Downhole Fishing Equipment Market Size, Share & Industry Analysis, By Type (Junk Tool, Catch Tool, Milling Tool, Others), By Offering (Service, Solution) And Regional Forecast, 2024-2032

Downhole fishing equipment can be defined as tools that are specially designed to help in the recovery of a broad range of downhole equipment from oil wells at the time of the drilling process. There is several specially designed tools, mechanical device, or equipment that are deployed to retrieve the lost equipment. The commonly used fishing tools used are grappling, fore intensifier, and diagnostic.    

Based on type, the global downhole fishing equipment market is segmented into junk tools, catch tools, milling tools, and others.  The catch tools are used when a pipe is to be fished. This tool fits inside the pipe and grips it for retrieval. If this fishing operation failed, the tool is retrievable hydraulically or mechanically. The catch tool segment is likely to foresee growth. Two types of junk tools are used in downhole fishing junk baskets or junk magnets. Junk magnet removes metal particles from the drilling fluid. The junk basket is lowered to the well after grinding fish and drilling fluid force the debris to travel towards the junk basket and then the basket is retrieved to the surface.   

Based on offering, the global downhole fishing equipment market is segmented into solution and service. The downhole fishing solution can be defined as the fixing of problems associated with the tool or equipment and many global players provides downhole fishing equipment solutions. However, downhole fishing services are provided by the majority of market players like Halliburton, Weatherford, and others, etc. The services segment is likely to register significant growth during the forecast period.

The demand for efficient drilling activities is widely increasing across the world. The requirement for such equipment which can sustain harsh environmental conditions is immensely increasing. Technological advancement is increasing to recover lost downhole equipment and this provides a seamless drilling process. The continuously growing drilling activities are a major growth driving factor for the downhole fishing equipment market. However, the downhole fishing equipment may lose or damaged at the time of fishing and this reduces the adoption of such tools. Thus, restraint the market growth. 

Key Market Driver -

Rising demand for efficient drilling activities

Key Market Restraint -

oss or damage of downhole fishing equipment

Key Players Covered:

Some of the major companies in the global downhole fishing equipment market are Baker Hughes, Halliburton, Equity Petroleum Services Nigeria Ltd., National Energy Services Reunited Corp, Falcon Downhole Services LLC., GasGroup International TechPairer Ltd., NOV, Rubicon Oilfield International, Tecon Oil Services, Wenzel Downhole Tools, Tobitem Downhole Solution Company Ltd., and Wellbore Integrity Solutions.

Regional Analysis:

The global downhole fishing equipment market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region is likely to foresee significant growth in the downhole fishing equipment market during the forecast period. The exploration of deep-sea and ultra-deepwater reserves is immensely rising in this region. The onshore and offshore production activities are also rapidly growing in this region. The drilling activities are also increasing and thus, increases adoption of downhole fishing equipment in this region during the forecast period.

Asia Pacific region is also witnessing higher drilling and exploration activities. Countries like China and Japan are immensely adopting downhole fishing tools and they have a presence of many manufacturing units in the country. The increasing drilling and oilfield projects increase the adoption of fishing equipment. The investment in the oil & gas industry is also increasing in this region.

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Segmentation

Key Industry Developments

• In October 2020, Petroleum Development of Oman has awarded a contract to National Energy Services Reunited Corp.’s Gulf Energy for service in the Sultanate of Oman. The contract includes fishing and milling, downhole tools, cementing, simulation, and coil tubing for 9 years. 


• In May 2019, Wellbore integrity solutions and Rhone capita acquire Assets, Fishing, and Tubular businesses of Schlumberger. The transaction was valued at USD 400 million.