Downhole Tools Market

The downhole tools market is forecast to reach USD 7.8 billion by 2029 from an estimated USD 6.1 billion in 2024, at a CAGR of 4.8% during the forecast period (2024-2029). The increasing demand for oil and gas globally, the need for automotive fuel, household cooking, increasing oil and gas Exploration and Production are the key factors driving the downhole tools market.

The downhole tools market is served by a mix of international players with a global operational presence and local players with a strong domestic supply network.

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The key players in the downhole tools market include companies such as SLB (US), Baker Hughes Co (US), Halliburton (US), Tenaris (Luxembourg), TechnipFMC (France).

SLB, a global oilfield services company in the energy sector provides technology and information solutions to the Oil and Gas Industry worldwide. The company operates through four major business segments: Digital & Integration, Reservoir Performance, Well Construction, Production Systems. SLB has a significant presence in over 120 countries worldwide and in key oil and gas production regions such as North America, Asia pacific, Europe, South America, Middle East & Africa.

Halliburton Co is a global oilfield service company that serves the upstream oil and gas industry, offering services throughout the lifecycle of the reservoir, from identifying hydrocarbons to optimizing production. The company provides a range of services including cementing, stimulation, intervention, artificial lift, well-bore placement solutions, and completion services for oil and gas upstream companies. Halliburton Co operates under two operating segments, the Completion and Production segment and the Drilling and Evaluation segment.

Baker Hughes Company is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. Baker Hughes Company conducts business in over 120 countries. The company's portfolio includes drilling equipment, compressors, and pipe systems. The Company Operates through two segments namely Oilfield Services & equipment and Industrial & Energy technology.

TechnipFMC plc is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services. The TechnipFMC Plc focuses on geographic regions such as North America, Europe, and Asia-Pacific. The TechnipFMC Plc operates in two business segments namely Subsea and Surface Technologies. TechnipFMC aims to maintain its leading position in subsea technologies and equipment.

Related Reports:

Downhole Tools Market Location of deployment (Onshore, Offshore), Tool type (Drilling tools, Flow and Pressure Control tools, Impurity Control tools, Logging tools, Handling tools), Application and Region - Global Forecast to 2029

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