Downhole Equipment Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Drilling, Pressure & Flow Control, Handling, Impurity Control, and Others), By Application (Well Drilling, Well Completion, Well Intervention, Well Production, Formation & Evaluation), By Location (Onshore and Offshore {Shallow Water, Deepwater and Ultra-Deepwater}), By Region, By Competition

  • Industry : Oil and Gas
  • Pages : NA
  • Published Date : NA
Customization Enquiry

Buy Now

Summary

Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 4.08 billion

CAGR (2023-2028)

5.19%

Fastest Growing Segment

Drilling

Largest Market

North America

 

Market Overview

Global Downhole Equipment Market has valued at USD 4.08 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.19% through 2028.  The global Downhole Equipment market refers to the multifaceted industry involved in the design, manufacturing, distribution, and servicing of specialized tools, machinery, and instruments used in the exploration, drilling, and production of hydrocarbons (oil and natural gas) as well as geothermal resources. These equipment and tools are essential for accessing and extracting resources buried deep within the Earth's subsurface. Key components of the Downhole Equipment market include drilling tools, wellbore equipment, completion tools, artificial lift systems, measurement and control instruments, and various other technologies and accessories required for the entire lifecycle of oil, gas, and geothermal wells. These tools aid in drilling boreholes, ensuring well integrity, optimizing production rates, and monitoring reservoir performance. This market operates globally, serving the energy industry and its various stakeholders, including oil and gas companies, drilling contractors, service providers, and equipment manufacturers. The Downhole Equipment market is inherently influenced by factors such as energy demand, technological advancements, environmental regulations, and exploration activities, making it a dynamic and vital segment of the broader energy sector.

Key Market Drivers

Increasing Global Energy Demand

The global Downhole Equipment market is significantly influenced by the ever-growing demand for energy worldwide. As populations expand and economies develop, the need for both fossil fuels and renewable energy sources continues to rise. Downhole equipment plays a pivotal role in the exploration and extraction of oil, natural gas, and geothermal resources. This increasing demand for energy resources has led to an uptick in drilling activities, subsequently boosting the demand for downhole equipment. The oil and gas industry, in particular, heavily relies on downhole equipment to access hydrocarbon reservoirs deep beneath the Earth's surface. As emerging economies industrialize and developed nations maintain their energy consumption, the need for downhole equipment is expected to remain robust. Additionally, the growth of renewable energy sources like geothermal power plants also contributes to the demand for downhole equipment, as it is used for drilling geothermal wells.

Technological Advancements

Advancements in drilling technologies have been a key driver of the global Downhole Equipment market. Over the years, significant improvements in downhole equipment have enhanced drilling efficiency, safety, and reliability. Innovations such as advanced drilling fluids, high-performance drill bits, telemetry systems, and real-time data analytics have revolutionized the drilling process. These technological advancements have allowed operators to drill deeper and access previously untapped reservoirs. Furthermore, downhole equipment with built-in sensors and smart capabilities has improved decision-making during drilling operations. Such advancements not only increase productivity but also reduce downtime and minimize environmental impact, making them highly attractive to the industry.


Download Free Sample Report

Resurgence of Exploration Activities

The Downhole Equipment market has been buoyed by a resurgence of exploration activities in both mature and emerging oil and gas regions. As existing reserves are depleted, oil and gas companies are compelled to explore new frontiers and unconventional resources. In regions like the Permian Basin in the United States and the Vaca Muerta formation in Argentina, renewed interest in exploration has driven up the demand for downhole equipment. Moreover, offshore drilling activities have also seen a resurgence, driven by the discovery of new deepwater reserves. The need for specialized downhole equipment to handle the challenges posed by deepwater drilling, such as extreme pressure and temperature conditions, has further contributed to market growth.

Environmental Regulations

Stringent environmental regulations and the growing emphasis on sustainability have had a profound impact on the Downhole Equipment market. As concerns about the environmental impact of drilling operations increase, there is a growing demand for downhole equipment that minimizes emissions, reduces waste, and enhances safety. Operators are increasingly adopting downhole equipment with features like closed-loop drilling systems, which recirculate drilling fluids, and advanced blowout prevention systems to prevent oil spills. These measures not only comply with regulations but also improve the industry's image and reduce the risk of costly environmental disasters.

