DALLAS, June 11, 2015 /PRNewswire/ --
The report "Downhole Tools Market by Tool Type (Flow & Pressure Control, Drilling, Impurity Control, Downhole Control, and Handling), Application (Drilling, Completion, Well Intervention, Formation & Evaluation, and Oil & Gas Production) & By Region - Global Trends & Forecast to 2019", The Downhole Tool Market will grow from an estimated $3.53 Billion in 2014 to $4.49 Billion by 2019, at a CAGR of 4.9% from 2014 to 2019.
Browse 65 market data Tables and 55 Figures spread through 155 Pages and in-depth TOC on "Downhole Tools Market"
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The market report defines and segments the global downhole tool market with an analysis and forecast of the market size. The impact of declining crude oil prices has also been studied for estimating downhole tools market for the forecasted period.
North America: The largest market for Downhole Tools Market
North America is leading the global Downhole Tools Market owing to drilling activities and increasing shale exploration activities in the U.S. and Gulf of Mexico region. These factors have helped the regional market to grow at a good pace and become a dominating market. Asia-Pacific stood at the second position in terms of market size, followed by the Middle East and Europe. The slow growth in global Downhole Tools Market is due to the sharp decline in the oil prices all over the globe.
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Drilling Tools: Biggest market by tool type
Drilling tools are the largest market of downhole tools employed in oil & gas activities. They are the largest segment of downhole tools employed in the wellbore, capturing most of the downhole tools market share. These tools are available according to the requirement of a wellbore and downhole conditions. Flow & pressure control has the second-largest market share for Downhole Tools Market.
Well Intervention: Biggest segment by application
The application of downhole tools is growing in well intervention applications. In this application, a number of downhole tools are used more often than any other application. Some of the downhole tools that are used in well intervention process include fishing tools, tubing tools, wireline tools, and others.
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