Drill Bits Market for oil and gas industry is estimated to reach US$ XX Mn by 2026 in terms of revenue with CAGR of XX% in the forecasting period 2019-2026.
Oil and gas are the most important resources of energy and has been the backbone of society. Drill bits are used to make cylindrical holes or cut rocks to extract hydrocarbon resources, with the application of high-frequency vibration and hydraulic pressure. They are available in a number of shapes and sizes and are able to create varied types of holes in different kinds of materials.
The drilling sector is one of the core pillars of the upstream oil and gas sector. The increasing dependence on crude oil and natural gas, especially in emerging economies has resulted in an increase in Exploration and Production (E&P) activities globally. The type of drill bit to be used for drilling depends on the nature of the formation. Drilling is one of the most expensive operations in the oil and gas industry. The decrease in crude oil prices coupled with the increasing pollution due to these fossil fuels is a major restraint for the growth of the global oilfield Drill Bits Market.
Drill Bits Market By Geography
Drill Bits Market for oil and gas industry is majorly segmented by product type, application, and Region. By product type, Roller Cone Cutter Bit segment commands the global market due to its cost efficiency and its performance. By application segment, this market research and analysis estimates that the onshore activities segment accounted for the major revenue shares and dominated the market during 2017. The growing interest in offshore drilling is predicted to boost the activities pertaining to offshore exploration and production (E&P) worldwide.
In terms of region, North America held the largest share of 36.6% in the market in 2017 and is predicted to lead the market all through the forecast horizon. This is owing to the increasing production and exploration activities within this region. The Asia Pacific is anticipated to be a fastest growing region.
The key players in Drill Bits Market for Oil and Gas Industry include NewTech Drilling Products LLC, Atlas Copco AB, Baker Hughes, Inc., Halliburton, Inc., and Torquato Drilling Accessories.
The objective of the report is to present comprehensive Drill Bits Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with analysis of complicated data in simple language. The report covers all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
The report also helps in understanding Drill Bits Market dynamics, structure by analyzing the market segments, and project the Drill Bits Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Drill Bits Market make the report investor’s guide.
Drill Bits Market Scope
Drill Bits Market By Product
• Fixed Cutter Bits
o Natural Diamond Bits
o Polycrystalline Diamond Bits
• Roller Cone Cutter Bits
o Tungsten Carbide Inserts
o Milled-tooth Bits
Drill Bits Market By Application
• Onshore Drilling
• Offshore Drilling
Drill Bits Market By Geography
• North America
• Middle East & Africa
• Latin America
Key Players operating in the market:
• Tercel Bits
• Baker Hughes
• Ulterra Drilling Technologies
• National Oilwell Varco
• Varel International, Inc.
• Atlas Copco AB
• Scientific Drilling International
• NewTech Drilling Products LLC
• Torquato Drilling Accessories
• Schlumberger Limited
• Palmer Bit Co.
• Kingdream Public Limited Company
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