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Drilling is simply a process of making a holes in a surface for the extraction of oil and gas; these holes drilled for the extraction of oil is known as oil wells. Oil well is created by drilling a hole of 12 cm to 1 m in diameter with the help of a drill rig, which rotates the drill string with the other downhole drilling tools attached to it.
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The hole drilled is then cemented to maintain the well integrity and also isolates the formation fluids and high pressure zones from each other and the surface. Drilling downhole tools facilitate the drilling process and counter significant challenges associated with drilling such as extreme depth, high temperatures, and pressure differentials. Downhole drilling tools guide or steer the wells through small reservoir by changing the trajectory of the well. Currently, a variety of downhole drilling tools are available in the market, which can be used in BHA. Some downhole drilling tools are unique and specific to the particular drilling operation while others are generic in nature and can be used for multiple purposes. The commonly used downhole drilling tools are categorized in the following:
Miscellaneous downhole tools
Coiled tubing drilling tools
Drill stem testing tools
Latest analysts forecast the Global Downhole Drilling Tools market to grow at a CAGR of 10.20 percent over the period 2014-2019.
Covered in this Report
The report covers the present scenario and the growth prospects of the Global Downhole Drilling Tools market for the period 2015-2019. The report provides the segmentation of the market in terms of the following: type and geography.