Downhole Tools Market Size, Revenue Growth Factors & Trends, Key Player Strategy Analysis, 2020–2028
Increasing exploration and production projects across the globe, rising number of rig deployments, and increasing demand for technologically advanced downhole tools in oil and gas industry are some key factors supporting market revenue growth Market Size – USD 4.78 Billion in 2020, Market Growth – CAGR of 5.2%, Market Trends – Increasing advancements in drilling technologies The global Downhole Tools Market is expected to reach USD 7.17 Billion by 2028 at a CAGR of 5.2%, according to a latest report by Reports and Data. Growth of this market is predominantly driven by increasing demand for technologically advanced equipment and tools for drilling and extraction in the oil and gas industry. Growing number of mature oilfields and rising deployment of drilling rigs worldwide is further supporting market growth. Downhole tools are vital in oil and gas exploration and production activities and are used for a wide range of applications such as cementing, fishing,...