According to Stratistics MRC, Drill Bit Market Value is expected to reach $11.48 billion by 2028 growing at a CAGR of 9.6% during the forecast period.
Drill bits are used in oil and gas operation to drill and make holes for oil and gas withdrawal. The bits are revolving equipment that is made up of the hardest materials and spiky texture to incise a rock and sediments. The major function of the drill bits is to cut, grind, scratch and squash the rock at the base of the well. Usually drill bits are selected based on the type of formation encountered by the drilling operators, and based on the type of drilling activity as well.
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On the basis of geography, North America region is projected to have considerable market growth during the forecast years, owing to the advent of shale gas, rising crude oil and natural gas demand and large proven resources in Canada and the Gulf of Mexico, growing E&P activities in shale plays, the introduction of horizontal drilling technology, and increasing expenditure on drilling of shale deposits on account of deployment of enhanced oil recovery in the U.S.
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Some of the key players in Drill Bit market include Varel International Energy Services Inc., National-Oilwell Varco Inc., Sandvik AB, Rockpecker Limited, Atlas Copco AB, Halliburton Company, Landrill Oil Tools Co., Ltd., Xi'an Landrill Oil Tools Co. Ltd, Scientific Drilling International Inc, Schlumberger Limited, Weatherford International plc, Kingdream Public Ltd, ESCO Corporation, Baker Hughes Company, Torquato Drilling Accessories, Inc., Palmer Bit Co., Ulterra Drilling Technologies LP, and NewTech Drilling Products LLC.
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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28 January 2020 - The Global Oil and Gas Drill Bit Market was valued at more than USD 4.9 billion in 2014.
Increasing offshore drilling activities in the U.S. and the Middle East is anticipated to augment product demand over the forecast period.They are cutting tools used to create holes onshore and offshore as well.
Growing concern of E companies to reduce operating costs along with rising requirement for optimized drilling performance have enforced OEM manufacturers to improvise bit design and performance.
Changing customer preference for cost-effective equipment owing to of technological advancements have created opportunities for future development.
Also, sustainability of the market depends on the supply of raw materials, product development and majorly on the prices.Product Insights:On the basis of product different types of drill bits are that have been considered include fixed cutter bits and roller cone cutter.
This type of bits is significantly being employed in the present scenario as they assist in less operating time in drilling by reducing any shear and tear.Roller cone drills have largest product segment covering more than 70% of the market share globally in 2014, and is anticipated to cross over net worth of USD 1060 million by 2022.
