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.
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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.
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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.
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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.
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