Oil & Gas Drill Bit Market Revenue Share Analysis, Trends, Market Growth Forecast, 2018–2028

Comments · 179 Views

Oil & Gas Drill Bit Market Size – USD 6.91 Billion in 2020, Market Growth – at a CAGR of 5.4%, Market Trends – Increasing energy demand and rapid technological advancements in drill bits

The global oil and gas drill bit market size is expected to reach USD 10.52 Billion by 2028 at a CAGR of 5.4%, according to the latest report by Reports and Data. Steady market revenue growth can be attributed to rapid increase in shale gas exploration and production activities and increasing demand for more efficient and suitable drilling bits that can operate on unconventional rock formations. In addition, increasing drilling and exploration activities across onshore and offshore oilfields has been boosting demand for drill bits and this is expected to further fuel revenue growth of the market over the forecast period. Increasing global demand for energy due to rapidly increasing global population and fast-paced industrialization and urbanization have further increased need for oil and gas exploration and production activities and this is expected to boost market revenue growth going ahead.

Drill bits are an essential component of drilling operations and are generally used to remove large rocks or hard materials to create holes for drilling oil and gas wells. These tools are rotating apparatus that are created from hardest materials and have sharp textures that can efficiently cut into rocks and sediments. They are commonly known as rock bit or bit and are divided into two main types, roller-cone drill bits and fixed cutter drill bits, based on their cutting mechanism. Advancements in manufacturing technology and application of novel materials in production processes of drill bits is expected to further drive revenue growth of the market over the forecast period.

Request Free Sample: https://www.reportsanddata.com/sample-enquiry-form/3988

Major companies operating in the market include Schlumberger, Baker Hughes, Halliburton, National Oilwell Varco, Atlas Copco, Varel International, Inc., Torquado Drilling Accessories Inc., Tercel Oilfield Products, Scientific Drilling, Palmer Bit Company, International Diamond Services, Inc., and CH Bit Company.

Increasing directional drilling activities and increasing shift towards natural gas and renewable energy sources have boosted EP activities from unconventional resources and this is expected to drive growth of the market over the forecast period. However, increasing volatility in prices in oil and gas industry and increasing incidence of hole deviation and loss of circulation are expected to hamper market growth to a certain extent over the forecast period.

Some Key Highlights From the Report:

  • Roller-cone drill bit segment is expected to account for significant revenue share in the global market over the forecast period owing to their cost-efficiency and suitability for soft and conventional rock formations as compared to other downhole tools.
  • Onshore application segment revenue is expected to expand significantly over the forecast period owing to rapid increase in onshore exploration and production activities on onshore oilfields. In addition, rising shale gas exploration to cater to growing demand for energy and clean fuel is expected to further boost revenue growth of this segment.
  • North America is expected to register a CAGR of 5.6% during the forecast period owing to increasing EP activities, the advent of shale gas and tight oil, and increasing demand for crude oil and natural gas.
  • In March 2021, a South African multi-sector consulting firm, Taye Consulting joined forces with NIUW Glinik, which is a Poland-based supplier of drill bits and mining equipment. Under the partnership, the former is expected to expand its presence across the African continent.

For the purpose of this report, Reports and Data has segmented the global oil and gas drill bit market on the basis of type, application, and region:

Type Outlook (Revenue, USD Billion; 2018-2028)

  • Roller-cone
    • Milled-tooth Bits
    • Tungsten Carbide Inserts
  • Fixed Cutter
    • PDC
    • Natural/synthetic Diamond Cutters

To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/oil-and-gas-drill-bit-market

Application Outlook (Revenue, USD Billion; 2018-2028)

  • Onshore
  • Offshore

Regional Outlook (Revenue, USD Billion; 2018-2028)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • Italy
    • France
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East Africa
    • Saudi Arabia
    • U.A.E.
    • South Africa
    • Rest of MEA

Ask For Discount: https://www.reportsanddata.com/discount-enquiry-form/3988

Thank you for taking the time to read our article. The report can be tailored to the needs of the client. Please contact us for more details, and our team will tailor the report to your specific requirements.

About Us:

Our in-house experts assist our clients with advice based on their proficiency in the market that helps them in creating a compendious database for the clients. Our team offers expert insights to clients to guide them through their business ventures. We put in rigorous efforts to keep our clientele satisfied and focus on fulfilling their demands to make sure that the end-product is what they desire. We excel in diverse fields of the market and with our services extending to competitive analysis, research and development analysis, and demand estimation among others, we can help you invest your funds in the most beneficial areas for research and development.

Contact Us:

John W

Head of Business Development

Reports And Data | Web: www.reportsanddata.com/

Direct Line: +1-212-710-1370

E-mail: sales@reportsanddata.com

Read More Related Reports:

biorationals market Demands

biorationals market Worth

biorationals market Suppliers

biorationals market Revenue

Comments