The global drilling tools market is projected to reach USD 8.61 Billion by 2022, growing at a CAGR of 4.75%, from 2017 to 2022. An increase in drilling activities and the development of unconventional hydrocarbon resources along with increasing energy demand from Asia Pacific would contribute to the growth of the drilling tools market.
North America would continue to be the largest market for drilling tools, followed by Asia Pacific, during the forecast period. The global market is dominated by major players including Schlumberger (US), Halliburton (US), National Oilwell Varco (US), Weatherford (US), and Baker Hughes (US).
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.
Schlumberger is one of the leading suppliers of drilling tools for exploration-related activities. The company provides a comprehensive range of products and services for exploration and production activities and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery. The company operates through 4 major segments-reservoir characterization, drilling, production, and processing. It provides drilling tools through its drilling segment. The company has adopted new product launches as its key strategy to gain a large share of the drilling tools market. In March 2016, the company launched a new drill bit which would increase drilling efficiency.
Baker Hughes, a GE company, is a joint venture between Baker Hughes and GE Oil & Gas and the second-largest oil & gas company in the world. The oilfield operations of the company are carried out by the drilling and evaluation, completion, and production divisions. Drilling tools are offered by the drilling and evaluation business segment. The segment also provides bits, drilling devices, wireline services, and drilling and completion fluids. The company adopted new product launches as a growth strategy to maintain its market position. In May 2017, it launched a new polycrystalline diamond compact bit which stabilizes vibration to avoid the breakdown of tools.
Drilling Tools Market by Type (Drill Bits, Drilling Tubulars, Drilling Motors, Drill Reamers and Stabilizers, Drill Collars, Drill Jars, Drill Swivels, Mechanical Thrusters), Application (Onshore and Offshore), and Region - Global Forecast to 2022
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