In the energy sector, drilling tools are increasingly used in oil and gas drilling activities. Many onshore and offshore drilling wells are drilled around the world to extract oil and gas for meeting the energy demand. This is chiefly because, global oil consumption represents at least 65% of the global energy demand. Especially in developing nations, the onshore drilling market is expected to be dominated with increasing investment from countries such as China and India for meeting their domestic oil demand.
In the North American region, shale oil and gas have been dominating the oil production and consumption over a decade now. This shale oil production is mainly possible due to the advancement in drilling techniques, such as horizontal and vertical drilling, which have enabled increased oil production. Several countries around the world are investing in this new technology, which further drives the market. The Global Drilling Tools Market is segmented on the basis of types and application. By type, several drill products, such as drill bits, collars, jars, motors, tubulars, swivels and others, are used for oil and gas drilling services.
Based on Application, the market is segmented into onshore and offshore. The onshore drilling application is currently dominating the market, with several new drilling activities all over the world in the onshore region. The rise in demand for shale oil and tight oil are major contributors to the market growth. Several countries, such as the U.S., Canada, China, and Russia, have invested heavily in onshore oil and gas field development activities.
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This acts as a major driver for the market as Drill Tools are constantly needed for oil and gas drilling operations. The North America region is dominating the market with increased onshore drilling activity this is closely followed by the Asia Pacific region. China is the major contributor in this region as the country is continuously investing in drilling projects, especially onshore drilling activities.
The Global Drilling Tools Market is estimated to witness ~ 4.21% CAGR during the forecast period.
North America Region in Drilling Tools Market holds the highest market share in 2017.
The American region is dominating the Drilling Tools Market with increased activity in shale oil drilling and exploration activity. In the U.S., the government has various support legislative that enable increased use of Drilling Tools to enable onshore drilling operations. Similarly, in Canada, the Arctic drilling activities are carried out in environmentally challenging conditions where drill bits are needed to be used for oil exploration and production. The Asia Pacific region is the second largest market with China taking the lead in the region with onshore drilling projects. As the demand for oil increases in the region, drilling operations are expected to be implemented on a large scale which will act as a driver for the market.
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The key players of the Global Drilling Tools Market are Schlumberger Limited, Halliburton Company, National Oilwell Varco, L.P., Weatherford International plc, Drilling Tools International, Inc., Rubicon Oilfield International Holdings, L.P., Cougar Drilling Solutions Inc., BICO Drilling Tools, Inc., Perkins Drilling Tools Inc., and Sandvik AB.
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the Global Drilling Tools Market, including high-growth regions and/or countries, and political and economic environments. The project report, further provides both – historical market values and pricing & cost analysis.
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