Aker Solutions ASA announced the collaboration with Drill-Quip, Inc. The subsidiaries of both companies together will offer large subsea injection systems for the injection and storage of carbon dioxide.
Baker Hughes announced the acquisition of Altus Intervention, a leading provider of down-hole oil and gas technology and well intervention services. Baker Hughes' existing offering of oilfield technologies and integrated solutions will be expanded by 11 countries where Altus previously operated.
Author Credits: Payel Roy, Dhruv Bhatia
Report ID: 5022
Published Date: Jun 14, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
Rising demand for oil and gas, higher production of unconventional resources, and rising advancement in tools are the major factors driving the market growth.
The market size of downhole tools is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 â€“ 2035.
The major players in the market are Aker Solutions ASA, AKITA Drilling Ltd., Archer Ltd., Baker Hughes Co., Dril Quip Inc., Halliburton Co., Hunting Plc, Innovex, NexTier Oilfield Services Inc., Tryton Tool Services Ltd.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by tool type, location, application, and by region.
The drilling segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
High process of oil and gas, and the negative impact of drilling on the environment are estimated to be the growth-hindering factors for the market expansion.
The market in the Middle East and Africa region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.