Growing Focus on Unconventional Resources

The global Downhole Equipment market is driven by the growing focus on unconventional resources such as shale oil and gas, tight gas, and heavy oil. These resources require specialized downhole equipment due to their unique geological characteristics and challenging extraction methods. The development of hydraulic fracturing (fracking) and horizontal drilling techniques has unlocked vast reserves of unconventional resources. This has led to increased demand for downhole equipment tailored to these unconventional drilling methods, including specialized wellbore tools, completion systems, and proppants.

Infrastructure Development

Infrastructure development, especially in emerging economies, is a significant driver of the Downhole Equipment market. As nations seek to improve their energy infrastructure and reduce dependence on imports, they invest in drilling and exploration activities. This investment encompasses not only the drilling rigs but also the downhole equipment required for efficient and productive operations. Infrastructure development also includes the expansion of pipelines, refineries, and storage facilities, further stimulating the demand for downhole equipment. This trend is particularly pronounced in regions with abundant energy resources, such as the Middle East, Africa, and parts of Asia.

In conclusion, the global Downhole Equipment market is influenced by a complex interplay of factors, including energy demand, technological advancements, exploration activities, environmental regulations, unconventional resources, and infrastructure development. Understanding and adapting to these drivers is crucial for companies operating in this dynamic industry.

Government Policies are Likely to Propel the Market

Environmental Regulations and Emission Control Measures

In recent years, governments worldwide have implemented stringent environmental regulations aimed at reducing the environmental impact of the Downhole Equipment market. These policies are driven by growing concerns over air and water pollution, as well as the contribution of the oil and gas industry to greenhouse gas emissions. Governments have introduced policies that mandate the use of cleaner drilling technologies and downhole equipment to minimize emissions of volatile organic compounds (VOCs) and greenhouse gases such as methane. They also require the use of environmentally friendly drilling fluids and wellbore integrity monitoring systems to prevent leaks and spills. Additionally, governments are increasingly requiring operators to report and disclose their environmental performance, promoting transparency and accountability within the industry. These policies not only protect the environment but also encourage the development and adoption of more sustainable downhole equipment technologies.

Safety Standards and Occupational Health Regulations

Ensuring the safety of workers in the Downhole Equipment market is a top priority for governments. Policies related to safety standards and occupational health regulations are designed to protect workers from the hazards associated with drilling and exploration activities. Governments require operators to adhere to strict safety standards when using downhole equipment. These standards encompass the design, operation, and maintenance of drilling equipment, as well as the training and certification of personnel. They also mandate the use of safety equipment and emergency response plans to mitigate the risks associated with drilling operations. Furthermore, governments often establish agencies or regulatory bodies responsible for monitoring and enforcing safety regulations in the industry. These policies help reduce workplace accidents and ensure the well-being of workers involved in Downhole Equipment activities.

Tax Incentives and Subsidies

To promote domestic production of oil and gas resources, many governments offer tax incentives and subsidies to companies operating in the Downhole Equipment market. These policies are designed to encourage investment in exploration, drilling, and production activities. Tax incentives may include reduced corporate income tax rates for companies engaged in the extraction of natural resources or tax credits for research and development of advanced downhole equipment technologies. Subsidies can be provided for the development of infrastructure such as pipelines and storage facilities, which are essential for the efficient transport and distribution of oil and gas. These incentives and subsidies not only support the growth of the Downhole Equipment market but also contribute to energy security by reducing reliance on imports and promoting domestic resource development.

Licensing and Permitting Regulations

Governments play a pivotal role in regulating the licensing and permitting of drilling operations in the Downhole Equipment market. These policies are put in place to ensure that drilling activities adhere to environmental, safety, and land use standards. Operators are typically required to obtain various permits and licenses before commencing drilling operations. These permits may cover aspects such as land use, water rights, air emissions, and waste disposal. Governments also establish guidelines for the location and spacing of wells to prevent overexploitation of resources and potential conflicts with other land uses. Moreover, governments often impose rigorous environmental impact assessments (EIAs) to evaluate the potential effects of drilling activities on the surrounding ecosystem. This allows for informed decision-making and the implementation of mitigation measures when necessary.

