New York, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Downhole Tools Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06374665/?utm_source=GNW
, Ulterra Drilling Technologies L.P., Wenzel Downhole Tools Ltd., Oil States International Inc., RPC Inc., APS Technology Inc., Flotek Industries Inc., and TechnipFMC.
The global downhole tools market is expected to grow from $4.94 billion in 2021 to $5.26 billion in 2022 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The downhole tools market is expected to reach $6.16 billion in 2026 at a CAGR of 4%.
The downhole tools market consists of revenues earned by entities by completion tools, downhole control tools, and logging tools.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The downhole tools are the tools that are used during well drilling, completion, and intervention or well workover activities and helps oil well in optimizing the production levels and maintain a continuous flow from the reservoir. The primary purpose of downhole tools is to carry out workover operations and well completion process as well as examine the reservoir properties such as rock, sand, and liquid by bringing their sample to the well surface.
North America was the largest region in the downhole tools market in 2021.Asia Pacific was the second-largest region in the downhole tools market.
The regions covered in the downhole tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main types of downhole tools are drilling tools, pressure and flow control tools, handling tools, impurity control tools, other types.A drilling machine is a type of machine in which holes are made on the workpiece by making use of a rotating tool called a drill bit or twist drill.
The downhole tools are available by the onshore and offshore locations that are used for good drilling, well completion, well intervention, well production, formation, and evaluation applications.
The rising oil and gas consumption is expected to propel the growth of the downhole tools market going forward.The rising demand for oil and gas in form of automotive fuel and household cooking owing to rapidly rising levels of population.
The downhole tools are used for drilling or extraction of minerals.Therefore, the increase in the consumption of oil & gas will require the extraction of more minerals, which will eventually increase the growth of downhole tools.
For instance, according to U.S. Energy Information Administration, the U.S. Federal Statistical System responsible for collecting, analyzing, and disseminating energy information, it is estimated that 99.4 million b/d of petroleum and liquid fuels were consumed globally in 2022, up by 1.6 million b/d from 2021. They forecast that global consumption will rise by an average of 2.1 million b/d for all of 2022 and by an average of 2.0 million b/d in 2023. Therefore, rising oil and gas consumption is driving the demand for the downhole tools market.
Technological innovation is the key trend gaining popularity in the downhole tools market.Major companies operating in the downhole tools market are focused on developing new and innovative products to sustain and strengthen their market position.
For instance, in May 2020, Ace Oil Tools, a Norway-based downhole technology company launched a new Ace Splice Clamp, a sub-less downhole product that protects the control lines during completion.The Ace Splice Clamp accommodates a flat-pack control line assembly and combines the functionality of a shrouded crimp clamp for fastening flatpacks with a splice sub into a single device.
Because the ASC takes a ""one design fits all"" approach, operators can employ different vendors to get the different items they need while still using the ASC to store all possible combinations.On damp and dry trees, the ASC can be applied above tube hangers as well as below them.
The Annulus Safety Valve, Downhole Safety Valves, Interval Control Valves, packers, and more can all be deployed underneath it.
In September 2019, Halliburton Inc. a UK-based oilfield services provider acquired the Downhole Cutting Tools portfolio from Westerton (UK) Ltd. for an undisclosed amount. This acquisition is expected that the new technology eliminates the need for traditional explosive charges and chemicals, resulting in improved safety and easier transportation. This deal would help Halliburton’s portfolio to deliver fast and accurate cuts to increase rig efficiency. The acquisition would introduce Halliburton’s new portfolio of electro-mechanical downhole cutting tools and tubing punches. Westerton Ltd. is a UK-based Westerton that provides specialist inspection-based services above and below the waterline and in the often-overlooked splash zone.
The countries covered in the downhole tools market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The downhole tools market research report is one of a series of new reports that provides downhole tools market statistics, including downhole tools industry global market size, regional shares, competitors with downhole tools market share, detailed downhole tools market segments, market trends, and opportunities, and any further data you may need to thrive in the downhole tools industry. This downhole tool market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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