According to the new research report available at MarketStudyReport.com under the title ‘Global Downhole Equipment Market: Analysis By Equipment (Flow and Pressure Control, Drilling Tool, Impurity Control, Downhole Control, Handling), Application (Well Drilling, Well Completion, Well Intervention, Formation and Evaluation, Oil and Gas Production), By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024)’, the worldwide downhole equipment market is anticipated to record 5.2% CAGR through 2024.
Growing number of industrial activities across the world have resulted in a high demand for downhole tools. This is anticipated to stimulate downhole equipment market over the forecast timeframe. Rising applications of downhole tools in various industries such as well interventions, well drilling and oil & gas production will trigger downhole equipment market trends.
Downhole equipment market is mainly driven by increasing oil and gas exploration and production activities and rising economy. Increasing government regulations for the use of cleaner fuel to decrease the pollution level are also likely to drive downhole equipment market. Moreover, growing number of applications of downhole equipment and the rising demand of the products globally are some of the other factors propelling the market growth.
The research report provides a comprehensive insight about segmental growth, trends, drivers, challenges, opportunities impacting the market growth.
Downhole equipment market is analysed on the basis of equipment, application spectrum and regional landscape. Speaking of the equipment, the market is segmented as downhole control, handling tool, flow & pressure control, impurity control, and drilling tool. While considering the application spectrum, the market is fragmented into well intervention, formation & evaluation, well drilling, well completion and oil & gas production.
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Based on the regional landscape, the market is divided into four main regions which are Americas, Asia Pacific, Europe and rest of the world. Moreover, China dominated downhole equipment market by acquiring largest share and is expected to grow substantially over the forecast timeframe.
The prominent companies operating in downhole equipment market include Oil states International Inc., Halliburton, Essential Energy Services, General Electric, Forum Technologies, Weir Group, Superior Energy Services, Aker Solutions, Schlumberger, and National Oilwell Varco.
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