CHICAGO, March 19, 2024 /PRNewswire/ -- According to Arizton's latest research report, the global drilling tools market is growing at a CAGR of 5.79% during the forecast period.
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Browse In-depth TOC on the Drilling Tools Market
326 - Pages???????????
119 - Tables???????????
142 - Figures???
Drilling Tools Market Report Scope
Report Attributes | Details |
Market Size (2029) | USD 11.01 Billion |
Market Size (2023) | USD 7.85 Billion |
CAGR (2023-2029) | 5.79 % |
Historic Year | 2020-2022 |
Base Year | 2023 |
Forecast Year | 2024-2029 |
Market Segmentation | Type, Application, and Geography |
Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
Market Dynamics | • Increased Demand for High-Quality Base Oil • Rising Need for Drilling and Boring • Government Subsidies Propel the Agriculture Industry |
The worldwide drilling tools market is anticipated to be driven by increased oil production activities. The exploration and growing concern about advances and energy security in drilling technologies enable efficiency and condensed drilling time. Further elements boosting the drilling tools markets are increased shale gas and oil exploration activities.
Global players, such as Continental, Infineon Technologies, benchmark, and Baker Hughes, have tried to expand their markets through profitable partnerships and merger strategies. In contrast, the domestic vendors have capitalized on the product portfolio that best suits the domestic needs and wants. However, being a technology-oriented product, the scope of differentiation lies with sophistication and deployment of advanced features, such as energy efficiency, COP, eco-friendly refrigerant, installation costs, geographical climate, and services analysis, and much more, through which the product can stay away from the competitive environment.
With the recent advances in engineering and technological features, the changing dynamics of the drilling tools industry demand highly effective drilling tools & equipment for universal applications. The presence of expanded global and regional vendors characterizes the market. As international players would raise their footprint in the market, regional vendors will likely find it more difficult to compete with global players.
Rise in Agricultural Industry Booming the Drilling Tools Market
Investments are essential for the growth of the agricultural sector. The global population is rising and is expected to reach 10 billion by 2050. An increase in population is anticipated to create more demand for food. According to the Food and Agriculture Organization (FAO) and the Agricultural Outlook by the Organization for Economic Co-operation and Development (OECD), global cereal production is expected to increase by 13% by 2027. Farming activities, crop production, and trade volumes have increased due to the rising population. Hence, the government has invested in helping the agriculture industry.
On the other hand, agricultural companies increase acquisitions in farmland to expand and raise crop production. Agriculture companies are expected to increase their presence and activities to meet the increased demand for farming activities. This is expected to fuel the demand for drilling tools.
Key Highlights:
- In 2022, the US had two million acres of land for farming and cultivating. According to the US gross domestic product (GDP) analysis, the industries and firms related to the agricultural production sector contributed around $1.055 trillion in 2023.
- In Brazil, nearly 2.1 billion acres of total land area, around 867.4 million acres occupied for agriculture production. In the last two decades, the agricultural industry has generated 25% of Brazil's GDP.
- Agricultural production by country, animal husbandry, and horticulture contributes 60% of India's total agricultural GDP. Agriculture production in India increased by 11% over the last 14 years, from $87 billion to $397 billion.
Application of Drilling Tools Across the Oil and Gas Industry to Contribute the Largest Share
The global drilling tools market by oil and gas will cross $5 billion by 2029. Drilling tools are critical in the oil and gas industry, facilitating exploration, extraction, and production activities. Drilling is a fundamental process in the oil and gas industry, serving as the backbone for exploration and extraction operations. Efficient drilling techniques maximize productivity, reduce costs, and ensure safe and sustainable practices. As operators continue to pursue new frontiers and embrace innovation, promoting drilling equipment will remain integral to the success and sustainability of oil plant projects worldwide.
APAC to Witness the Fastest Growth Rate in the Drilling Tools Market
Drilling rig operations in APAC are expected to have significant growth prospects due to APAC offshore exploration and production, which will support the market for drilling tools.
However, rising global warming, unforeseen diseases, and other issues are the key factors creating major environmental concerns in APAC countries. For instance, government bodies, such as drilling tools and production equipment PDC drill bits, developed computer models, which helped design and understand PDC bits' behavior. PDC bits have rapidly expanded in oil and gas applications. Formations considered un-drillable a few years earlier are being drilled economically and reliably, constantly boosting the regulation of manufacturing standards for drilling tools. These regulations aim primarily to make drilling tools more energy-efficient and eco-friendly. The end-users indirectly benefit from these regulations as their overall energy spending is extensively reduced. For instance, there has been an increased demand for residential construction in China, Japan, and India. Therefore, construction activities across residential and commercial infrastructure are expected to strengthen the APAC drilling tools market.
The Drilling Tools Market Report Encompasses Crucial Data, Including:? -
CAGR (Compound Annual Growth Rate) during the forecast period: This metric provides insights into the annual growth rate of the drilling tools market over the specified time frame.??????????
Detailed information on growth drivers: The report offers in-depth information on the factors that will propel the drilling tools market growth from 2023 to 2029. This includes an analysis of various market influences.??????????
Precise estimation of market size: Accurate assessments of the drilling tools market size and its contribution and focusing on key market segments.??????????
Predictions about upcoming trends and changes in consumer behavior: The report offers insights into anticipated trends and shifts in consumer behavior that are likely to impact the drilling tools market, helping businesses prepare for future market dynamics.??????????
Geographical market growth: The report covers the development of the drilling tools market across different regions, including North America, Europe, APAC, Latin America, the Middle East, and Africa. This provides a comprehensive understanding of the market's global landscape.??????????
Competitive landscape analysis: A thorough examination of the market's competitive landscape is presented, including detailed information about companies operating in the drilling tools market. This includes an overview of key players, their market share, strategies, and key developments.??????????
Analysis of growth challenges: The report includes a comprehensive analysis of factors that may pose challenges to the growth of companies in the drilling tools market, providing a well-rounded view of the market dynamics.?????
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Key Company Profiles
- Continental
- Infineon Technologies
- Benchmark
- Baker Hughes
- Halliburton
- National Oilwell Varco
- mphenol
- Analog Devices
- Schlumberger
- Weatherford
- Cougar Drilling Solutions
- Drilling Tools International
- Rubicon Oilfield International
- BICO Drilling Tools
- Dynomax Drilling Tools Inc
- Gyrodata
- Pacesetter Directional Drilling
- Precision Drilling Corp
- Scientific Drilling International
- Tianhe Oil Group Co. Ltd.
- Wenzel Downhole Tools Ltd
- Sandvik AB
- Atlas Copco
Market Segmentation
Type
- Drill Bits
- Drill Collar
- Drill Jar
- Drilling Tubular
- Drilling Motor
- Drill Swivels
- Drill Reamers & Stabilizers
- Others
Application
- Onshore
- Offshore
Geography
- North America
- The US
- Canada
- Europe
- Germany
- France
- Italy
- The UK
- Russia
- Poland
- Spain
- Norway
- APAC
- China
- Japan
- South Korea
- Australia
- India
- Singapore
- Middle East & Africa
- Saudi Arabia
- The UAE
- South Africa
- Latin America
- Brazil
- Mexico
- Chile
Key Questions Answered in the Report:????
How big is the drilling tools market?
What is the growth rate of the global drilling tools market?
Which region dominates the global drilling tools market share?
What are the significant trends in the drilling tools industry?
Who are the key players in the global drilling tools market?
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