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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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IN THE NEWS

  • September 30, 2021: Schlumberger limited and AVEVA announced an agreement to jointly develop advance digital solutions for oil & gas production operations.

  • June 08, 2021: NOV Inc. announced its joint venture with Schlumberger to accelerate the adoption of automated drilling solutions in the oil and gas industry.

Global Downhole Equipment Market Highlights over 2022 – 2031

The global downhole equipment market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the important role of downhole equipment in oil & gas exploration and production. The increasing demand for oil and gas is estimated to primarily drive the market growth. According to the statistics by the International Energy Agency (IEA), 164,626,034 exajoule (EJ) crude oil was produced globally in 2019. Moreover, downhole equipment are essential for well bottom communication, as well as, well measurement, which is further projected to boost the market growth. Likewise, growing investment in the oil and petroleum production, along with the rise in the consumption of oil globally are estimated to play a crucial role in the market growth.

Downhole Equipment Market

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The market is segmented by application into drilling, completion, well intervention, formation & evaluation, and others, out of which, the drilling segment is anticipated to hold the notable share in the global downhole equipment market over the forecast period on account of increasing investment in drilling of new oil wells, backed by the depleting oil supply in the already present wells. 

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.

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

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

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.

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