Global Downhole Drilling Tools Market to Reach US$8.8 Billion by the Year 2027
Amid the COVID-19 crisis, the global market for Downhole Drilling Tools estimated at US$6.8 Billion in the year 2020, is projected to reach a revised size of US$8.8 Billion by 2027, growing at a CAGR of 3.8% over the analysis period 2020-2027.Fixed Cutter Drill Bit, one of the segments analyzed in the report, is projected to grow at a 4.3% CAGR to reach US$3.2 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 Roller Cone Drill Bit segment is readjusted to a revised 3.5% CAGR for the next 7-year period. This segment currently accounts for a 56.9% share of the global Downhole Drilling Tools market.
The U.S. Accounts for Over 28.9% of Global Market Size in 2020, While China is Forecast to Grow at a 6.2% CAGR for the Period of 2020-2027
The Downhole Drilling Tools market in the U.S. is estimated at US$2 Billion in the year 2020. The country currently accounts for a 28.87% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.5 Billion in the year 2027 trailing a CAGR of 6.2% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.3% and 3.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.8% CAGR while Rest of European market (as defined in the study) will reach US$1.5 Billion by the year 2027.
Other Products Segment Corners a 8% Share in 2020
In the global Other Products segment, USA, Canada, Japan, China and Europe will drive the 3.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$408.8 Million in the year 2020 will reach a projected size of US$506.5 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$1.2 Billion by the year 2027, while Latin America will expand at a 3.4% CAGR through the analysis period. We bring years of research experience to this 6th edition of our report. The 280-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,
- American Oilfield Tools
- Baker Hughes, a GE company
- Bilco Tools, Inc.
- Carlisle Interconnect Technologies
- Challenger Downhole Tools, Inc.
- Cougar Drilling Solutions
- Downhole Oil Tools, Inc.
- Gearcon Drilling Tools
- Kennametal Inc.
- Magnum Oil Tools International Ltd.
- National Oilwell Varco, Inc.
- Olympus Corporation
- Schlumberger Ltd.
- Schoeller-Bleckmann Oilfield Equipment AG
- Stabiltec Downhole Tools LLC
- Tasman Oil Tools Pty Ltd.
- Weatherford International Ltd.
- Wenzel Downhole Tools Ltd.
- Western Drilling Tools Inc.