Global Drilling Tools Market Report and Forecast 2023-2028
Market Report I 2023-09-19 I 160 Pages I EMR Inc.
Global Drilling Tools Market Report and Forecast 2023-2028
Market Outlook
According to the report by Expert Market Research (EMR), the global drilling tools market is projected to grow at a CAGR of 5% between 2023 and 2028. Aided by the rising demand for energy and the broadening applications of drilling tools in various sectors, the market is expected to grow significantly by 2028.
Drilling tools are critical components in the oil and gas industry, where they are used to create cylindrical holes (boreholes) for extracting natural resources. These tools also play a crucial role in construction, mining, and other industries where drilling operations are performed. Apart from their essential functionality in drilling operations, these tools possess various attributes such as durability, precision, and reliability, making them an indispensable part of many industrial processes.
The ever-increasing global energy demand is the primary driver of the global drilling tools market growth. With growing populations and industrialisation worldwide, there has been a significant increase in energy consumption. This surge in energy needs has led to increased exploration and extraction activities for oil and gas, boosting the demand for drilling tools. Additionally, the escalating trend of deep-sea exploration and drilling activities has further amplified the demand for advanced drilling tools, leading to market expansion.
The expanding applications of drilling tools in various industries are also significantly contributing to the drilling tools market development. In the mining industry, drilling tools are employed to create holes for extracting minerals and metals. The construction industry uses these tools for various applications such as foundation construction, roadwork, and infrastructure development. Moreover, with the advancement of technology, the advent of more efficient and long-lasting drilling tools has further broadened their usage in several industries, thus increasing the drilling tools market demand.
Furthermore, the increasing focus on renewable energy sources has intensified the demand for drilling tools. As geothermal energy harnessing involves drilling deep into the earth's crust, the need for efficient drilling tools in this field is also surging. With the rise of environmental consciousness and the growing preference for sustainable energy sources, drilling tools have emerged as critical components in renewable energy extraction, thereby propelling the drilling tools market expansion.
Market Segmentation
The market can be divided based on type, application, and region.
Market Breakup by Type
- Drill Bits
- Drill Collars
- Drilling Jars
- Drilling Motors
- Drilling Tubulars
- Drill Swivels
- Drill Reamers and Stabilisers
- Mechanical Thrusters
- Shock Tools
Market Breakup by Application
- Onshore
- Offshore
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global drilling tools companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Schlumberger Limited
- NOV Inc.
- Sandvik AB
- Drilling Tools International
- Tianhe Oil Group Huifeng Petroleum Equipment CO. ltd.
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Drilling Tools Market Analysis
8.1 Key Industry Highlights
8.2 Global Drilling Tools Historical Market (2018-2022)
8.3 Global Drilling Tools Market Forecast (2023-2028)
8.4 Global Drilling Tools Market by Type
8.4.1 Drill Bits
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Drill Collars
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Drilling Jars
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Drilling Motors
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.4.5 Drilling Tubulars
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2018-2022)
8.4.5.3 Forecast Trend (2023-2028)
8.4.6 Drill Swivels
8.4.6.1 Market Share
8.4.6.2 Historical Trend (2018-2022)
8.4.6.3 Forecast Trend (2023-2028)
8.4.7 Drill Reamers and Stabilisers
8.4.7.1 Market Share
8.4.7.2 Historical Trend (2018-2022)
8.4.7.3 Forecast Trend (2023-2028)
8.4.8 Mechanical Thrusters
8.4.8.1 Market Share
8.4.8.2 Historical Trend (2018-2022)
8.4.8.3 Forecast Trend (2023-2028)
8.4.9 Shock Tools
8.4.9.1 Market Share
8.4.9.2 Historical Trend (2018-2022)
8.4.9.3 Forecast Trend (2023-2028)
8.5 Global Drilling Tools Market by Application
8.5.1 Onshore
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Offshore
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Drilling Tools Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter's Five Forces Analysis
10.2.1 Supplier's Power
10.2.2 Buyer's Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Trade Data Analysis
12.1 Major Exporting Countries
12.1.1 By Value
12.1.2 By Volume
12.2 Major Importing Countries
12.2.1 By Value
12.2.2 By Volume
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Schlumberger Limited
13.2.1.1 Company Overview
13.2.1.2 Product Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 NOV Inc.
13.2.2.1 Company Overview
13.2.2.2 Product Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 Sandvik AB
13.2.3.1 Company Overview
13.2.3.2 Product Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 Drilling Tools International
13.2.4.1 Company Overview
13.2.4.2 Product Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Tianhe Oil Group Huifeng Petroleum Equipment CO. ltd.
13.2.5.1 Company Overview
13.2.5.2 Product Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 Others
14 Industry Events and Developments
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