The new report by Expert Market Research titled, ‘Oil and Gas Drill Bit Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the oil and gas drill bit market, assessing the market based on its end-use and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 10%
The growth in the oil and gas drill bit market is being driven by increasing demand for fixed cutter which can be attributed to its resilience to hard surfaces. Natural and synthetic diamond cutters are expected to drive the growth within the fixed cutter category. The surging exploration activities are expected to contribute significantly to the market growth. Rapidly growing population and urbanization globally have contributed to an ever-increasing need for energy. This factor has globally supported the fossil fuel extraction which is expected to positively drive the oil and gas drill bit market.
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Industry Definition and Major Segments
Oil and gas drill bit refers to an oilfield equipment used to extract gas and oil. Drill bits are produced from high performance metal composites such as high-speed steel, polycrystalline diamonds, and tungsten carbide, amongst others. These bits are also covered with metallic coatings of cobalt and titanium to enhance their high wear and tear resistance and durability.
Based on type, the industry is segmented into:
- Fixed Cutter
- Polycrystalline Diamond Cutters (PDC)
- Natural or Synthetic Diamond Cutters
- Roller Cone
- Milled Tooth Bit
- Tungsten Carbide Inserts
Based on application, the market is divided into:
On the basis of region, the market is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The depletion of conventional gas and oil wells has driven E&P firms to mine hydrocarbons from unconventional deposits like shale, CBM and small blocks. The increasing attention over enhancing the process of extraction at tough locations will propel the growth of global oil and gas drill bit market. Increased demands for improved drilling efficiency, along with the rising concern of E&P companies to minimize operational costs due to the recent downturn in crude oil prices, have forced OEM producers to modify bit designs.
Technological developments, coupled with changes in consumer demands for cost-effective facilities, are estimated to generate new prospects for potential production. Companies have been constantly interested in optimizing the planned life cycle of the drill bit along with the production of hybrid extraction devices.
Key Market Players
The major players in the market are Schlumberger Limited, Halliburton Energy Services Inc., Baker Hughes Company, NOV Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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