Drilling Tools Market Size (2024 - 2029)

The drilling tools market is anticipated to experience significant growth, driven by increasing exploration and development activities, as well as a rise in rig counts and unconventional field developments globally. Despite challenges such as limited investment in the offshore sector and high costs associated with offshore drilling tools, the market is poised for expansion. The drill bit segment is expected to lead the market due to heightened drilling activities. Emerging markets in South America and Asia-Pacific, along with advancements in drill bit technologies, present new opportunities for growth. North America is projected to maintain a dominant position in the market, with substantial demand originating from the United States and Canada.

Home Market Analysis Energy & Power Research Oil and Gas Research Upstream Research Drilling and Completion Research Drilling Tools Research Drilling Tools Market Market Size

Market Size of Drilling Tools Industry

drilling tools market
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 9.00 %
Fastest Growing Market South America
Largest Market North America
Market Concentration Low

Major Players

Drilling Tools Market Major Players

*Disclaimer: Major Players sorted in no particular order

Drilling Tools Market Analysis

The drilling tools market is expected to register a CAGR of more than 9% during the forecast period 2022-2027. The COVID-19 outbreak in Q1 2020 led to a decline in drilling services across the world. The drilling tools application in onshore and offshore drilling operations dropped significantly due to the limited personnel working on drilling rigs. Factors such as increasing exploration and development activities, increasing rig count, and increasing unconventional field development activities across the world are expected to drive the market during the forecast period. However, a lack of investment in the offshore sector compared to the onshore sector and the high cost of drilling tools for offshore applications are expected to hinder the market growth over the coming years.

The drill bit segment is expected to grow faster due to increasing offshore and onshore drilling activities worldwide. Thus, the segment is expected to dominate the market during the forecast period.

Exploration of new markets in the emerging economies of South America and Asia-Pacific and innovations in drill bit technologies are creating market opportunities for investors and drilling tools manufacturers.

North America is expected to dominate the market, with a majority of the demand coming from countries like the United States, Canada, etc.

Drilling Tools Industry Segmentation

The drilling tools market report includes:

Type
Drill Bit
Drill Collar
Drill Pipe
Drill Reamer and Stabilizer
Drill Swivel
Other Types
Location of Deployment
Onshore
Offshore
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa
Need A Different Region Or Segment?
Customize Now

Drilling Tools Market Size Summary

The drilling tools market is poised for significant growth, driven by increasing exploration and development activities in both onshore and offshore sectors. Despite the initial setbacks caused by the COVID-19 pandemic, which led to a temporary decline in drilling services due to reduced personnel on rigs, the market is expected to recover and expand. Key factors such as a rising rig count and the development of unconventional fields are anticipated to propel market growth. However, challenges such as the disparity in investment between offshore and onshore sectors and the high costs associated with offshore drilling tools may impede progress. The drill bit segment, in particular, is expected to experience robust growth, supported by advancements in technology and increased drilling activities worldwide. North America is projected to lead the market, with significant demand stemming from countries like the United States and Canada, where oil and gas exploration activities are on the rise.

The market landscape is characterized by fragmentation, with major players including NOV Inc., Halliburton Company, Schlumberger Limited, Baker Hughes Company, and Weatherford International PLC. Innovations in drill bit technologies and the exploration of new markets in emerging economies such as South America and Asia-Pacific present lucrative opportunities for investors and manufacturers. The fixed cutter bits, particularly polycrystalline diamond compact (PDC) bits, dominate the drill bit market due to their efficiency and technological advancements. The ongoing discovery of new oil and gas fields, especially in offshore regions, is expected to drive demand for drill bits. Notable discoveries, such as those by the China National Petroleum Corporation in the Tarim Basin, highlight the potential for significant market expansion. As oil prices stabilize, increased upstream exploration and production activities are anticipated, further bolstering the demand for drilling tools in North America and beyond.

Explore More

Drilling Tools Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Drill Bit

      2. 2.1.2 Drill Collar

      3. 2.1.3 Drill Pipe

      4. 2.1.4 Drill Reamer and Stabilizer

      5. 2.1.5 Drill Swivel

      6. 2.1.6 Other Types

    2. 2.2 Location of Deployment

      1. 2.2.1 Onshore

      2. 2.2.2 Offshore

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 South America

      5. 2.3.5 Middle-East and Africa

Drilling Tools Market Size FAQs

The Drilling Tools Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)

NOV Inc., Halliburton Company, Schlumberger Limited, Baker Hughes Company and Weatherford International Plc are the major companies operating in the Drilling Tools Market.

Drilling Tools Market Report Snapshots

Drilling Tools Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)