Export and Trade Regulations

Many governments enact export and trade regulations that impact the Downhole Equipment market, particularly in regions with significant energy resources. These policies aim to manage the export of oil and gas products and downhole equipment to maximize economic benefits and energy security. Governments may restrict the export of certain downhole equipment technologies to safeguard their domestic industries or to prioritize the use of these technologies for domestic energy needs. They may also establish export quotas or tariffs to control the outflow of energy resources. These policies are often intertwined with international trade agreements and geopolitical considerations, making them complex and subject to negotiation between governments and industry stakeholders.

Research and Development Support

Governments recognize the importance of innovation in the Downhole Equipment market and may implement policies to support research and development (R&D) efforts. These policies are designed to stimulate the creation of advanced technologies that improve the efficiency and sustainability of drilling operations. Government-sponsored R&D programs may provide grants, tax incentives, or partnerships with research institutions and companies engaged in downhole equipment development. These initiatives encourage the industry to invest in the creation of cutting-edge technologies, including drilling automation, sensor integration, and data analytics, which can enhance productivity and reduce environmental impact. Furthermore, governments may establish technology transfer programs to facilitate the adoption of innovative downhole equipment solutions by operators, thereby driving industry-wide improvements.

In conclusion, government policies have a profound impact on the global Downhole Equipment market, influencing environmental, safety, economic, and technological aspects of the industry. The evolving regulatory landscape underscores the importance of close collaboration between governments, industry stakeholders, and environmental organizations to ensure sustainable and responsible resource extraction. 

Key Market Challenges

Volatility in Energy Prices

One of the most significant challenges facing the global Downhole Equipment market is the inherent volatility of energy prices. The prices of oil, natural gas, and other energy commodities are subject to fluctuations driven by a complex interplay of factors, including geopolitical tensions, supply and demand dynamics, and economic conditions. This volatility in energy prices directly impacts the profitability and investment decisions of companies operating in the Downhole Equipment market. When energy prices are high, there is often increased exploration and drilling activity as companies seek to capitalize on favorable market conditions. This can lead to a surge in demand for downhole equipment. Conversely, during periods of low energy prices, many operators may reduce their drilling activities to cut costs, leading to decreased demand for downhole equipment. This cyclicality can result in significant challenges for downhole equipment manufacturers and service providers, as they must navigate the boom and bust cycles of the energy industry. Moreover, the unpredictability of energy prices can make long-term planning and investment decisions in the Downhole Equipment market more challenging. Companies must strike a delicate balance between maintaining production capacity and managing costs to remain competitive in a volatile market. To mitigate this challenge, companies in the Downhole Equipment market often focus on diversifying their product offerings, expanding into other sectors, or providing services that are less dependent on energy price fluctuations. Additionally, they may implement efficient inventory management and cost-control measures to adapt to changing market conditions.

Technological Complexity and Rapid Advancements

While technological advancements have been a driver of the Downhole Equipment market, they also pose a significant challenge. The industry is characterized by rapid innovation and the continuous development of more advanced and complex downhole equipment. The challenge arises from the need for companies to stay at the forefront of technological advancements to remain competitive. Developing, adopting, and integrating new technologies into existing operations require significant investments in research and development (R&D), workforce training, and capital expenditures. Furthermore, as downhole equipment becomes more sophisticated, it also becomes more complex to operate and maintain. This complexity can lead to challenges in terms of personnel training, equipment reliability, and troubleshooting. Companies must ensure that their workforce is adequately trained to operate and maintain advanced downhole equipment effectively. Additionally, the rapid pace of technological advancements can lead to equipment obsolescence. As new, more efficient technologies emerge, older equipment may become less competitive and less desirable to operators. This can result in the need for costly equipment upgrades or replacements to remain competitive in the market. Moreover, companies must navigate the risks associated with adopting new technologies, including potential compatibility issues and the need for rigorous testing and validation to ensure safety and reliability. To address this challenge, companies in the Downhole Equipment market often establish dedicated R&D departments, collaborate with technology partners, and invest in ongoing training and development programs for their employees. They also focus on diversifying their product portfolios to offer a range of equipment options to meet varying customer needs and preferences while mitigating the risks associated with technological obsolescence.

In conclusion, the global Downhole Equipment market faces challenges related to the volatility of energy prices and the rapid pace of technological advancements. Navigating these challenges requires strategic planning, adaptability, and a commitment to staying at the forefront of innovation in the industry.

