Drilling Tools Market Size, Business Growth and Driver by 2035
The global drilling tools market is expected to grow from USD 8.2 billion in 2025 to USD 11.5 billion by 2035, at a CAGR of 3.4%. This growth is fueled by increasing energy demand, unconventional resource development, and infrastructure expansion. Technological advancements are a key driver of market evolution. In February 2025, NOV launched the ReedHycalog Evolve PDC drill bit platform featuring ION+ Eclipse cutters and enhanced hydraulics. Field tests in the Permian Basin and Canada showed significant gains in drilling speed and tool durability.
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The global drilling tools market is experiencing steady growth, driven by rising energy demand, technological innovation, and regional advancements. DTI’s recent acquisition of Deep Casing Tools highlights industry consolidation, with leaders like Wayne Prejean and David Stephenson expressing optimism about the combined future. Automation and real-time data tools, including advanced rotary steerable systems (RSS) and measurement-while-drilling (MWD) technologies, are enhancing efficiency and drilling precision by reducing nonproductive time.
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