"Actionable Insights to Fuel Your Growth"

Downhole Tools Market Size, Share & Industry Analysis, By Tool Type (Drilling Tools, Pressure & Flow Control Tools, Handling Tools, Impurity Control Tools, and Others), By Application (Well Drilling, Well Completion, Well Intervention, Well Production, Formation & Evaluation), By Location (Onshore and Offshore {Shallow Water, Deepwater and Ultra-Deepwater}) and Regional Forecasts, 2020-2032

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI102777



Play Audio Listen to Audio Version

The global downhole tools market size was valued at USD 4.06 billion in 2019 and is projected to reach USD 8.79 billion by 2032, exhibiting a CAGR of 8.67% during the forecast period of 2020-2032.

Coronavirus or nCovid-19, wounded economic activities across the globe. The spread of the virus is to a large extent, which forced the authorities to impose complete lockdown and ban on non-essential services. Major businesses across the world virtually on a standstill; a factor that is proving to be a major setback for the global economy. The hydrocarbon industry is going through gravest challenges in its history due to plummeting oil prices and uncertainties looming over the market. Industrialists are revising their policies to sustain in this fiercely challenging environment.


Request a Free sample to learn more about this report.

Rising Uptake for Optimization of Exploration and Production Activities

Operators and oilfield service companies are spending a significant amount on drilling hydrocarbon wells. Extraction of oil and gas encompasses different operations such as drilling, well completion, well intervention, well production, and others. Several companies are emphasizing on enhancing E&P activities through cutting edge technologies. Therefore, the growing adoption of advanced technologies to yield oil and gas efficiently is likely to propel the downhole tools market.

Development of Unconventional Hydrocarbon to Provide Impetus to Market Growth

The massive demand for oil and gas across the world provides lucrative opportunities for the growth of the unconventional hydrocarbon, such as shale gas, tight gas, and others. It not only provides future energy security but also assists in meeting the growing demand for hydrocarbon. The shale gas revolution in the United States has changed the dynamics of unconventional hydrocarbon in the international market. Increasing investment in discovering unconventional hydrocarbon is set to boost the market.


Extensive Drilling Activities to Brighten the Market Prospects

The increasing drilling operations around the world is primarily attributable to the rising demand for oil and gas. Developed and emerging economies are extensively investing in exploration and production activities to suffice the hydrocarbon requisition. The population explosion and incessant urbanization propelled the oil and gas demand. Therefore, tremendous demand for drilling activities will positively propel the downhole tools market growth.

Spurring Economic Activities to Prove Beneficial for the Market

Though the world is facing severe consequences of coronavirus pandemic, essential economic activities and trade are still happening around the world. A surge in trade activities will provide lucrative opportunities for local industries. Therefore, increasing manufacturing activities are set to barge the hydrocarbon industry. Furthermore, rising per capita energy consumption in developed and emerging countries plays a crucial role in bolstering the growth of the market.


Subdued Economic Activities and Uncertainty in the Market WillHalt Growth

The oil and gas industry is bearing the severest brunt due to pandemic outbreak in different parts of the world. Coronavirus not only punctured the global economy but it is also threatening human lives. Many countries implemented strict lockdown to contain the spread of the virus, which dampens the industrial operations and suspension of non-essential activities. Thus, stymied demand for oil & gas and a sharp fall in crude oil prices in the international market thwarted the growth of the industry. Furthermore, the uncertainty surrounding the crisis is discouraging investors from investing in new oil and gas projects. Hence, the volatile market, plummeting crude oil prices, and cost-cutting likely to retard the growth of the market.


By Tool Type Analysis

Drilling Tools Slated to Dominate the Market due to Growing Drilling Activities

The oil well drilling is a complex operation and engages a number of personnel, services, and an array of machinery. The bottom hole assembly (BHA) encompasses drilling tools such as drill bit, drilling mud motors, stabilizers, drilling jars, drilling pipes, reamers, and others. The assembly not only assists in efficiently drilling a well but also ensures the safety of personnel working on site. Similarly, various other types of downhole tools are required during exploration and production (E&P) of hydrocarbons. Pressure gauges and flow control devices are necessary to monitor the pressure and flow of the oil and gas.

