Research and Markets: Global Downhole Drilling Tools Market 2015-2019 – Increase in Global Oil and Gas Demand with Halliburton, National Oilwell Varco, Schlumberger & Weatherford Dominating
By Business Wire News
By Business Wire News
Research and Markets (http://www.researchandmarkets.com/research/k393j2/global_downhole) has announced the addition of the “Global Downhole Drilling Tools Market 2015-2019” report to their offering.
The Global Downhole Drilling Tools market to grow at a CAGR of 10.2% over the period 2014-2019
Drilling downhole tools facilitate the drilling process and counter significant challenges associated with drilling such as extreme depth, high temperatures, and pressure differentials. Downhole drilling tools guide or steer the wells through small reservoir by changing the trajectory of the well. Currently, a variety of downhole drilling tools are available in the market, which can be used in BHA. Some downhole drilling tools are unique and specific to the particular drilling operation while others are generic in nature and can be used for multiple purposes.
One of the major trends is the advances in technology to improve the efficiency and effectiveness of drilling tools. Advances in drilling technology will significantly increase efficiency, control, and monitoring of the well. Moreover, market vendors are increasing their investments in R&D, which is likely to improve reliability and efficiency of downhole drilling tools.
According to the report, increased demand for oil and gas worldwide is one of the major growth drivers, which requires large investments in advanced technologies to increase efficiency of drilling activities. The growing demand for oil and gas will drive large investment in state-of-the-art technology to increase efficiency of downhole drilling tools, ensuring oil production.
Further, the report states that one of the major challenges in the market is the availability of non-conventional and renewable sources of energy. With the advent of peak oil theory, oil crisis, finite nature of oil and gas supplies, and rising environmental and human health concerns, renewable and sustainable sources of energy have gained momentum, thus hindering the growth of the Global Downhole Drilling Tools market.
The commonly used downhole drilling tools are categorized in the following:
- Cementing tools
- Drill bits
- Miscellaneous downhole tools
- Downhole motors
- Deflection tools
- Impact tools
- Coiled tubing drilling tools
- Fishing tools
- Drill stem testing tools
- National Oilwell Varco
Other Prominent Vendors
- American Oilfield Tools
- Bilco Tools
- Logan Oil Tools
- Magnum Oil Tool International
- Oil Tools International Services
- Schoeller Bleckmann Oilfield Equipment
- Wenzel Downhole Tools
For more information visit http://www.researchandmarkets.com/research/k393j2/global_downhole
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