The global downhole tools market size was US$ 5.6 billion in 2021. The global downhole tools market is forecast to grow to US$ 7.9 billion by 2030 by growing at a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2022 to 2030.

Downhole tools are a necessary part of any drilling operation and are a cost-effective approach to increase overall performance. Downhole tools have the benefit of increasing production levels in oil and gas exploration.

Factors Influencing the Market

The advent of new downhole instruments such as flow and pressure control, impurity control, downhole control systems, handling tools, and drilling will fuel the market growth in the coming years.

The continual rise in foreign direct investment in supporting the manufacturing industry will fuel the growth of the downhole tools market during the study period.

The global market for downhole tools is growing due to an increase in drilling activity around the world. Moreover, the applications of new and sophisticated technologies in mature wells will prompt market growth. Furthermore, the availability of cost-effective downhole tools will benefit the overall market.

Other factors projected to drive global market expansion include rapid urbanization and large-scale company investments. On the contrary, the expensive cost of downhole tools may limit the growth of the market.

COVID-19 Impact Analysis:

The COVID-19 epidemic has had a significant impact on the global downhole tools industry. The lockdown restrictions in many countries had negatively influenced the energy sector and oil and gas development activity. As a result, it created a drop in global downhole gear sales in the past few years. The lockdown has reduced demand for oil and natural gas, which has resulted in a significant drop in demand for downhole tools.

Regional Analysis

Due to a vast number of exploratory operations and established oilfields, North America will dominate the downhole tools market during the study period. In addition, Asia-Pacific and Europe are forecast to hold the second and the third-highest share in the market. It is attributed to the recent improvements in offshore operations.

Competitors in the Market

Anton Oilfield Services
Baker Hughes Company
BILCO Tools, Inc.
Flotek Industries
Franks International N.V
Halliburton Company
Logan Oil Tools
National Oilwell Varco
Rival Downhole tools
Schlumberger
Stabiltec Downhole Tools, LLC
Ulterra Drilling Technologies, L.P.
United Drilling Tools Ltd.
Varel International, Inc.
Weatherford International PLC.
Other Prominent Players
Market Segmentation

The global downhole tools market segmentation focuses on Type, Application, and Region.

By Type

Contamination Control Tools
Drilling Tools
Pressure & Flow Control Tools
Handling Tools
Others
By Application

Oil & Gas Production
Well Drilling
Well Completion
Formation & Evaluation
Well Intervention
By Region

North America

The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America