By Application Analysis

To know how our report can help streamline your business, Speak to Analyst

Spike in Exploration and Production Operations to Underpin Well Drilling Segment

Drilling wells in petroleum fields is a  highly complex task, and managing a drilling rig fleet is an even more intricate issue with various financial motivations. Probably the most challenging issue is to effectively determine the path of rig movements between the target drilling locations. A significant amount is spent on good drilling to yield oil and gas. Subsequently, well intervention is vastly used to achieve the most optimum production levels. The scope of the well intervention ranges from replacing failed downhole tools to changing flow dynamics and equipment change out to maintain production levels. Concurrently, well completion ensures to provide conduits for well stimulations treatment and isolate the producing reservoir from other zones. Formation and evaluation tools ensure the ability to produce hydrocarbon efficiently from the borehole. 

By Location Analysis

Incessant Investment in Land-based Drilling to Excite Onshore Market

Onshore drilling is very prominent around the world. Around  67,000 wells were drilled onshore and another 2,300 offshore in the year 2018. The spike in onshore drilling is mainly due to continuous investment by giant companies to discover the hydrocarbon reserves. In addition to this, the development of unconventional hydrocarbons in the United States, where 15,000 horizontal wells drilled for shale reserves which is likely to bolter the demand for onshore drilling. However, the offshore segment possesses high potential to produce a substantial amount of hydrocarbon. The technological advancement and growing interest in deepwater and ultra-deepwater drilling set to barge the offshore segment.


North America Downhole Tools Market Size, 2019 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample

The global market for downhole tools is classified into five regions viz. North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America demonstrates significant growth on account of the development of unconventional hydrocarbon and rising drilling activities in the United States. In addition to this, the exponential investment in the last couple of years to discover shale gas likely to bolster the market. However, the spread of coronavirus in the United States is causing a complete shutdown of economic activities. The U.S. is the epicenter of the virus, which forcing authorities to impose lockdown. On the other hand, the virus has engulfed the European countries causing stymied demand for oil and gas. Italy, UK, Germany, Spain, Russia, and others are facing severe challenges due to the spread of the virus. Governments across these regions and the European Union are announcing relief packages to provide traction the economic wheel. Post lockdown, the oil and gas industry will gain stability.   

Similarly, Asian countries are affected by the spread of the novel coronavirus. Emerging economies such as China and India are facing the brunt of the virus due to the rising number of infected cases. The Indian government imposed lockdown across the country to contain the spread of the virus, which pricked the economic activity. However, Asia Pacific is one of the largest consumers of energy, which describes its place in the global market. The market will rebound post lockdown that will boost the growth of the oil and gas industry. Gulf countries are going through a tough phase owing to plummeting demand for oil and gas and a sharp fall in crude oil prices due to COVID-19. Some African countries are facing severe public health challenges to contain the spread of the virus. Most of the funds are diverted to health services and hydrocarbon industry deferring new projects which likely to impede the growth. In Latin America, the oil-producing nations such as Brazil, Mexico, Argentina, and Venezuela, among others, are also facing the brunt of the coronavirus. Overall, the pandemic outbreak changed the market dynamics that will subsequently affect all the industries.


Rising Focus on Optimizing Production Will Create Exciting Future Prospects

Several types of equipment and tools are used in the exploration and production (E&P) of hydrocarbon. These tools play an essential role in the extraction of oil and gas starting from the drilling to the production of crude oil. Many downhole tools manufacturers offer innovative technologies to ease the operation and lower the production cost. In recent times, automation is being vastly used to reduce human interference to increase productivity. Thus, companies are investing in digital and advanced technologies to overcome the challenges faced during the E&P. In addition to this, the presence of the number of companies in the market and increasing trend for production optimization through automation likely to create healthy completion among major manufacturers.

