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Drilling Tools Market Size

Report ID: GMI12125
Published Date: Nov 2024
Report Format: PDF

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Drilling Tools Market Size

The global drilling tools market was valued at USD 7.8 billion in 2023 and is estimated to grow at a CAGR of over 3.5% from 2024 to 2032. This growth is driven by rising global energy demand and the depletion of easily accessible oil reserves.

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Innovative technologies like horizontal drilling, directional drilling, and rotary steerable systems improve drilling precision and efficiency in difficult environments. These tools help operators drill more accurately and access hard-to-reach reservoirs, which reduces costs and downtime. New materials and designs, such as polycrystalline diamond compact (PDC) bits, perform better in high-pressure and high-temperature drilling conditions. Companies are seeking advanced technologies to improve production and reduce environmental impact, which is increasing demand for the drilling tools.

Drilling Tools Market Report Attributes
Report Attribute	Details
Base Year:	2023
Drilling Tools Market Size in 2023:	USD 7.8 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	3.5%
2024 – 2032 Value Projection:	USD 10.5 Billion
Historical Data for:	2021 – 2023
No. of Pages:	230
Tables, Charts & Figures:	49
Segments covered:	Tool Type, Drilling Techniques, Application, End Use Industries, Distribution Channel
Growth Drivers:	Increased oil & gas exploration Advancements in drilling techniques Increasing energy demand across globe
Pitfalls & Challenges:	Fluctuations in oil and gas prices Environmental regulations

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Authors: Aviansh Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global market for drilling tools was reached USD 7.8 billion in 2023 and is estimated to grow at a 3.5% CAGR from 2024 to 2032, driven by increased oil and gas exploration activities.

The drill bits segment recorded USD 2.4 billion in 2023 and is expected to grow at a 4% CAGR by 2032, due to their versatility and continuous technological advancements.

The conventional drilling technique segment held a 45% market share in 2023 and is anticipated to grow at a 3.6% CAGR during 2024 to 2032, owing to its reliability and cost-effectiveness.

The U.S. drilling tools market recorded USD 1.77 billion in 2023 and is expected to grow at a 3.8% CAGR by 2032, propelled by significant oil and gas production and robust construction activities.

The industry features key players such as Atlas Copco, Baker Hughes, Black Diamond Drilling Tools Canada, Drilling Tools International, Halliburton, Ingersoll Rand, JSI Rock Tools, Nov, Rockmore International, Rotem, Samtec Tools, Sandvik Coromant US, Schlumberger, Weatherford, and Western Drilling Tools.