Drilling Tools Market Size, Share and Global Trend By Type (Drill Bits, Drill Collars, Drill Jars, Drilling Tubulars, Drilling Motors, Drill Swivels, Drill Reamers & Stabilizers, Mechanical Thrusters), By Application (Onshore, Offshore) and Regional Forecast, 2024-2032

Drilling tools are utilized for the most part of the world for drilling oil. Drilling tools are basically used for the extraction and exploration of natural gas and crude oil. Drilling tools consider an assortment of types of equipment for example crown block arranged at the apex of the rig, traveling block, sand pipe, pipe rack, motor, fuel or water tanks, swivel, revolving house, turntable, drill opening, piece, drill pipe, mud pump, and mud pump.

Also, the drilling tools are majorly dominating by an increase in activities in construction, steel industry and oil & gas industry, etc. Expansion in demand for fabricated metal devices, the advancement of heavy industrial equipment, and expanding enormous scale industrial automation are anticipated to drive the development of the worldwide drilling tools. Owing to an increase in research for extraction and exploration activities helps to increase in drilling tools market.

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On the basis of type, the global drilling tools market is segmented into drill bits, drill collars, drill jars, drilling tubular, drilling motors, drill swivels, drill reamers & stabilizers, mechanical thrusters, and others. The drilling tubular is expected to dominate the market in the above segmentation. The drilling tubular is the made up of steel that is used to drill the oil well and to owe to the increase in drilling footage along with the development of the Deepwater oil & gas field. These are the factor which leads to drilling tools market to grow. 

On the basis of the application, the global drilling tool market can be segmented into onshore and offshore. The onshore is expected to dominate the drilling tool market in the above segmentation. Owing to advancement in drilling technologies like vertical and horizontal drilling. Also, numbers of onshore drilling are being conducted by various nations across the world. Moreover, offshore drilling activities have been increased in many countries owing to an increase in investment to discover new oil reserves.

The factor that is expected to drive the growth of the global drilling tools market is owing to an increase in exploration activities across the world, both onshore and offshore to fulfill increasing oil & gas demand. Also, advancement in technology in drilling tools and development of unconventional hydrocarbon reserves. Increase in number of oil field across the world.

The factor that is expected to restrain the growth of the global drilling tools market is a high cost associated with the procurement of the drilling tools. Also, expanding inclination for renewable energy sources like solar, wind, etc. and fluctuation of prices of raw material owing to uncertainty in geopolitical reason.

Key Players Covered

Some of the major companies in the global drilling tools market is Schlumberger, National Oilwell Varco, Halliburton, BHGE, Weatherford, Transocean, Nabors, Helmerich & Payne, Drilling Tools International, Rubicon Oilfield International Holdings, L.P., Cougar Drilling Solutions Inc., BICO Drilling Tools, Inc., Perkins Drilling Tools Inc., and Sandvik AB.

SEGMENTATION 

Regional Analysis

The global drilling tools market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America, the USA has dominated by the drilling tools market owing to increase investment in the USA for onshore drilling projects. Along with the US Shale revolution that boom the oil & gas production which leads to the drilling tools market to grow. More government investment for the upgradation of oil & gas infrastructure to increase production to meet growing demand. In the Middle East & Africa, most of the countries in the Middle East are dominated by industries like oil & gas, mining, construction, etc. which leads to the huge demand for drilling tools in the region. Also, the Middle East is rich in petroleum products and it is one of the major producers of oil & gas. Most of the countries depend on the Middle East for oil. These are the factors that lead to an increase in demand for drilling tools. In the Asia Pacific, countries like India & China, etc. who are increasing investment for onshore drilling along with rising in demand for oil, this leads to an increase in demand for drilling tools. In Europe, most of the countries like Russia, Norway, the UK are the major oil producer in the region owing to an increase in demand for oil which leads to an increase in the production of oil in the region. This factor leans to the drilling tools market to grow.

Key Industry Developments

• In Jul 2019, Halliburton has secured a contract from Kuwait Oil Company for integrated offshore drilling services contract for 6 high-pressure high-temperature exploration wells on 2 jack-up rigs in the Arab gulf. The Company will provide and manage drilling, fluids, wireline and perforating, well testing, coring, cementing, coiled tubing, and all offshore logistical services. Additionally, Halliburton will provide the offshore rigs and supply vessels for the project.
• In Jul 2019, National Oilwell Varco has secured a contract from Samsung Heavy Industries to supply large submerged turret production system.
• In Jan 2017, Schlumberger has announced that the company has acquired Peak Well System a design and development of advanced downhole tools for flow control. This acquisition will enhance the productivity of both companies.