Key vendors to engage in M&As and partnerships to strengthen their foothold in the market.
Technavio, a company that develops over 2000 pieces of research every year and covers more than 500 technologies across 80 countries, has announced the top five vendors for the global downhole drilling tools market in their latest research report. This report also lists 16 other prominent vendors who are expected to contribute to this market’s growth between 2017-2021.
Competitive vendor landscape
The global market for drilling tools is consolidated with large players occupying a larger market share. Larger players in the market have the weakest regional presence. Vendors in the market space leverage strategies such as M&A, joint ventures, contracts, and agreements and partnerships in an attempt to gain market shares and keep pace with the competition in the market.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio for research on power, “The market is dependent on the upstream oil and gas industry. As a result, the market has witnessed several major mergers and acquisitions in various segments of the industry in the recent past. As the petroleum industry recovers from the price shock, upstream investments and operations are coming online, which, in turn, is facilitating growth of the global downhole drilling market
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Top five vendors in the downward drilling tools market space
Baker Hughes
Baker Hughes provides oilfield services, products, technology, and systems that are used in the oil and gas industry. It is also involved in providing services and products for the downstream chemicals and process pipeline sectors. The company is divided into four business units: drilling, evaluation, and fluids; completion, production, and chemicals; pressure pumping and reservoir development services.
Key products and services: Drill bit systems, Directional drilling services, Evaluation, MWD, Casing/liner drilling system, Coiled tubing and re-entry, LWD, and Hole enlargement.
Halliburton
Halliburton is one of the world’s leading service providers engaged in the exploration, development, and production of oil and natural gas. The company serves the major oil and natural gas companies worldwide in the upstream sector. It operates through two business divisions: completion and production.
Key products and services: Drill bits, Downhole tools, LWD, MWD, and Directional drilling.
National Oilwell Varco
National Oilwell Varco provides components and equipment used in the oil and gas drilling industry. The company operates its business through three segments: rig systems, completion and production solutions, and wellbore technologies.
Key products and services: Fixed cutter drill bits, Roller cone drill bits, Fishing tools, Coiled tubing tools, Motor technology, Steerable technology, and Coring services.
Schlumberger
Schlumberger provides a varied range of services, including seismic surveys, formation evaluation, drilling technologies, and equipment, cementing, well construction and completion, and project management. It also provides reservoir evaluation and development and management services and is developing new technologies for reservoir optimization.
Key products and services: BHA drilling tools, Drilling impact tools, Borehole enlargement, Drill bit, Coiled tubing, LWD and MWD, and Fishing service.
Weatherford
Weatherford provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide. The company is one of the largest international oil and natural gas service companies. It provides tools for cementing, fishing, drilling, tubular, and others.
Key products and services: Centralizers, Drill pipes, Jars, and Speciality products.
A more detailed analysis is available in the Technavio report, Global Downhole Drilling Tools Market 2017-2021. Technavio also customizes reports by other regions and specific segments upon request.
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