Market Overview:-

The world consumption of oil has been steadily increasing since the past decade. Globally, oil and gas accounted for 65% of the world’s energy supply with the offshore areas of oil and gas production accounting for at least 25% of the total supply. Primarily, oil and gas are produced and brought to surface through the drilling of underground reservoirs, both onshore and offshore. Drilling tools help in oil and gas production by enabling operators to drill oil wells. During the early 19th century, drilling tools were extensively used in the Middle East and other oil production regions of the world for the commercial production of oil and natural gas. Especially, the Gulf of Mexico region and the North Sea region witnessed a steady activity of drilling in the offshore regions for the production of oil. In the Middle East and other countries, oil wells were largely drilled onshore as compared to offshore regions, due to the huge availability of onshore resources.

The global is projected to witness ~ 4.21% CAGR during the forecast period.

Drilling Tools Market Leading Key Players:-

The key players of the global Drilling Tools market are Schlumberger Limited, Halliburton Company, National Oilwell Varco, L.P., Weatherford International plc, Drilling Tools International, Inc., Rubicon Oilfield International Holdings, L.P., Cougar Drilling Solutions Inc., BICO Drilling Tools, Inc., Perkins Drilling Tools Inc., and Sandvik AB.

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Drilling Tools Market Scope:-

This report provides an in-depth analysis of the global drilling tools market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Europe, Asia Pacific (APAC), Middle East, Africa and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Drilling tools market by its technology type, application type, and by region.

Drilling Tools Market by Technology Type

Drill Bits
Drill Collars
Drilling Jars
Drilling motors
Drilling tubulars
Drilling Swivels
Mechanical thrusters
Shock tools
Drill reamers & stablizers

Drilling Tools Market by Application Type

Onshore
Offshore

Drilling Tools Market by Regions

North America
Asia Pacific
Middle East and Africa
Europe
Rest of the World

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Drilling Tools Market Analysis:-

The global drilling tools market is driven by the increased onshore and drilling activities in the North America and Asia Pacific region. For instance, since 2007, the U.S. has invested several billions in onshore drilling projects for the extraction of shale oil and gas. Similarly, in China, several onshore oil drilling projects are carried out to extract shale oil. This has resulted in China being the top shale oil producer in the world. Furthermore, offshore deepwater drilling projects are executed in the North Sea and Gulf of Mexico region. One of the other major drivers for the market is the increasing number of mature oil fields around the world. Many offshore oil production sites in the Gulf of Mexico region and the North Sea region are rapidly reaching their end of operational lifetime and new drilling operations are carried out in the region. The global drilling operations are expected to increase, once the major oilfield players resume oil drilling activity in the offshore regions.