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Downhole Tool market – New Revenue Pockets
Downhole Tools are the basic tools employed at the bottom hole level for various applications like Well Drilling, Well Completion, Well Intervention, Formation & Evaluation, and Oil & Gas Production. These tools are essential for all the services that are related to oil and gas industry.
The Downhole tool market scenario is competitive with various companies covering one or more applications. North America is the most active market for downhole tools. However, the important challenges for some players in the market are in terms of customized tools that some companies are developing to be employed at specific oilfield locations. This industry is expected to see rapid growth in the next few years, due to increase in the technologies for shale explorations.
The focus on research and refinement of technology helps the companies minimize their cost of operation and maintenance while increasing efficiency and the stability of the product, thus, generating great revenues for the companies. Currently, the market for Drilling Tools is more. The oil fields that are explored poses different characteristics sometimes, so satisfy the demands of every demand the companies are focusing on the new product developments. This is the result of a vast R&D by the companies to enhance their products. Also they are increasing their network in various locations by expanding the facilities.
Halliburton has emerged as the most active company in the market during the time under study. The company has expanded its facilities to develop a good distribution network and to develop the products in a more efficient and advanced way.
Downhole Tools Market by Types (Flow & Pressure Control Tools, Drilling Tools, Impurity Control Tools, Downhole Control System and Handling Tools), Application (Well Drilling, Well Completion, Well Intervention, Formation & Evaluation and Oil & Gas Production) & Geography - Global trends & Forecast to 2019
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