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Drilling Tools - Global Market Trajectory & Analytics

  • ID: 4804758
  • Report
  • April 2021
  • Region: Global
  • 298 Pages
  • Global Industry Analysts, Inc
Global Drilling Tools Market to Reach $10 Billion by 2027

Amid the COVID-19 crisis, the global market for Drilling Tools estimated at US$6.9 Billion in the year 2020, is projected to reach a revised size of US$10 Billion by 2027, growing at a CAGR of 5.6% over the analysis period 2020-2027. Drill Bits, one of the segments analyzed in the report, is projected to record a 6.4% CAGR and reach US$1.6 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Drilling Tubulars segment is readjusted to a revised 6.1% CAGR for the next 7-year period.

The U.S. Market is Estimated at $1.9 Billion, While China is Forecast to Grow at 8.6% CAGR

The Drilling Tools market in the U.S. is estimated at US$1.9 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$2.1 Billion by the year 2027 trailing a CAGR of 8.6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 5.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR.

Drilling Motors Segment to Record 5.7% CAGR

In the global Drilling Motors segment, USA, Canada, Japan, China and Europe will drive the 5.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$616.8 Million in the year 2020 will reach a projected size of US$880.8 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.3 Billion by the year 2027, while Latin America will expand at a 6.9% CAGR through the analysis period.

Select Competitors (Total 46 Featured):
  • Baker Hughes, a GE company
  • BICO Drilling Tools, Inc.
  • Cougar Drilling Solutions
  • Drilling Tools International, Inc.
  • Dynomax Drilling Tools Inc.
  • Gyrodata Inc.
  • Halliburton
  • National Oilwell Varco, Inc.
  • Pacesetter Directional Drilling Ltd.
  • Schlumberger Ltd.
  • Scientific Drilling International
  • Weatherford International Ltd.
  • Wenzel Downhole Tools Ltd.
Frequently Asked Questions about the Global Market for Drilling Tools

What is the estimated value of the Global Market for Drilling Tools?

The Global Market for Drilling Tools was estimated to be valued at $6.9 Billion in 2020.

What is the growth rate of the Global Market for Drilling Tools?

The growth rate of the Global Market for Drilling Tools is 5.4%, with an estimated value of $10.0 Billion by 2027.

What is the forecasted size of the Global Market for Drilling Tools?

The Global Market for Drilling Tools is estimated to be worth $10.0 Billion by 2027.
Note: Product cover images may vary from those shown

  • Influencer Market Insights
  • World Market Trajectories
  • Impact of Covid-19 and a Looming Global Recession
  • An Introduction to Drilling Tools
  • Drill Bits
  • Drilling Tubulars
  • Drilling Motors
  • Drill Reamers and Stabilizers
  • Drill Collars
  • Drill Jars
  • Drill Swivels
  • Mechanical Thrusters
  • Shock Tools
  • Global Market Prospects & Outlook
  • Increasing Drilling Activities Propel the Onshore Market Segment
  • North America: The Dominating Drill Tools Regional Market
  • Competitive Landscape
  • Leading Onshore Drilling Companies
  • Leading Offshore Drilling Companies
  • Anticipated Increase in Drilling Activities to Drive Drilling Tools Market
  • Generation of Unconventional Hydrocarbon Resources Propels Market
  • New Oilfield Discoveries Create New Opportunities for Drilling Tools Market
  • New Drilling Technologies Provide Opportunities for Tools Advancements
  • High Maintenance Cost Poses Challenges to Market Growth
  • Heightened Attention on Renewable Energy: A Threat to Drilling Tools & Equipment Market


  • Total Companies Profiled: 46
Note: Product cover images may vary from those shown