Increasing Demand for Oil & Gas Will Stimulate the Growth of the Global Downhole Drilling Tools Market through 2019: TechNavio

LONDON--(BUSINESS WIRE)--

With the increasing demand for oil and gas worldwide, the Global Downhole Drilling Tools Market is expected to grow at a CAGR of 10.20 percent from 2014-2019, says research firm TechNavio.

About the Report

The latest report by TechNavio draws attention to the expansion of oil and gas exploration and drilling activities, which is expected to stimulate market growth in the near future. The growing demand for oil and gas will drive large investments in this technology and increase the efficiency of drilling tools, thus ensuring oil production.

"With the decline of easy oil worldwide, drilling activities like directional and deep-sea drilling will ensure the supply-demand balance by enhancing access to oil and gas in previously inaccessible formations," says Faisal Ghaus, Vice President of TechNavio.

The report also emphasizes advances in technology in downhole drilling tools that will boost the market in terms of demand. These technological advances will also improve drilling and redevelopment of mature and aged oilfields, thus facilitating drilling of unconventional resources like shale formation and better well management.

"Market vendors are increasing their investments in R&D, which is likely to improve reliability and efficiency of downhole drilling tools," says Ghaus.

Key Information Covered in the Report:

• Market segmentation, size and forecast through 2019
• Market Growth Drivers:
  • Increased Demand for Oil and Gas Worldwide
  • For a full detailed list, view our report.
• Market Challenges:
  • Increase in Geopolitical Issues
  • For a full detailed list, view our report.
• Market Trends:
  • Advances in Technology
  • For a full detailed list, view our report.
• Key Vendors:
  • Halliburton Co.
  • National OilWell Varco (NOV)
  • Schlumberger Ltd.
  • Weatherford International
• Other Prominent Vendors:
  • American Oilfield Tools
  • Bilco Tools
  • Logan Oil Tools
  • Magnum Oil Tool International

TechNavio currently has more than 3000 market research reports on a huge range of topics, including 50+ reports on the drilling tools and application market:

• Global Drilling and Completion Fluids Market 2015-2019
• Global Drilling Waste Management Market 2014-2018

If you are interested in more information, please contact our media team at media@technavio.com.