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and Gas Drill Bits Market is expected to grow at a robust pace during the
period of 2024-2028. Oil and gas drill bits are used in oil exploration and
drilling boreholes in various layers of rock formations to access oil and
natural gas resources. These are designed to penetrate underground rock
formations quickly and for as long as possible. These tools are classified as
either rolling cones or fixed cutting bits. Roller cone drills are classified
as tungsten carbide insert (TCI) or steel tooth (ST) tools, and fixed edge drills
are defined as polycrystalline diamond (PDC) drills or impregnated drill types.
and gas drill bits have many uses in the petroleum industry as they are used to
pierce hard materials, such as stone, concrete, and metal. For example, a drill
bit is placed in the chuck (rotating device) of a drill press and the drill bit
is rotated at high speed to cut or drill into a surface. Bits can be attached
to a variety of tools, such as drills, drills, and reamers, and perform
different functions depending on the shape of the tip.
oil rig is an important oil drilling tool, used to drill oil in oil production,
and its working performance directly impacts drilling quality, drilling
efficiency, and drilling cost. Whether the chisel is compatible with the nature
of the rock and its quality plays a very important role in the choice of
drilling method. In particular, it has a significant impact on drilling
quality, drilling speed, and drilling costs.
global oil and gas drilling bits market is expected to see a significant
surge over the forecast period due to a rapid rise in offshore drilling
activities in response to the world's rising energy consumption. Additionally,
discoveries of oil reserves are expected to boost drilling bit market
growth. Increased financing and activities for efficient product development
procedures are expected to assist the drilling bit industry and minimize
replacement costs and time while extending product life cycles. Due to the
rising interest in oil and gas development over the past several years, the global
oil and gas drill bits market is expected to increase dramatically throughout
the forecast period.
growing shale gas development operations worldwide and the increased need for
specialized drilling bits that can handle unconventional rock formation are
other reasons driving the global oil and gas drill bit market. During the
search for shale gas, these drill bits are frequently utilized. The need for
these drill bits has grown along with the expansion of shale gas exploration.
The U.S. Energy Information Administration reports that by 2040, the world's
natural gas production will have increased from 342 billion cubic feet per day
(Bcf/d) in 2015 to 554 Bcf/d. The oil and gas drill bit market is anticipated
to experience an expansion in demand-side due to this enormous growth in
natural gas production.
exploration and production of sand beds, coupled with new drilling techniques,
such as hydraulic fracturing and fracking, are expected to drive the demand for
polycrystalline diamond (PCD) bits. Moreover, the number of offshore drilling
rigs is expected to increase during the forecast period.
Investment by Middle East to Boost Oil and Gas Drill Bits Market
Middle East state-owned oil companies continue to invest heavily in oil and gas
capacity expansion projects to maintain their global market share, with
billions of dollars of greenfield investment in pipelines. Abu Dhabi National
Oil Company (ADNOC), Saudi Aramco, Kuwait Petroleum Corporation and Qatar
Energy are leading capacity expansion programs and have ambitious investment
plans for the next few years. ADNOC plans to invest USD 122 billion between
2021 and 2025, aiming to expand its oil production capacity from its current 4
million bpd to 5 million barrels by 2030. It also plans to expand its gas
production capacity under the Hail & Ghasha, Shah Gas, and Dalma Sour gas
projects. Much of Aramco's investment could be diverted to a phased offshore
program critical to its plans to expand oil production in Saudi Arabia to 13
million barrels per day capacity from the existing 12 million bpd. Kuwait Oil
Company (KOC) aims to increase crude oil production capacity to 4 million
barrels per day by 2040, from about 2.43 million barrels per day today. These
investments are expected to drive the global oil and gas drill bits market.
in Canadian Oil and Gas Exploration to Grow 11% and Touch USD 40 billion in
Canadian Association of Petroleum Producers (CAPP) expects spending on oil
patches in 2023 to surpass pre-pandemic levels, three years after the arrival
of COVID-19 caused global commodity prices to drop significantly. Canadian
upstream oil and gas investment hit a low of USD 22 billion in 2020 as COVID-19
restrictions collapsed global demand for gasoline, kerosene, and other energy
products. However, the reopening of the global economy post covid has led to a
dramatic increase in demand.
with Russia's invasion of Ukraine, oil and gas prices hit record highs in 2022,
resulting in record profits for many Canadian companies. According to CAPP,
the country's conventional oil and gas investment is expected to reach USD 28.5
billion in 2023, while oil sands investment is expected to reach USD 11.5
billion. In addition to a healthy commodity pricing environment, oil
producers are looking forward to the completion of the Trans Mountain Pipeline
expansion. This is expected to provide an additional export capacity of 590,000
barrels per day when it comes online in the second half of 2023.
Market projects fueling the global oil and gas drill bits market growth during
the forecast period
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global oil and gas
drill bits market is segmented based on material, type, and application. Based
on material, the market is bifurcated into steel, tungsten carbide, and others.
Based on type, the market is bifurcated into fixed cutter bits & roller
cone bits. Based on Application, the market is bifurcated into offshore &
main 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, and
Ulterra Drilling Technologies L.P.
Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
forecast, company share, growth factors, and trends
America; Asia-Pacific; Europe; South America; Middle East & Africa
United States; Canada; Mexico; China; Indian; Japan; South
Korea; Australia; Germany; United Kingdom; France; Italy; Spain; Brazil; Argentina;
Colombia; Saudi Arabia; South Africa; UAE
Key companies profiled
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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In this report,
Global Oil and Gas Drill Bits Market has been segmented into the following
categories, in addition to the industry trends which have also been detailed
analysis of the major companies present in the Global Oil and Gas Drill Bits
Global Oil and
Gas Drill Bits Market report with the given market data, TechSci Research
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In the oil and gas market, a drill bit is used to discover and extract hydrocarbons such as crude oil and natural gas. This tool is designed to create a nearly cylindrical hole (borehole) in the earth's crust through a rotary drilling process.
Increasing investments by Middle East countries and Canada along with the rise in exploration activities are driving the global oil and gas drill bits market.
North America is expected to be the dominant region in the global oil and gas drill bits market due to more exploration being done in the area, both offshore and onshore. The primary force behind the market expansion in the area has been shale gas exploration activities.
Key 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, and Ulterra Drilling Technologies L.P.
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