Schlumberger Limited and AVEVA announced an agreement to jointly develop advanced digital solutions for oil & gas production operations.
NOV Inc. announced its joint venture with Schlumberger to accelerate the adoption of automated drilling solutions in the oil and gas industry.
Author Credits: Payel Roy, Dhruv Bhatia
Report ID: 3827
Published Date: Jun 27, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
The growing oil production and the expanding onshore and offshore exploration owing to increasing demand for hydrocarbons and shale gas are the major factors driving the growth of the downhole equipment market.
The market size of downhole equipment is anticipated to attain a CAGR of 10% over the forecast period, i.e., 2023-2035.
The major players in the market are Schlumberger Limited, 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.
The drilling segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.