The growth of the downhole tools market is influenced by various stakeholders such as various oilfield service providers, drilling and exploration companies, government and research organisations, energy associations, and environment research institutes.
The rapidly growing demand for downhole tools is driven by new offshore discoveries around the globe and the depletion of the conventional fossil reserves that has shifted to the demand to other sources like shale/tight oil and gas. Downhole tools are continuously improved and upgraded so as to meet the environmental regulations and to cater the demand of the industry trends.
The recent developments in the downhole tools market are very encouraging, with many new product developments as a major strategy for market capture. This is a result of vast R&D activities. The market has also seen expansion of facilities so as to increase the global footprint, by major downhole tools manufacturers.
Companies like Oil States (U.S.), Halliburton (U.S.), Baker Hughes (U.S.), Logan International Inc. (Canada), National Oilwell Varco (U.S.), Schlumberger (U.S.), Weatherford (Ireland), United Drilling Tools Ltd. (India), have been the most active companies in terms of strategic developments during January 2011 to June 2014. Most of these market players are present in North America and have been actively participating in competitive developments.
The global downhole tools market is developing with many companies have increased their concerns for efficient and requirement specific product development. The companies has also focused on developing products that work according to the environmental regulations
The leading companies of the downhole tools market focus on new product development so as to cater the industry needs specifically. Also the companies expanded their facilities to grow their distribution networks. Hence, more investments are seen in creating and maintaining a good product line.
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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