Downhole Tools Market Share Expected to Reach $7.8 Billion by 2029 [Yahoo! Finance]
Baker Hughes Company (BKR)
Company Research
Source: Yahoo! Finance
by 2029, at a CAGR of 4.8% as per the recent study by MarketsandMarkets™. Downhole tools are essential because they are used in safe, efficient, and productive extraction of oil and gas from underground reservoirs. Downhole tools are critical for the oil and gas industry because they enable efficient drilling, ensure well integrity, optimize production, provide essential data, facilitate well maintenance, and enhance oil recovery. As the world population grows and economies expand, the demand for energy, particularly oil and gas, continues to rise. This drives investment in exploration and production activities, leading to higher demand for downhole tools. Moreover, innovations in drilling techniques, materials, and equipment enhance efficiency and productivity. Downhole tools play a crucial role in optimizing drilling processes, making them indispensable for modern oil and gas operations. These are some of the factors that are expected to boost the market worldwide. Download PDF
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