Oil & Gas Production Industry to Grow at a Faster Rate in the Downhole Tools Market
The global downhole tools market is estimated to reach $4.49 Billion by 2019, at a CAGR of 4.9%, signifying a high demand for these tools for well intervention purposes. Downhole tools play an important role in oil & gas exploration and production activities. Downhole tools are employed for workover and completion activities of a well in the Bottom Hole Assembly (BHA). Downhole tools are selected based on the formation characteristics of the reservoir and the rate of penetration to be achieved. These tools find application in a variety of operations, such as fishing, casing, cementing, well bottom communication, drilling, logging, fracturing, and well measurements. The rising demand for advanced tools that function optimally in high pressure and temperature conditions has also been a driver of this market.
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