Drilling tools and components forms an essential part of oil and gas drilling activities. Increasing investments by companies to explore new oil and gas reservoirs has propelled the demand for oil and gas equipments. In order to meet the rising demand for energy, oil and gas companies are focusing their attention towards the deep and ultra-deep offshore areas. Augmented offshore drilling activities have bolstered the demand for the drilling equipments over the past couple of years. Moreover, the recent shale gas boom in the United States has further fuelled the demand for drilling tools and equipments.
The drilling tools market can be segmented based on type, application area and geography. Major drilling tools include bails, adapters, switchers, drill gaskets, drill collars, stabilizers, subassemblies, reamers, core drilling tools, core pipe, air swivels, drill pipe and other drilling accessories. These equipments form an essential part of drilling unit and help to perform effective drilling operation providing safer and faster drilling with negligible damage to the environment. Depending on the application areas drilling tools can also be divided in to onshore and offshore drilling tools. These offshore drilling tools are designed to withstand the harsh underwater environment and are more complex and expensive than onshore drilling tools.
The regional segmentation drilling tools market can be done by identifying the areas with ongoing oil and gas exploration activities. The major areas include the United States, Canada and Mexico in North America; Norway, the United Kingdom and Russia in Europe; China, India and Indonesia in Asia Pacific; Saudi Arabia, Iran, Iraq, Kuwait, Qatar, Nigeria, Angola, Libya and Egypt in the Middle East and Africa. The Rest of the World (RoW) segment includes the Latin American countries such as Venezuela and Brazil. Increase in the offshore oil and gas exploration activities in South America and West Africa along with the ongoing shale gas boom in the United States are some of the major drivers for drilling tools market.
Increase in oil, exploration and production activities, growing concern towards energy security, advancement in drilling technologies providing better efficiencies and reduced drilling time, easy availability of suppliers are some of the major drivers for drilling tools market. Moreover, the increase in shale gas exploration activities in the United States and Argentina is another factor driving the drilling tools markets. The capital intensive nature of the market and stringent government regulations against offshore drilling activities are the major restraints to the drilling tools market. Moreover, the shift towards the renewable energy development is another factor that has negatively affected the drilling tools market. Development of bio-fuel, wind and solar technology has added up to an extent provided an alternative to oil and gas and can act as the key challenge to the drilling tools market. The probable oil and gas reserves of Africa and South America can act as the opportunity for drilling tools companies. The expected drilling in these areas to recover the oil and gas resources will have direct implications on demand for drilling tools in the near future.
Some of the key players in drilling tools market include companies such as Schlumberger Limited, United Drilling Tools LTD, BICO Drilling Products, Cougar Drilling Solutions, X Drilling Tools, Redback Drilling Tools, Knight Oil Tools and Weatherford International.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.