The drilling tools market is expected to grow at a CAGR of 4.75%, from 2017 to 2022, to reach a market size of USD 8.61 billion by 2022. Increase in drilling activities and development of unconventional hydrocarbon resources along with rising energy demand from Asia Pacific would contribute to the growth of the drilling tools market.
The market growth strategies adopted by the key players in the drilling tools market include contracts & agreements, new product launches, expansions and investments, mergers & acquisitions, joint ventures, and partnerships and collaborations. New product launches was the most commonly adopted strategy by market players from February 2014 to December 2017. Industry players also formed partnerships and collaborations during the stated period.
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Drilling tools market is dominated by players with established brand names with wide regional presence, and local and regional players in emerging economies. The leading global players in the drilling tools industry include Schlumberger (US), Halliburton (US), National Oilwell Varco (US), Weatherford (US), and Baker Hughes GE (US), Cougar (Canada), and Drilling Tools International (US) among others.
The onshore segment is estimated to be the fastest-growing drilling tools market, by application, from 2017 to 2022. This segment is driven by factors such as lower cost involved in the development of onshore wells which also hold the richest reserves.
Based on type, the drilling tools market has been segmented into drill bits, drill collars, drilling jars, drilling motors, drilling tubulars, drill swivels, drill reamers and stabilizers, mechanical thrusters, and shock tools. The drilling tubulars segment is expected to grow at the fastest rate during the forecast period and become the largest market segment by 2022. This growth can be attributed to factors such as increasing drilled footage and the development of deepwater oil & gas blocks. Drilling tubulars segment is followed by drill bits segment which is second fastest growing tool.
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The drilling tools market has been segmented, by region, into Asia Pacific, Europe, North America, Middle East, South America, and Africa. North America is projected to grow at the fastest rate, from 2017 to 2022, followed by Asia Pacific. The US, which is the largest shale gas producer in the world, dominates drilling tools market in North America. It is also expected to be the fastest-growing market for drilling tools. Asia Pacific is the second largest segment regionally holds China and India as the largest contributors to the demand; these countries are continuously developing their oil & gas resources to increase their domestic production.