Market Size of Drilling Tools Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 |
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.
Drilling Tools Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Drill Bit
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2.1.2 Drill Collar
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2.1.3 Drill Pipe
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2.1.4 Drill Reamer and Stabilizer
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2.1.5 Drill Swivel
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2.1.6 Other Types
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2.2 Location of Deployment
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2.2.1 Onshore
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2.2.2 Offshore
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle-East and Africa
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Drilling Tools Market Size FAQs
What is the current Drilling Tools Market size?
The Drilling Tools Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)
Who are the key players in Drilling Tools Market?
NOV Inc., Halliburton Company, Schlumberger Limited, Baker Hughes Company and Weatherford International Plc are the major companies operating in the Drilling Tools Market.
