The global drilling tools market is projected to grow at a CAGR of 4.75%, from 2017 to 2022, to reach a market size of USD 8.61 Billion by 2022, from an estimated market size of USD 6.83 Billion in 2017. Increasing drilling activities, development of unconventional hydrocarbon resources coupled with high energy demand from Asia Pacific are driving the market.

The report segments the drilling tool market, by application, into onshore and offshore. Onshore application segment is expected to account for the larger market share. Onshore drilling is more cost-effective and less complex than offshore. Offshore drilling requires higher capital investments and is complex due to depth, complicated well formations, and instability.

The drilling tools market has been further segmented, based on type, into drill bits, drill collars, drilling tubulars, drill swivels, drilling motors, drill reamers and stabilizers, mechanical thrusters, shock tools, and drilling jars. The drilling tubulars segment is expected to be the largest market due to increasing drilled footage and the development of deepwater oil & gas fields.

In this report, the drilling tools market has been analyzed with respect to 6 regions, namely, North America, Europe, Asia Pacific, Middle East, Africa, and South America. North America is projected to dominate the global market during the forecast period due to the increasing shale gas production and the new energy reforms from the US government. North America is also expected to be the fastest-growing market, followed by Asia Pacific.

The major factors restraining the growth of the market are high maintenance costs and longer transition times of drilling tools and global renewable energy targets.

Some of the leading players in the drilling tools market include Schlumberger (US), Halliburton (US), Weatherford (Switzerland), Baker Hughes (US), and National Oilwell Varco (US). New product launches was the most common strategy adopted by top players, followed by partnerships and collaborations.

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