Segmental Insights

Drilling Insights

The Drilling segment had the largest market share in 2022 & expected to maintain it in the forecast period. Drilling is a fundamental and ongoing activity in the oil and gas industry. It is the initial step in the exploration and production process, allowing access to underground reservoirs of hydrocarbons. Without drilling, there would be no means to reach these valuable resources. As a result, drilling equipment, including drill bits, drill pipes, and drilling motors, is consistently in demand. Continuous Exploration and Production Needs: The demand for drilling equipment is closely tied to the need for continuous exploration and production activities. Energy companies are always looking for new reserves to replace depleted wells and meet the world's growing energy demand. As existing wells deplete, new drilling is required to maintain or increase production levels. This ongoing need for drilling equipment ensures its dominance in the market. Drilling technology has advanced significantly over the years, leading to increased efficiency, safety, and the ability to access deeper and more challenging reservoirs. Innovations in drill bit designs, materials, and coatings have improved drilling performance, while advancements in downhole motors and telemetry systems have made drilling operations more precise. These technological advancements make drilling equipment indispensable in modern drilling operations. The global demand for energy continues to rise, driven by factors such as population growth, urbanization, and industrialization. Oil and natural gas remain crucial energy sources, and drilling is the primary means of extracting these resources. As long as there is a growing need for fossil fuels to meet energy demands, drilling equipment will maintain its dominance in the Downhole Equipment market. Drilling equipment serves various applications within the industry, from exploratory drilling to production drilling and wellbore interventions. This versatility means that drilling equipment is required at different stages of a well's lifecycle. For example, drilling tools are used during exploration and initial well construction, while workover operations may also involve drilling equipment for well maintenance and enhancement. As exploration activities expand to new regions and offshore areas, the demand for drilling equipment grows. Offshore drilling, in particular, relies heavily on specialized drilling equipment designed to operate in challenging environments such as deepwater. This trend contributes to the sustained dominance of drilling equipment in the global Downhole Equipment market.

In summary, drilling equipment's dominance in the global Downhole Equipment market is a reflection of its foundational role in the oil and gas industry, ongoing exploration and production needs, technological advancements, and the ever-increasing global demand for energy resources. As long as drilling remains a critical component of the energy sector, drilling equipment will continue to be a dominant and essential segment of the market.

Well Production Insights

The Well Production segment had the largest market share in 2022 and is projected to experience rapid growth during the forecast period. Well production is a continuous and long-term phase in the life of an oil or gas well. Once a well is drilled and completed, it typically enters the production phase, which can last for decades. This phase requires ongoing maintenance, optimization, and the use of specialized equipment to extract hydrocarbons efficiently. Consequently, well production equipment remains in high demand throughout the life of a well. Oil and gas operators are constantly striving to maximize the recovery of hydrocarbon resources from their wells. This is particularly crucial given the significant investments made in drilling and well completion. Well production equipment, including downhole pumps, artificial lift systems, and production monitoring tools, plays a central role in achieving higher production rates and extending the economic life of wells. Well production equipment is applicable to a wide range of well types, including vertical, horizontal, and directional wells, as well as those located onshore and offshore. The versatility of well production equipment makes it essential across various drilling environments and well configurations. Unlike exploration and drilling phases, which can be influenced by fluctuations in oil and gas prices, well production equipment enjoys a degree of stability. Even during periods of lower commodity prices, operators often prioritize maintaining production from existing wells to generate revenue and offset drilling costs. This consistent demand for production equipment contributes to its dominance. Advances in well production technologies have led to improved equipment efficiency and reliability. Modern artificial lift systems, such as electrical submersible pumps (ESPs) and rod lift systems, are more capable of optimizing production rates and minimizing downtime. These technological innovations further solidify the importance of production equipment in the industry. In many regions, oil and gas fields have matured, meaning they have been in production for an extended period. To continue extracting resources from these mature fields, operators often rely on enhanced oil recovery (EOR) techniques, which require specialized production equipment. This equipment can include gas injection systems, waterflood equipment, and chemical injection tools designed to increase the recovery factor from aging wells.


Download Free Sample Report

Regional Insights

North America

The North American downhole equipment market is expected to dominate the global market during the forecast period, owing to the presence of major oil and gas companies in the region. The United States is the largest market for downhole equipment in North America, followed by Canada.

