Global Drilling Tools Market to Reach $10 Billion by 2027
Amid the COVID-19 crisis, the global market for Drilling Tools estimated at US$6.9 Billion in the year 2020, is projected to reach a revised size of US$10 Billion by 2027, growing at a CAGR of 5.6% over the analysis period 2020-2027. Drill Bits, one of the segments analyzed in the report, is projected to record a 6.4% CAGR and reach US$1.6 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Drilling Tubulars segment is readjusted to a revised 6.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.9 Billion, While China is Forecast to Grow at 8.6% CAGR
The Drilling Tools market in the U.S. is estimated at US$1.9 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.1 Billion by the year 2027 trailing a CAGR of 8.6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 5.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR.
Drilling Motors Segment to Record 5.7% CAGR
In the global Drilling Motors segment, USA, Canada, Japan, China and Europe will drive the 5.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$616.8 Million in the year 2020 will reach a projected size of US$880.8 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.3 Billion by the year 2027, while Latin America will expand at a 6.9% CAGR through the analysis period. We bring years of research experience to this 9th edition of our report. The 298-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.Competitors identified in this market include, among others,
- Baker Hughes, a GE company
- BICO Drilling Tools, Inc.
- Cougar Drilling Solutions
- Drilling Tools International, Inc.
- Dynomax Drilling Tools Inc.
- Gyrodata Inc.
- National Oilwell Varco, Inc.
- Pacesetter Directional Drilling Ltd.
- Schlumberger Ltd.
- Scientific Drilling International
- Weatherford International Ltd.
- Wenzel Downhole Tools Ltd.