Oil and Gas Drill Bits Market to Gain from Continued Exploration Activities
The global oil
and gas drill bits market is expected to expand significantly through 2028, owing
to the increasing demand for oil and gas and continuously rising exploration and
production activities.
According to
TechSci Research report, “Oil
and Gas Drill Bits - Global Industry Size, Share, Trends, Opportunity,
and Forecast 2018-2028”, the Global oil and gas drill bits Market is expected to register robust growth
during the forecast period, 2024-2028. Drill bit demand is likely to be
driven by rising global energy consumption, particularly as shale gas
development and production are predicted to increase throughout the projection
period. Over the projection period, it is anticipated that rising offshore
drilling activity in North America and the Middle East will boost the global oil
and gas drill bits market.
Over time,
improvements have been made to the drilling bit's structure. The structure of
drilling bits and the materials used in their manufacture have improved, which
has increased drilling efficiency. Additionally, less time is now needed for
each well's operation. The exploratory work done in recent years has been done
offshore, at vast depths, and in challenging terrain, thus, there is now a larger
area that may be explored. Additionally, higher efficiency and increasing
exploration operations in challenging locales are expected to fuel the global
oil and gas drill bit market's growth.
Drill bits are
essential for all types of drilling work and are used to remove material to
create holes, especially circular cross-sections. These drill bits are used for
rock cutting and drilling oil and gas wells. A drill bit is a rotating device
made of very hard material that must remain sharp or have a robust cutting edge
to cut into the rock and penetrate sediment. These tools are also called rock
bits or drill bits and are divided into two main types based on the main
cutting mechanism.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on the "Global
Oil and Gas Drill Bits Market."
The Global Oil
and Gas Drill Bits Market is segmented based on material, type, and
application. Based on Application, the market is bifurcated into offshore &
onshore. Based on material,
the market is bifurcated into steel, tungsten carbide, and others. Based
on type, the market is segmented into fixed
cutter bits & roller cone bits. The Fixed Cutter Bits segment
is expected to dominate the market in the forecast period. Fixed edge drills,
unlike roller cone drills, have no moving parts or bearings. The cutting tool
is permanently attached to the blade, which is an integral part of the bit's
construction. Polycrystalline diamond (PDC) bits dominate this category,
accounting for the majority of the market share in the global drill bit market.
Contributing to the great success of the PDC drill was the development of
computer models to help design and understand how the PDC drill works. PDC bits
are rapidly gaining popularity in oil and gas applications. PDC bits can
penetrate hard formations embedded with stripes. The continuous rapid
development of the shale business has supported the growth of the PDC drill bit
market in recent years, as PDC is recognized as the best solution for shale
drilling. The fixed bit segment, which has superior advantages over roller
bits, is estimated to be experiencing high growth rates and is expected to
continue to dominate the drill bit market during the forecast period.
Based on
Application, the market is bifurcated into offshore & onshore. During the
forecast period, the Onshore segment is expected to be the dominating segment. Rising
commodity prices and soaring demand for onshore drilling are driving up land
drilling day rates, especially in important markets like the U.S. and the
Middle East & Africa, which is accelerating the growth of the onshore
segment. Other reasons supporting category growth include rising domestic
energy production, and operators concentrating more on developing complicated
reservoirs.
Key market
players in the Global Oil and Gas Drill Bits Market are:-
- Schlumberger
Limited
- Baker Hughes
Co
- Halliburton Inc.
- National
Oil-well Varco, Inc.
- Sandvik AB
- Scientific
Drilling International Inc.
- Torquato
Drilling Accessories Inc
- Epiroc AB
- Kingdream Public
Limited Company
- Ulterra Drilling
Technologies L.P.
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"The worldwide
demand for oil and gas drill bits is anticipated to surge due to rising
investment in the exploration and production of large quantities of
hydrocarbons to satisfy international energy demand. Additionally, it is
anticipated that further exploration from wild wells and the use of geological
studies to find new reservoirs with the capacity to effectively supply oil
production over a longer period would open up new opportunities for the sector
in the years to come,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
Oil and Gas
Drill Bits Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast. 2018-2028”
Segmented By Material (Steel, Tungsten Carbide & Others), By Type (Fixed
Cutter Bits & Roller Cone Bits), By Application (Offshore & Onshore),
By Region has evaluated the future growth potential of Global Oil
and Gas Drill Bits Market and provides statistics & 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 the global oil
and gas drill bits market.
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