The growth of the market in North America is driven by the increasing demand for oil and gas, the growing exploration and production activities, and the technological advancements in downhole drilling and completion technologies.

The market in North America is also supported by the favorable government policies and regulations. For example, the US government has been providing tax breaks and other incentives to the oil and gas industry to boost exploration and production activities.

Europe

The European downhole equipment market is the second largest market in the world. The market is driven by the increasing demand for oil and gas in countries such as Russia, Norway, and the United Kingdom.

The technological advancements in downhole drilling and completion technologies are also driving the market growth in Europe. For example, the use of advanced sensors and data analytics is helping oil and gas companies to improve the efficiency of their drilling and production operations.

The market in Europe is also supported by the presence of a large number of well-established oil and gas companies. These companies are investing in research and development to develop innovative downhole equipment solutions.

Recent Developments

  • In February 2023, Schlumberger announced that it would invest USD 1 billion in its downhole drilling and completion technologies. The investment will be used to develop new technologies, expand manufacturing capacity, and increase research and development.
  • In March 2023, Halliburton announced that it would invest USD 500 million in its downhole equipment business. The investment will be used to develop new technologies, expand manufacturing capacity, and increase research and development.
  • In April 2023, Weatherford International announced that it would invest USD 300 million in its downhole equipment business. The investment will be used to develop new technologies, expand manufacturing capacity, and increase research and development.
  • In May 2023, National Oilwell Varco announced that it would invest USD 200 million in its downhole equipment business. The investment will be used to develop new technologies, expand manufacturing capacity, and increase research and development.
  • In June 2023, NOV announced that it would invest USD 100 million in its downhole equipment business. The investment will be used to develop new technologies, expand manufacturing capacity, and increase research and development.

Key Market Players

  • Baker Hughes Company
  • Halliburton Corporation
  • Schlumberger NV
  • Weatherford International Plc
  • NOV Inc.
  • Cameron International Corporation
  • Trican Well Service Ltd
  • PetroChina Company Limited
  • China Oilfield Services Limited
  • Sinopec Oilfield Equipment Corporation

By Type

By Application

By Location

By Region
  • Drilling
  • Pressure & Flow Control
  • Handling
  • Impurity Control
  • Others
  • Well Drilling
  • Well Completion
  • Well Intervention
  • Well Production
  • Formation & Evaluation
  • Onshore
  • Offshore
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Downhole Equipment Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Downhole Equipment Market, By Type:

o   Drilling

o   Pressure & Flow Control

o   Handling

o   Impurity Control

o   Others   

  • Downhole Equipment Market, By Application:

o   Well Drilling

o   Well Completion

o   Well Intervention

o   Well Production

o   Formation & Evaluation  

  • Downhole Equipment Market, By Location:

o   Onshore

o   Offshore  

§  Shallow Water

§  Deepwater

§  Ultra-Deepwater

  • Downhole Equipment Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Kuwait

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Downhole Equipment Market.

Available Customizations:

Global Downhole Equipment market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Downhole Equipment Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

2.    Key Market Segmentations

3.    Research Methodology

3.1.  Objective of the Study

3.2.  Baseline Methodology

3.3.  Formulation of the Scope

3.4.  Assumptions and Limitations

3.5.  Sources of Research

3.5.1.     Secondary Research

3.5.2.     Primary Research

3.6.  Approach for the Market Study

3.6.1.The Bottom-Up Approach

3.6.2.The Top-Down Approach

3.7.  Methodology Followed for Calculation of Market Size & Market Shares

3.8.  Forecasting Methodology

3.8.1.Data Triangulation & Validation

4.    Executive Summary

5.    Voice of Customer

6.    Global Downhole Equipment Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Type (Drilling, Pressure & Flow Control, Handling, Impurity Control, and Others)

6.2.2.    By Application (Well Drilling, Well Completion, Well Intervention, Well Production, Formation & Evaluation)

6.2.3.    By Location (Onshore and Offshore)

6.2.4.    By Region

6.2.5.    By Company (2022)

6.3.  Market Map

7.    North America Downhole Equipment Market Outlook

7.1.  Market Size & Forecast       

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Type

7.2.2.    By Application

7.2.3.    By Location

7.2.4.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States Downhole Equipment Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Type

