Drilling Tools Market

Drilling Tools Market Size (2023 - 2028):

The Global Drilling Tools Market size is estimated at USD 7.62 billion in 2022 and is predicted to reach a valuation of USD 12.87 billion by 2028, with a Current CAGR of 9.34% during the forecast period 2023 to 2028.

Market Drivers:

The rising demand for drilling tools in various applications such as construction, steel manufacturing, and oil and gas production, among others, are major factors driving the drilling tool market. 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.

Market Restraints:

One of the major factors that are limiting the growth of the drilling tools market is the large amount of carbon dioxide emissions that are generated into the atmosphere. 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.

Market Recent Key Developments:

• In March 2022, Baker Hughes announced the acquisition of Altus Intervention as part of its efforts to strengthen its Oil & Gas Integrated Well Intervention Solutions. This acquisition will also boost technological capabilities, allowing customers to benefit from more efficient solutions.
• In August 2021, Schlumberger has announced the introduction of Autonomous Directional Drilling, which includes solutions for autonomously steering through any section of the wellbore. This also aids in significantly increasing rates of penetration (ROP) and improving borehole quality, resulting in increased production potential and reduced emissions.

DRILLING TOOLS MARKET REPORT COVERAGE:

Market Segmentation

Drilling Tools Market - By Type:

• Drill Bits
• Drilling Tubulars
• Drilling Motors
• Drill Reamers and Stabilizers
• Drill Collars
• Drill Jars
• Drill Swivels
• Mechanical Thrusters

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.

Drilling Tools Market - Application:

• Onshore
• Offshore

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.

Drilling Tools Market - Region:

• Asia Pacific
• North America
• Europe
• South America
• Middle East & Africa

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.

Market key players:

Some of the Key Players listed in the Drilling Tools Market are

1. Weatherford 
2. National Oilwell Varco
3. Schlumberger
4. Baker Hughes
5. Halliburton
6. Perkins Drilling Tools, Inc.
7. Cougar Drilling Solutions, Inc.
8. Drilling Tools International.
9. Sandvik AB
10. BICO Drilling Tools