The Drilling Tools Market is expected to register a CAGR of approximately 9.9%, owing to the increasing number of drilling rigs, due to new discoveries in several regions of the world.
Drilling tools are utilized for the most part of the world for drilling oil. Drilling tools are basically used for the extraction and exploration of natural gas and crude oil.
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The rising exploration and development activities, increasing rig count, and increasing unconventional field development activities across the world are some of the factors that have supported long-term expansion for Drilling Tools Market.
Key Players
· National-Oilwell Varco Inc
· Halliburton Company
· Schlumberger Limited,
· Baker Hughes Company
· Weatherford International Plc and More
Recent Developments
In Jan 2017, schlumberger has announced that the company has acquired peak well system a design and development of advanced downhole tools for flow control. This acquisition will enhance the productivity of both companies.
In July 2019, national oilwell vacro has secured a contract from Samsung heavy industries to supply large submerged turret production system.
Drilling Tools Market is segmented into type, location of deployment and region.
On the basis of Type
· Drill bit
· Drill collar
· Drill pipe
· Drill reamer and stabilizer
· Drill swivel
On the basis of location of Deployment
· On shore
· Off shore
On the basis of Region
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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