7.3.1.2.2.           By Application

7.3.1.2.3.           By Location

7.3.2.    Canada Downhole Equipment Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Type

7.3.2.2.2.           By Application

7.3.2.2.3.           By Location

7.3.3.    Mexico Downhole Equipment Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Type

7.3.3.2.2.           By Application

7.3.3.2.3.           By Location

8.    Europe Downhole Equipment Market Outlook

8.1.  Market Size & Forecast       

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Type

8.2.2.    By Application

8.2.3.    By Location

8.2.4.    By Country

8.3.  Europe: Country Analysis

8.3.1.    Germany Downhole Equipment Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Type

8.3.1.2.2.           By Application

8.3.1.2.3.           By Location

8.3.2.    United Kingdom Downhole Equipment Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Type

8.3.2.2.2.           By Application

8.3.2.2.3.           By Location

8.3.3.    Italy Downhole Equipment Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Type

8.3.3.2.2.           By Application

8.3.3.2.3.           By Location

8.3.4.    France Downhole Equipment Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Type

8.3.4.2.2.           By Application

8.3.4.2.3.           By Location

8.3.5.    Spain Downhole Equipment Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Type

8.3.5.2.2.           By Application

8.3.5.2.3.           By Location

9.    Asia-Pacific Downhole Equipment Market Outlook

9.1.  Market Size & Forecast       

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Type

9.2.2.    By Application

9.2.3.    By Location

9.2.4.    By Country

9.3.  Asia-Pacific: Country Analysis

9.3.1.    China Downhole Equipment Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Type

9.3.1.2.2.           By Application

9.3.1.2.3.           By Location

9.3.2.    India Downhole Equipment Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Type

9.3.2.2.2.           By Application

9.3.2.2.3.           By Location

9.3.3.    Japan Downhole Equipment Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Type

9.3.3.2.2.           By Application

9.3.3.2.3.           By Location

9.3.4.    South Korea Downhole Equipment Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Type

9.3.4.2.2.           By Application

9.3.4.2.3.           By Location

9.3.5.    Australia Downhole Equipment Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.           By Value

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.           By Type

9.3.5.2.2.           By Application

9.3.5.2.3.           By Location

10. South America Downhole Equipment Market Outlook

10.1.             Market Size & Forecast        

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Type

10.2.2. By Application

10.2.3. By Location

10.2.4. By Country

10.3.             South America: Country Analysis

10.3.1. Brazil Downhole Equipment Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Type

10.3.1.2.2.         By Application

10.3.1.2.3.         By Location

10.3.2. Argentina Downhole Equipment Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Type

10.3.2.2.2.         By Application

10.3.2.2.3.         By Location

10.3.3. Colombia Downhole Equipment Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Type

10.3.3.2.2.         By Application

10.3.3.2.3.         By Location

11. Middle East and Africa Downhole Equipment Market Outlook

11.1.             Market Size & Forecast        

11.1.1. By Value

11.2.             Market Share & Forecast

11.2.1. By Type

11.2.2. By Application

11.2.3. By Location

11.2.4. By Country

11.3.             MEA: Country Analysis

11.3.1. South Africa Downhole Equipment Market Outlook

11.3.1.1.     Market Size & Forecast

11.3.1.1.1.         By Value

11.3.1.2.     Market Share & Forecast

11.3.1.2.1.         By Type

11.3.1.2.2.         By Application

11.3.1.2.3.         By Location

11.3.2. Saudi Arabia Downhole Equipment Market Outlook

11.3.2.1.     Market Size & Forecast

11.3.2.1.1.         By Value

11.3.2.2.     Market Share & Forecast

11.3.2.2.1.         By Type

11.3.2.2.2.         By Application

11.3.2.2.3.         By Location

11.3.3. UAE Downhole Equipment Market Outlook

11.3.3.1.     Market Size & Forecast

11.3.3.1.1.         By Value

11.3.3.2.     Market Share & Forecast

11.3.3.2.1.         By Type

11.3.3.2.2.         By Application

11.3.3.2.3.         By Location

