Shibuya-ku, Tokyo, Japan, Japan, Apr 16, 2021, 06:20 /Comserve / -- Drilling Tools Market Analysis and Forecasts By Top Manufacturers, Production, Consumptions, Trade Statistics, Size, Share, Growth, Trends, Forecast, Qualitative Analysis, Demand Forecast
The Drilling Tools Market research report offers the breakdown of the business by market size, pace of advancement, key players, countries, product type and applications. The report subtleties key market division to comprehend the all-encompassing ecosystem system with local effect. The Drilling Tools market report additionally examinations arising technological development, R&D spending by key vendors. This report contains significant data that assists with competitive analysis and size of organization. The impending Drilling Tools market region along with the growth status of manufacturers, decision-makers to design diverse business arrangements appropriately.
The drilling tool market is projected to reach USD 8.61 billion by 2022, at a CAGR of 4.75%, from 2017 to 2022. Increasing drilling activities and the development of unconventional hydrocarbon resources along with growing energy demand in Asia Pacific are driving the drilling tools market. High maintenance costs and transition time along with an increasing focus on renewable energy sources act as restraints for the market.
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"The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market)."
“The drilling tubulars sub-segment of the drilling tools market, by type, is expected to grow at the highest CAGR from 2017 to 2022.”
The drilling tubulars market is expected to grow at the highest CAGR during the forecast period. The growth of the market can be attributed to the increasing drilled footage and development of deepwater oil & gas blocks in countries such as Brazil and Mexico.
“Asia Pacific: The second-largest drilling tools market.”
Asia Pacific is projected to dominate the global drilling tool market during the forecast period due to the increase in drilling activities in China. The country is the largest market in Asia Pacific and is focused on developing its shale gas resources to increase its oil & gas production. The other key markets in Asia Pacific are India, Australia, and Indonesia. Australia aims to be the largest LNG exporting country by 2020 by increasing its gas production.
Breakdown of Primaries
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
Note: The tiers of the companies have been defined on the basis of their total revenue; as of 2016: Tier 1 = >USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3 = The leading players in the drilling tools market include Schlumberger (US), Baker Hughes (US), Halliburton (US), Weatherford (Switzerland), and National Oilwell Varco (US).
Research Coverage
The report provides a picture of the drilling tools market across the oil & gas industry and different regions. It aims at estimating the market size and future growth potential of the market across different segments such as type, application, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
For the purpose of this report, the market has been segmented on the basis of type, application, and region, with a focus on industry analysis (industry trends), market ranking analysis of the top players, supply chain analysis, and company profiles, which together comprise the basic views on the competitive landscape, emerging and high-growth segments of the drilling tools market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
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"The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market)."
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