Drill Bits Market
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 2018-2026. 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 for oil and gas industry
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.
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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
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the current drill bits market for oil and gas industry outlook. The report encompasses the drill bits market for oil and gas industry by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the drill bits market for oil and gas industry market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain drill bits market for oil and gas industry positioning of competitors.
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