Drilling Tools Market Analysis
The global Drilling Tools Market is expected to rise at a CAGR of 4.21% during forecast period 2022-2030. Increasing number of mature oil fields around the world is expected to drive global market.
Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.
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The MRFR report highlights an inclusive segmental analysis of the global drilling tools market based on application and type.By type, the global drilling tools market is segmented into mechanical thrusters, drill swivels, drill jars, drill collars, stabilizers, reamers, drilling tubular and motors, & drill bits. Of these, the drilling tubular and motors type segment will lead the market over the forecast period. By application, the global drilling tools market is segmented into offshore and onshore. Of these, the onshore application segment will dominate the market over the forecast period. Owing to advances in drilling techniques like vertical and horizontal drilling, various onshore drilling projects are being conducted across the world which is adding to the growth of the segment.
Based on the region, the global drilling tools market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, North America will lead the market over the forecast period. The adoption of new technologies, increasing investments made in shale gas extraction in the US, and the growing number of hydrocarbon exploration activities is adding to the global drilling tools market growth in the region. The US and Mexico have a maximum share in the market.
The global drilling tools market in Europe is predicted to hold the second-largest share over the forecast period. An increase in oil consumption due to a surge in oil production is adding to the global drilling tools market growth in the region.
The global drilling tools market in the APAC region is predicted to grow at a fast pace over the forecast period. Rising investments in onshore projects for drilling out shale oils in China, coupled with the growing production of oil and gas and exploration activities in India, Japan, and China, is adding to the global drilling tools market growth in the region.
The global drilling tools market in the MEA is predicted to have sound growth over the forecast period. The presence of untapped hydrocarbon reserves is adding to the global drilling tools market growth in the region.
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Key contenders profiled in the global drilling tools industry report include Sandvik AB, Perkins Drilling Tools Inc., BICO Drilling Tools, Inc., Cougar Drilling Solutions Inc., Rubicon Oilfield International Holdings, L.P., Drilling Tools International, Inc., Weatherford International plc, National Oilwell Varco, L.P., Halliburton Company, and Schlumberger Limited.