List of Key Companies Profiled:

  • National Oilwell Varco (United States)

  • Schoeller-Bleckmann Sales (United States)

  • Weatherford (Switzerland)

  • Core Laboratories (Netherlands)

  • Baker Hughes (United States)

  • Hunting PLC (United Kingdom)

  • Schlumberger (United States)

  • RPC, Inc. (United States)

  • APS Technology Inc. (United States)

  • Flotek Industries, Inc. (United States)

  • TechnipFMC (United Kingdom)

  • United Drilling Tools Ltd (India)

  • Rival Downhole Tools (United States)


  • January 2020, Deep Casing Tools and its associate partner Innovaciones Petroleras Omega (InPO) secured a contract from a national oil company. The company will supply best in class turbine-powered tools TurboCaser and Turborunner, extending further support by providing other new technologies. The advanced tools which use high-speed turbine system to land casing and completion at target depth.

  • September 2019, Abu Dhabi Company for Offshore Petroleum Operations Limited (ADNOC) awarded a three-year contract to Weatherford for directional drilling. The company will provide directional drilling services to increase offshore production in the UAE. The worth of the contract is around USD 220 million.

  • August 2019, Rival Downhole Tools won a five year collaborative supply agreement for drilling motors from major oilfield service provider in the United States. The company uses its engineering tactics and cutting edge technology to support drilling operations.


The future of the hydrocarbon industry looms in dark clouds of the uncertainties in the market on account of global economic slowdown and pandemic outbreak. Operators and oilfield service companies are facing serious challenges to sustain in fiercely changing market dynamics. The sharp fall in prices of crude oil and uncertainties in the market over economic rebound led to furor amongst investors. Though the oil and gas is an important commodity for driving economy, the current scenario wiped out all the statistic and financials of the company. The renowned international organization such as the International Energy Agency (IEA), International Monetary Fund (IMF), and World Economic Forum predicted a fall in the global economic outlook. However, this phase shall pass, and the hydrocarbon industry once again shines in the upcoming years.


The downhole tools market report offers an elaborative analysis of numerous factors affecting the global industry. These include opportunities, growth drivers, threats, key developments, and restraints. In addition to this, it further helps in analyzing, segmenting, and defining the market based on different segments such as casing type and application. It strategically analyzes several strategies such as product innovations, mergers, alliances, joint ventures, and acquisitions adopted by players in the industry. Furthermore, the report provides a comprehensive analysis of the impact of coronavirus pandemic on the hydrocarbon industry. The brief on policies to contain the virus and government stimulus package to aid the market will provide future analysis for the growth of the industry.

An Infographic Representation of Downhole Tools Market

To get information on various segments, share your queries with us

Besides this, the reportsn provides a comprehensive analysis of market dynamics, emerging trends, and the competitive landscape of this market. Key insights offered in the report are the adoption trends of residential industry analysis by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, and key industry trends.

Report Scope & Segmentation



Study Period


Base Year


Forecast Period


Historical Period



  Value (USD Billion)

By Segmentation

By Tool Type

  • Drilling Tools

  • Pressure & Flow Control Tools

  • Handling Tools

  • Impurity Control Tools

  • Others

By Application

  • Well Drilling

  • Well Completion

  • Well Intervention

  • Well Production

  • Formation & Evaluation

By Location

  • Onshore

  • Offshore

    • Shallow Water

    • Deepwater

    • Ultra-Deepwater

By Region

  • North America (U.S. and Canada)

  • Europe (UK, Germany, Norway, Russia, and Rest of Europe)

  • Asia Pacific (China, India, Indonesia, Thailand, Australia, and Rest of Asia Pacific)

  • Middle East & Africa (Saudi Arabia, UAE, Oman, Kuwait, Algeria, Angola, Egypt,  and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, Argentina, Venezuela, and Rest of Latin America)

Frequently Asked Questions

As per our (Fortune Business Insights) study, this global downhole tools market is forecasted to reach USD 5.30 billion by 2027 with a CAGR of 8.6% (2020 -2027)

In 2019, the global market was USD 4.06 billion and anticipated to reach USD 5.30 billion by 2027 growing at a steady CAGR of 8.6% during the forecast period (2020 -2027)

Well drilling is projected to dominate the market.

The market in North America was valued at USD 1.47 billion in 2019.

Rising drilling activities and exploration of unconventional hydrocarbon is the key factor driving the market.

National Oilwell Varco, Schoeller-Bleckmann Sales, Weatherford, Core Laboratories, and Baker Hughes are the top players in the market.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2032
    (In Process)
  • 2023
    (In Process)

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.