The size of the global drilling tools market was worth USD 8.33 Billion in 2023. The global market is anticipated to grow at a CAGR of 9.34% from 2024 to 2029 and be worth USD 14.24 billion by 2029 from USD 9.11 billion in 2024.
With the help of drill bits, one can create a circular hole in a workpiece. This will enable one to remove the metal from the workpiece in the form of chips by drilling into the piece. The spindle, which is connected to the motor, begins to spin when the power is turned on. The radial arm and the height of the workpiece are set for the operation. The spindle is coupled to the chuck, which holds the drill bit. A suitable feed is provided to the drill head and adjusted to the point of application on the workpiece. The drill bit then easily drives into the workpiece. A linear motion is produced by turning the hand wheel, causing the pinion attached to the rack to also turn. This converts the rotary motion into a linear motion when used. A rack and pinion mechanism is used for this purpose.
As the number of new oil and gas reserves is increasing as well as the number of investments made by various companies in the oil and gas industry, the share of the market is also increasing. The various advantages of using drilling machines include high speed, high output, ease of operation, high flexibility, low maintenance, and lower cost for high-quality drilling and threading services.
These emissions are detrimental to the environment and contribute to the growing problem of global warming. As a result of the sophisticated equipment involved in offshore oil drilling, offshore oil exploration can be costly. It also poses significant hazards to workers.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
CAGR |
9.34% |
Segments Covered |
By Type, Application, and Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Weatherford, National Oilwell Varco, Schlumberger, Baker Hughes, Halliburton, Perkins Drilling Tools, Inc., Cougar Drilling Solutions, Inc., Drilling Tools International., Sandvik AB, BICO Drilling Tools, and Others. |
Drilling Tubular is leading the drilling tool market and is expected to grow at the highest rate in the forecasted period. Tubing is the third phase of the wellbore in the oil and gas industry. It transports oil and gas from deep within the well to the surface. Tubulars are commonly found in 30 ft lengths known as joints, and they play a critical role in the overall drilling process. The various benefits of tubular drilling are driving the segment in the drilling tools market.
The offshore sub-segment is leading the market and is expected to grow during the forecast period. The drilling of offshore oil and gas can make use of readily available shale, and equipment can be easily moved from one site to another using skids and other resources that can help to make drilling sites mobile and flexible. The advantages of offshore drilling as compared to onshore drilling are driving the segment to capture more market share.
Offshore drilling rigs present enormous opportunities for exploiting vast natural resources that can contribute to the betterment of society and the economy of a country. As a result, company investment is increasing at a rapid pace, helping the market to grow.
North America is leading the market and is expected to lead during the forecast period due to the increase in the adoption of various technologies and an increase in demand for oil and natural gas. The rise in hydrocarbon exploration activities is increasing at a very high rate in the region.
The Asia-Pacific region is expected to grow at a high rate during the forecasted period because of increased oil and gas production and exploration operations as many countries are emerging nations, such as China, South Korea, and India.
Companies playing a prominent role in the global drilling tools market include Weatherford, National Oilwell Varco, Schlumberger, Baker Hughes, Halliburton, Perkins Drilling Tools, Inc., Cougar Drilling Solutions, Inc., Drilling Tools International., Sandvik AB, BICO Drilling Tools, and Others.
By Type
By Application
By Region
Frequently Asked Questions
China, South Korea, and India are the country’s leading drilling tools market in the Asia-Pacific market.
Weatherford, Baker Hughes, Schlumberger, Drilling Tools International, and others are the major players in the market.
Asia-Pacific is expected to grow at a higher CAGR during the forecasted period.
The Drilling Tools Market size was estimated at USD 8.33 billion in 2023.
The offshore sub-segment is leading the application segment in the drilling tools market and is expected to grow during the forecast period.
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