Downhole Tools Market during 2014-2019 Downhole Tools Market

Oil& Gas Production Market to Grow at a Faster Rate in the Downhole Tools
Market during 2014-2019
Downhole tools play an important role in oil & gas exploration and production activities with applications
in a variety of operations such as fishing, casing, cementing, well bottom communication, drilling, logging,
fracturing, and well measurements. The market for downhole tools is estimated to be USD 3.53 Billion in
2014 and is projected to grow with a CAGR of 4.9% from 2014 to 2019.
Market growth for downhole tools has been strongly impacted by the oil price decline. E&P capital
expenditures in 2015 have witnessed more than 20% investment dip in comparison to 2014. This is further
expected to decline in 2016 by another 5 to 10%. However, from the end of 2017 and after, oil price is
anticipated to stabilize and start climbing to reach at least $80 a barrel by 2018 rejuvenating the overall
market growth.
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Scope of the Report
The scope accordingly aids market participants to identify high growth markets and help managing key
investment decisions. For this report, major players in the downhole tools market have been identified using
various primary and secondary sources, which include annual reports of top market players, interviews with
key opinion leaders such as CEOs, directors, and marketing people. Based on this research, the market
shares have been evaluated and validated.
The top players in the downhole tools market
The top players in the downhole tools market include National Oilwell Varco, Inc. (U.S.), Logan Oil Tools
Inc. (U.S.), Halliburton (U.S.), Baker Hughes (U.S.), Schoeller Bleckmann Oilfield Equipment AG
(Austria), and Schlumberger (U.S.).
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Discovery of shale gas reserves and ultra-deep drilling activities: Driver of downhole tools market.
North America dominated the global market with a share of 42% in 2013. However, Africa is expected to
grow at a faster rate with the highest CAGR of 8.2% during the forecast period. This is mainly because of
new hydrocarbons discoveries in Africa. Well intervention forms the major application of downhole tools
and accounts for a market share of 29%.
North America will continue to be the global leader in downhole tools market by value
North America leads the global downhole tools market owing to drilling activities and shale exploration
activities in the U.S. and Gulf of Mexico region. Asia-Pacific stood at the second position in terms of market
size, followed by the Middle East and Europe. However, the sharp decline in the oil prices slowed the
market growth for downhole tools all over.
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