Market Size of Drilling Tools Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 9.00 % |
| Fastest Growing Market | South America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Drilling Tools Market Analysis
The drilling tools market is expected to register a CAGR of more than 9% during the forecast period 2022-2027. The COVID-19 outbreak in Q1 2020 led to a decline in drilling services across the world. The drilling tools application in onshore and offshore drilling operations dropped significantly due to the limited personnel working on drilling rigs. Factors such as increasing exploration and development activities, increasing rig count, and increasing unconventional field development activities across the world are expected to drive the market during the forecast period. However, a lack of investment in the offshore sector compared to the onshore sector and the high cost of drilling tools for offshore applications are expected to hinder the market growth over the coming years.
The drill bit segment is expected to grow faster due to increasing offshore and onshore drilling activities worldwide. Thus, the segment is expected to dominate the market during the forecast period.
Exploration of new markets in the emerging economies of South America and Asia-Pacific and innovations in drill bit technologies are creating market opportunities for investors and drilling tools manufacturers.
North America is expected to dominate the market, with a majority of the demand coming from countries like the United States, Canada, etc.
