: ASDReports - Market Research
Date: Mar 13, 2018