Drilling tools are used for exploring and extracting crude oil or natural gas. Drilling tools consists of various tools such as drill bit, rig, sand pipe, rotary house, drill pipe, mud pit, mud pump, swivel, etc. Drilling tools can be either powered manually, or through electricity (electric drill) or compressed air (pneumatic drill) as the motive power.
Major factor driving growth of the global drilling tools market is increasing oil and gas exploration and production activities globally. Additionally, increasing shale gas projects, rising number of bore-well drilling activities, and increasing demand for innovative tools and technologies for drilling activities are other factors expected to boost growth of the global market over the forecast period.
High procurement and maintenance costs are key factors restraining growth of the global market. In addition, variations in prices of raw material and increasing demand for renewable energy resources are other factors expected to hamper growth of the global market over the forecast period.
The global drilling tools market is segmented on the basis of type, application, and region. On the basis of type, the target market is segmented into drill bits, drill collars, drilling motors, drilling tubulars, and others. On the basis of application, the target market is segmented into onshore and offshore. On the basis of region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market accounted for highest share in terms of revenue in the global market, as compared to that of markets in other regions. This can be attributed to increasing number of exploration activities and presence of prominent players in countries in the region. The market in Asia Pacific is expected to witness considerable growth and is expected to register highest CAGR of X.X% over the forecast period, owing to increasing deep-water exploration activities in emerging economies such as China and India. Furthermore, markets in Latin America and Middle East & Africa is expected to register moderate growth in the global market over the forecast period.
Key players in the global drilling tools market include Schlumberger Limited, Halliburton Company, National Oilwell Varco, L.P., Weatherford International plc, Drilling Tools International, Inc., Rubicon Oilfield International Holdings, L.P., Cougar Drilling Solutions Inc., BICO Drilling Tools, Inc., Perkins Drilling Tools Inc., and Sandvik AB.