Global Drilling Tools Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

MarketResearch.biz delivers in-depth insights on the global drilling tools market in its upcoming report titled, “Global Drilling Tools Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027. The global drilling tools market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global drilling tools market report has been segmented on the basis of type, application, and region.

Drilling tools are used mainly for the purpose of drilling oil. Drilling tools are mainly used for exploring and extracting crude oil or natural gas. Drilling tools takes into account a variety of equipments such as crown block situated at the apex of the rig, traveling block, sand pipe, pipe rack, engine, fuel or water tanks, swivel, rotary hose, turn table, bore hole, bit, drill pipe, mud pit, and mud pump. Drilling tools are made of sedimentary rocks that are porous and permeable in nature.

Increasing number of exploration and activities, both in offshore and onshore oilfields is a key factor driving growth of the global drilling tools market. In addition, development of unconventional hydrocarbon reserves and technological advancements in drilling tools are other factors expected to fuel growth of the global drilling tools market over the forecast period.

However, high cost associated with procurement of product is a major factor restraining growth of the global drilling tools market. Additionally, increasing preference for renewable energy sources and fluctuating raw material prices are other factors hampering growth of the global drilling tools market over the forecast period.

The market in North America is expected to account for highest share in terms of revenue and is expected to maintain its dominance over the forecast period. This dominance can be attributed to increasing number of hydrocarbon exploration activities in countries in the region. The market in Asia Pacific is expected to register significant growth in the target market over the forecast period, owing to increasing oil and gas production and exploration activities in emerging economies such as China, Japan, India, etc. Also, the market in Europe is expected to register significant growth in terms of revenue over the forecast period. Moreover, the market in Middle East & Africa is projected to register moderate growth over the forecast period, owing to presence of untapped hydrocarbon reserves in countries in the region.

Global drilling tools market segmentation:

By Type:

• Drill Bits
• Drill Collars
• Drilling Motors
• Drilling Tubulars
• Others

By Application:

• Onshore
• Offshore

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa