(PRWEB) August 18, 2014
The report "Downhole Tools Market by Types (Flow & Pressure Control Tools, Drilling Tools, Impurity Control Tools, Downhole Control System and Handling Tools), Application (Well Drilling, Well Completion, Well Intervention, Formation & Evaluation and Oil & Gas Production) & Geography - Global Trends & Forecast to 2019", defines and segments the global Downhole Tools Market with an analysis and forecast of the revenue. The Downhole Tools Market will grow from an estimated $2.79 Billion in 2014 to $4.21 Billion by 2019 with a CAGR of 8.5% from 2014 to 2019.
Browse 71 market data tables with 40 figures spread through 180 pages and in-depth TOC on "Downhole Tools Market - Global Trends & Forecast to 2019".
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The rapidly growing demand for downhole tools is driven by new offshore discoveries around the globe and the depletion of the conventional fossil reserves that has shifted to the demand to other sources like shale/tight oil and gas. Downhole tools are continuously improved and upgraded so as to meet the environmental regulations and to cater the demand of the industry trends.
The recent developments in the downhole tools market are very encouraging, with many new product developments as a major strategy for market capture. This is a result of vast R&D activities. The market has also seen expansion of facilities so as to increase the global footprint, by major downhole tools manufacturers.
North America: Largest Market for Floating Production Systems
North America is leading the global Downhole Tools Market owing to the drilling activities in the US and Gulf of Mexico region. Also the shale exploration activities are growing the region. U.S. has emerged as the leader in these activities and also in offshore exploration. These factors have helped the regional market to grow at a good pace and become a dominating market in downhole tools.
Drilling Tools: Biggest Market by Type
Drilling tools are the largest type of downhole tools employed in the oil and gas activities. They are the largest segment of the downhole tools employed in the well bore capturing most of the downhole hole market share. These tools are available according to the requirement of the well bore depending upon the downhole conditions.
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The application of downhole tools is growing in Well Intervention applications. In these processes a number of downhole tools are used and it is done more often than any other application of these tools. Some of the downhole tools that us in well intervention process are fishing tools, tubing tools, wire-line tools and others.
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