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Downhole Equipment Market

Segmentation by Tool Type (Flow & Pressure Control, Drilling, Impurity Control, Downhole Control, and Others); by Application (Drilling, Completion, Well Intervention, Formation & Evaluation, and Others); by End-User (Industrial, Commercial, and Others) – Global Demand Analysis & Opportunity Outlook 2031

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Report ID: 3827 | Published On: Feb 06, 2023
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Global Downhole Equipment Market Regional Synopsis

On the basis of geographical analysis, the global downhole equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Middle East and Africa region is estimated to witness notable growth over the forecast period, owing to the large number of oil reserves, increasing international trade of crude oil, along with investment from western countries.

The market in North America region is estimated to garner largest share over the forecast period on the back of high demand for crude oil, along with rising production of petroleum products, backed by the presence of large number of oil reserves in Canada, and the US. According to the statistics by the U.S. Energy Information Administration (EIA), the total petroleum consumption in the United States amounted 8.12 million barrels per day (b/d) in 2020.

Downhole Equipment Market Share

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The global downhole equipment market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook


Downhole Equipment Market
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Major Macro-Economic Indicators Impacting the Market Growth

Major Macro-Economic Indicators Impacting the Market Growth

In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.


Market Segmentation

Our in-depth analysis of the global downhole equipment market includes the following segments:

By Tool Type

  • Flow & Pressure Control
  • Drilling
  • Impurity Control
  • Downhole Control
  • Others

By Application

  • Drilling
  • Completion
  • Well Intervention
  • Formation & Evaluation
  • Others

By End-User

  • Industrial
  • Commercial
  • Others

Growth Drivers

  • Increasing Consumption of Oil Globally
  • Growing Need for Well Measurement

Challenges

  • Fluctuation in Oil Prices


Major Macro-Economic Indicators Impacting the Market Growth
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Top Featured Companies Dominating the Market

    • Schlumberger Limited
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Schoeller-Bleckmann Oilfield Equipment AG
    • Baker Hughes Company
    • Halliburton Company
    • Logan Oil Tools Inc.
    • NOV Inc.
    • American Block Manufacturing Co.
    • WV Jet Drilling, LLC
    • Scientific Drilling International
    • FMC Technologies, Inc.

In The News

  • April 2022: IBSRELA the first and only NHE3 inhibitor for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults, has been made available by the biopharmaceutical company Ardelyx. The first Ardelyx product to receive approval from the US Food and Drug Administration is IBSRELA.
  • March 2022: Indegene a provider of technology-driven healthcare solutions, & meta Me Health, a maker of Regulora and a Prescription Digital Therapeutics (PDT) business, teamed up to offer Regulora as a remedy for irritable bowel syndrome-related stomach pain (IBS).

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the downhole equipment market?

Ans: The increasing demand for oil globally is estimated to boost the market growth.

2) What would be the CAGR of downhole equipment market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.

4) Which region will provide more business opportunities for growth of downhole equipment market in future?

Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the high petroleum production in the region.

5) Who are the major players dominating the downhole equipment market?

Ans: The major players in the market are Baker Hughes Company, Halliburton Company, Logan Oil Tools Inc., NOV Inc., American Block Manufacturing Co., WV Jet Drilling, LLC, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the downhole equipment market?

Ans: The market is segmented by tool type, application, end-user, and by region.

8) Which segment captures the largest market size in end-user segment in the downhole equipment market?

Ans: The commercial segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.

8) What are the challenges affecting the market growth?

Ans: Fluctuating oil prices is estimated to hamper the market growth.

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