Growing Exploration Activities to Push Global Oil and Gas Drill Bits Market through 2024
Technological advancements
and increasing oil and gas exploration activities to bolster global oil and gas
drill bits market through 2024
According
to TechSci Research report, “Global Oil and Gas Drill Bits Market By Material, By Type, By Application, By Region,
Competition, Forecast & Opportunities, 2024”, global oil and gas drill
bits market is projected to grow at a CAGR of over 6% during 2019-2024, on the
back of increasing oil & gas drilling activities across the globe. Moreover,
with increasing technological advancements such as sensor technology in drill
bits for real-time data capturing and hybrid drill bits, the global oil and gas
drill bits market is expected to witness significant growth during the forecast
period.
Browse more than 120 market data Tables and Figures spread through 110 Pages and an in-depth TOC on "Global Oil and Gas Drill Bits
Market, 2024"
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By type, global oil and gas drill bits
market has been categorized into fixed cutter bits and roller cone cutter bits.
Of these types, roller cone cutter bits accounted for majority share in global
market in 2018, owing to its wide use in conventional oil and gas fields. Moreover,
demand for fixed cutter bits is growing, on account of increasing exploitation
of unconventional reserves such as shale in the United States. Demand for fixed
cutter bits with higher efficiency is growing, as it offers higher durability
and rate of penetration in shale reserves. Countries such as Canada, Brazil and
China are expected to witness significant growth in drilling activities in
their shale reserves, which in turn would boost the demand for fixed cone
cutter bits.
North America is expected to
account for a significant share in global oil and gas drill bits market, as the
region is leading the global market with more onshore wells. Moreover, new
drilling activities are being carried out across the region. Asia-Pacific oil
and gas drilling bits market is also expected to register growth during the forecast
period, with China accounting for majority share in the region’s oil and gas drill
bits market, backed by increasing onshore drilling activities in the country.
“Growing onshore and offshore oil
activities across the globe would drive global oil and gas drill bits market
during the forecast period. The market is highly dependent on factors such as
technological advancements with respect to design and regional regulatory
policies for the exploration and production activities.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
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“Global
Oil and Gas Drill Bits Market By Material, By Type, By Application, By Region,
Competition, Forecast & Opportunities, 2024” has evaluated the future
growth potential of global oil and gas drill bits market and provides
statistics and information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global oil and gas drill bits market.
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