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Drilling Tools Market Trends

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

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Drilling Tools Market Trends

The shale gas exploration boom is driving demand for advanced drilling tools. This trend is especially strong in North America, where shale gas extraction is growing rapidly. Drilling companies need tools that can work effectively in the complex structures of shale formations. Techniques like horizontal drilling and hydraulic fracturing require tools that are both high-performing and durable to handle tough conditions. As global energy needs increase and countries look for diverse energy sources, shale gas exploration is likely to keep pushing the development of new drilling technologies.

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.