11.3.4. Kuwait Downhole Equipment Market Outlook

11.3.4.1.     Market Size & Forecast

11.3.4.1.1.         By Value

11.3.4.2.     Market Share & Forecast

11.3.4.2.1.         By Type

11.3.4.2.2.         By Application

11.3.4.2.3.         By Location

11.3.5. Turkey Downhole Equipment Market Outlook

11.3.5.1.     Market Size & Forecast

11.3.5.1.1.         By Value

11.3.5.2.     Market Share & Forecast

11.3.5.2.1.         By Type

11.3.5.2.2.         By Application

11.3.5.2.3.         By Location

12. Market Dynamics

13. Market Trends & Developments

14. Competitive Landscape

14.1.       Baker Hughes Company

14.1.1. Business Overview

14.1.2. Key Revenue and Financials 

14.1.3. Recent Developments

14.1.4. Key Personnel/Key Contact Person

14.1.5. Key Product/Services Offered

14.2.       Halliburton Corporation

14.2.1. Business Overview

14.2.2. Key Revenue and Financials 

14.2.3. Recent Developments

14.2.4. Key Personnel/Key Contact Person

14.2.5. Key Product/Services Offered

14.3.       Schlumberger NV

14.3.1. Business Overview

14.3.2. Key Revenue and Financials 

14.3.3. Recent Developments

14.3.4. Key Personnel/Key Contact Person

14.3.5. Key Product/Services Offered

14.4.       Weatherford International Plc

14.4.1. Business Overview

14.4.2. Key Revenue and Financials 

14.4.3. Recent Developments

14.4.4. Key Personnel/Key Contact Person

14.4.5. Key Product/Services Offered

14.5.       NOV Inc.

14.5.1. Business Overview

14.5.2. Key Revenue and Financials 

14.5.3. Recent Developments

14.5.4. Key Personnel/Key Contact Person

14.5.5. Key Product/Services Offered

14.6.       Cameron International Corporation

14.6.1. Business Overview

14.6.2. Key Revenue and Financials 

14.6.3. Recent Developments

14.6.4. Key Personnel/Key Contact Person

14.6.5. Key Product/Services Offered

14.7.       Trican Well Service Ltd

14.7.1. Business Overview

14.7.2. Key Revenue and Financials 

14.7.3. Recent Developments

14.7.4. Key Personnel/Key Contact Person

14.7.5. Key Product/Services Offered

14.8.       PetroChina Company Limited

14.8.1. Business Overview

14.8.2. Key Revenue and Financials 

14.8.3. Recent Developments

14.8.4. Key Personnel/Key Contact Person

14.8.5. Key Product/Services Offered

14.9.       China Oilfield Services Limited

14.9.1. Business Overview

14.9.2. Key Revenue and Financials 

14.9.3. Recent Developments

14.9.4. Key Personnel/Key Contact Person

14.9.5. Key Product/Services Offered

14.10.    Sinopec Oilfield Equipment Corporation

14.10.1.              Business Overview

14.10.2.              Key Revenue and Financials 

14.10.3.              Recent Developments

14.10.4.              Key Personnel/Key Contact Person

14.10.5.              Key Product/Services Offered

15. Strategic Recommendations

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

down-arrow

The market size of the Global Downhole Equipment Market was USD 4.08 billion in 2022.

down-arrow

The Drilling segment had the largest market share in 2022 & expected to maintain it in the forecast period. Drilling is a fundamental and ongoing activity in the oil and gas industry. It is the initial step in the exploration and production process, allowing access to underground reservoirs of hydrocarbons. Without drilling, there would be no means to reach these valuable resources. As a result, drilling equipment, including drill bits, drill pipes, and drilling motors, is consistently in demand.

down-arrow

The Well Production segment had the largest market share in 2022 and is projected to experience rapid growth during the forecast period. Well production is a continuous and long-term phase in the life of an oil or gas well. Once a well is drilled and completed, it typically enters the production phase, which can last for decades. This phase requires ongoing maintenance, optimization, and the use of specialized equipment to extract hydrocarbons efficiently. Consequently, well production equipment remains in high demand throughout the life of a well.

down-arrow

Growing exploration and production activities and rising focus on sustainable energy sources are the major drivers of the Global Downhole Equipment Market.

Related Reports

profile

Parvati Sharma

Account Manager BD
Press Release

Downhole Equipment Market to Grow with a CAGR of 5.19% through 2028

Sep, 2023

Growing exploration and production activities and rising focus on sustainable energy sources are likely to drive the market in the forecast period.

Why Choose Us