Global Drill Bits Market for Oil and Gas Industry Growth Focusing on Trends & Innovations during the Period Until 2019

Posted on 2018-04-10 by Mark Hub in Energy, Industrial // 0 Comments

Albany, USA, 2018-Apr-10 — /EPR Network/ —In order to study the various trends and patterns prevailing in the overall market for Drill Bits Market, Market Research Reports Search Engine (MRRSE) has included a new report titled “Drill Bits Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. Readers can access the regional as well as segment-wise analysis for acquiring precise information about the global market structure.

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global drill bits market was estimated to have a total volume of 2,597 hundred units in 2012 and is predicted to experience growth at a CAGR of 4.9% between 2013 and 2019.As per the MRRSE report, a few years ago, the development in the technology of drill bits grew at a rapid pace, since the drilling engineers were consistently crafting bits for efficient drilling with enhanced rates of penetration on the basis of durability as well as speed. There are two primary types of drill bits utilized for gas and oil drilling activities, namely fixed cutter bits and roller cone bits. The roller cone bits can be further classified as milled-tooth bits and tungsten carbide inserts.

Fixed cutter bits obtainable in the market are either natural diamond cutters or polycrystalline diamond cutters (PDCs). In 2012, on the basis of volume, the drill bits market was led by the roller cone bits segment. However, due to greater durability and efficiency, fixed cutter bits, particularly PDC bits are acquiring popularity in the market. These cutters substantially enhance the penetration rate and drilling operation in abrasive formations. However, the cost of these bits, which are technologically advanced, is immensely high.According to this MRRSE report, the elevating demand for energy from both developing and developed economies is the preeminent factor driving the global oilfield equipment market. Rising world energy demand, coupled with high prices for natural gas and oil, is driving investment in drilling activities across the globe. Additionally, growing interest in offshore drilling is predicted to boost the activities pertaining to offshore exploration and production (E&P) worldwide. Thus, increase in onshore and offshore drilling activities and exploration across the globe is likely to lead to considerable demand for drill bits in the forthcoming future.

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The MRRSE study states that small-scale miners find it difficult to implement such developed products, as it raises the overall cost of operation. To add to this, the utilization of drill bits is decided by its true cost to benefit ratio. Normally, in drilling activities related to higher depths and for abrasive/hard surfaces, PDC drill bits are suggested, as they assist in reducing the overall time of drilling activity by diminishing persistent stops required for replacement/repair of drill bits.

The global drill bits for oil and gas industry application market is categorized on the basis of drill bits type. Drill bits for oil and gas industry application are broadly classified as roller cone and fixed cutters. The roller cone type further includes milled-tooth bits and tungsten carbide inserts (insert bits). The types of fixed cutters studied in the report include polycrystalline diamond bits (PDC) and natural diamond bits. The market revenue and forecast for each product type has been provided for the period 2011 to 2019 in terms of USD million, along with the CAGR for the forecast period 2013 to 2019.

In terms of geographical distribution, the global drill bits market has been classified into four regions, namely, North America, Europe, Asia-Pacific and Rest of the World (RoW). This section includes market revenue and forecast for the drill bits for oil and gas industry application market in each regional market, in terms of USD million.

This report concludes with the company profiles section which includes key information about the major players in this market. The competitive profiling of these players includes company and financial overview, business strategies adopted by them, and recent developments which can help in assessing competition in the market. Some of the major companies included in this report are NewTech Drilling Products LLC, Varel international, Inc., Baker Hughes, Inc., National-Oilwell Varco, Inc., Halliburton, Inc., Scientific Drilling International, Inc., Torquato Drilling Accessories, Inc., Atlas Copco AB and Kingdream Public Limited Company.

This report analyzes the drill bits for oil and gas industry application market in terms of volume (hundred units). The market has been segmented as follows:

Drill Bits for Oil and Gas Industry Application Market, By Product

Roller cone bits
- Milled-tooth bits
- Tungsten carbide inserts (insert bits)

Fixed cutter bits
- Polycrystalline diamond bits (PDC)
- Natural diamond bits

Drill Bits for Oil and Gas Industry Application Market, By Geography

North America
Europe
Asia-Pacific
Rest of the World (RoW)

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