July 24, 2020
As per the report titled ‘Global Downhole Equipment Market: Analysis By Equipment, Application, By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024)’, available with Market Study Report LLC, global downhole equipment market is anticipated to register an appreciable growth rate over 2019-2024
Increasing oil & gas well exploration and production activities in both onshore and offshore sites, surging demand for cleaner energy source, economic development, along with stringent regulations pertaining to carbon emission and environment safety are stimulating the growth of global downhole equipment market. Further, decline in crude oil price and rising customer demand for increased functionality are augmenting the demand for downhole equipment.
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Based on equipment, global downhole equipment market is bifurcated into handling tool, flow & pressure control, impurity control, downhole control, and drilling tool. Whereas, in terms of the application spectrum, the market is categorized into formation & evaluation, well drilling, well completion, well intervention, and oil & gas production.
Considering the regional landscape, global downhole equipment market is divided into APAC, Europe, Americas, and ROW. Among these, APAC market is projected to expand with a CAGR of 5.2% over the analysis timeframe, with China as the leading contributor, followed by India and Indonesia. Increasing demand for oil & gas exploration and production to address the energy requirements of growing economies, coupled with stringent government norms & policies promoting the use cleaner fuel are contributing to the regional market expansion.
Major players operating in global downhole equipment market are Halliburton Company, The Weir Group plc, General Electric Company, National Oilwell Varco, Aker Solutions ASA, Superior Energy Services, Inc., Schlumberger Limited, Essential Energy Services Limited, Forum Energy Technologies, Inc., and Oil States International, Inc.