Downhole Tools are the basic tools employed at the bottom hole level for various applications like Well Drilling, Well Completion, Well Intervention, Formation & Evaluation, and Oil & Gas Production. These tools are essential for all the services that are related to oil and gas industry.
The wireline services market is expected to grow from an estimated $8.26 billion in 2016 to $9.15 billion by 2021, at a CAGR of 2.1%. The global market is set to witness growth, due to the aging reservoirs, increasing oil production, and lifting of Iranian oil export sanctions. Also, oil export sanctions on Iran were lifted in January 2016, allowing the country to export oil. This has led to an increase in Exploration & Production investments in the country, leading to a rise in oil production.
The mooring systems market is projected to reach $1.89 billion by 2020, growing at a CAGR of 3.7% from 2015 to 2020. The market is driven by rising demand for oil & gas, which is met by increasing investments in emerging economies with proven oil & gas reserves preferably in deepwater & ultra-deepwater locations.