Global Drilling Tools Market Report and Forecast 2024-2032

Global Drilling Tools Market Outlook

The global drilling tools market attained a value of nearly USD 7.88 billion in 2023. The market is further estimated to grow in the forecast period of 2024-2032 at a CAGR of 5% to reach about USD 12.23 billion by 2032.

North America to Hold a Significant Share in the Market Growth of Drilling Tools

North America is expected to register a significant share in the drilling tools market growth on account of the growing shale gas production and energy reforms in the region. The surging oil and gas exploration activities in the region are expected to fuel the market growth of drilling tools during the forecast period.

The increasing production of crude oil in the United States coupled with surging onshore and drilling activities are further boosting the market growth of drilling tools in the region. The increasing investments in new oil and gas projects in Canada is further supporting the market growth of drilling tools.

Meanwhile, Asia Pacific is anticipated to witness substantial market growth on account of the growing drilling activities in emerging economies such as China and India. The developing economies in the Asia Pacific are aiming at expanding their shale gas resources to enhance their oil & gas production which is likely to bolster the market growth of drilling tools.

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Market Segmentation

Drilling tools are specialised tools used for creating holes of various sizes in different kinds of materials. The capability of the drilling tool can vary based on the spindle nose, spindle speed, spindle travel, and electric motor used in the tool.

The market for drilling tools, by type, is divided into:

• Drill Bits

• Drill Collars

• Drilling Jars

• Drilling Motors

• Drilling Tubulars

• Drill Swivels

• Drill Reamers and Stabilisers

• Mechanical Thrusters

• Shock Tools

Based on application type, the market is categorised into: 

• Onshore

• Offshore 

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The EMR report looks into the regional markets of drilling tools like Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa.

Rapid Growth in Onshore Segment to Bolster the Market Growth of Drilling Tools

Based on application, the onshore segment is anticipated to register significant growth in the drilling tools market across the globe over the forecast period due to the surging onshore and drilling activities in regions like North America and the Asia Pacific. Onshore drilling is less complex and provides greater production results and is also cost-effective. Such factors are likely to gain more traction with consumers and are expected to propel the demand for the segment in the market. 

Shale is easily accessible with onshore drilling, and equipment can simply be moved between sites by utilising skids. Other resources are also available that can make drilling sites mobile and flexible which further reduces the costs of shipping and installation. Regionally, China is concentrating on various onshore oil drilling projects.

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Key Players in the Global Market for Drilling Tools 

The report presents a detailed analysis of the following key players in the global drilling tools market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Schlumberger Limited

• NOV Inc.

• Sandvik AB 

• Drilling Tools International

• Tianhe Oil Group Huifeng Petroleum Equipment CO. ltd.

• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report