Global oil and gas drill bits market stood
at 3.3 billion in 2018 and is projected to grow at a CAGR of 6.8% during
2019-2024 to reach $ 5.5 billion by 2024, owing to increasing shale gas
exploration activities and rising demand for customized drilling bits that can
handle unconventional rock formation. These drill bits are widely used during
shale gas exploration. With increasing shale gas exploration, demand for these
drill bits is also growing. Drill bits are used in oil and gas operations to
drill and create holes for oil and gas extraction. The drill bits are rotating
apparatus that are made up of hardest materials and sharp texture to cut into a
rock and sediments. The main purpose of drill bits is to grind, cut, scrape and
crush the rock at the bottom of the well. The drill bits industry is changing
rapidly with new manufacturing technology and increasing use of new materials
in drill bits production process.
Based on
application, global oil and gas drill bits market has been categorized into
onshore drilling and offshore drilling. The onshore drilling application is
expected to account for the largest market share in coming years, backed by increasing
onshore drilling activities across various regions. With directionless
drilling, new oil and gas sources are being drilled in previously unexplored
and unconventional regions. This is expected to drive the market for oil and
gas drill bits. However, stringent government regulations surrounding the
onshore drilling activities are expected to act as a restraint for the drill
bits market.
Oil and gas
resources are geographically distributed, and the oil field drill bits market
is highly dependent on oil and gas exploration activities. North America is
extensively engaged in oil and gas exploration activities and is expected to
emerge as the most attractive regional market during the forecast period.
Moreover, Brazil, China and Saudi Arabia have significant resources of oil and
gas, thereby resulting in huge growth opportunities for oil and gas drill bit market
players.
Some of
the major companies operating in global oil and gas drill bits market are Schlumberger,
Baker Hughes, Sandvik, NewTech Drilling Products LLC, National Oil-well Varco
Inc. and Halliburton Inc.
Years
considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective
of the Study:
- To analyze and forecast global
oil and gas drill bits market size.
- To forecast global oil and gas drill bits
market based on type, material, application and regional distribution.
- To identify drivers and
challenges for global oil and gas drill bits markets
- To examine competitive
developments such as expansions, new product launches, mergers &
acquisitions, etc., in global oil and gas drill bits markets
- To conduct the pricing
analysis for global oil and gas drill bits market.
- To identify and analyze the
profile of leading players operating in global oil and gas drill bits
market.
Click here to download the brochure
Some of the leading players in global oil
and gas drill bits market are National Oil-well Varco Inc., Halliburton Inc.,
Scientific Drilling International Inc., Torquato Drilling Accessories Inc., Epiroc,
Kingdream Public Limited Company and Schlumberger.
TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of oil and gas drill bit manufacturers across the globe.
Subsequently, TechSci Research conducted primary research surveys with the
identified companies. While interviewing, the respondents were also enquired
about their competitors. Through this technique, TechSci Research could include
the suppliers which could not be identified due to the limitations of secondary
research. TechSci Research analyzed the product offerings, distribution
channels and presence of all major oil and gas drill bit manufacturers across
the globe.
TechSci
Research calculated global oil and gas drill bits market size using a bottom-up
approach, where data for various end user industries and its application across
various types were recorded and forecast for the future years was made. TechSci
Research sourced these values from the industry experts and company
representatives and externally validated through analyzing historical data of
these types and applications for getting an appropriate, overall market size.
Various secondary sources such as company website, news articles, press
releases, company annual reports, investor presentations and financial reports
were also used by TechSci Research.
Key Target
Audience:
- Oil and gas drill bit manufacturers, suppliers,
distributors and other stakeholders
- Oil and gas drill bit end user industries
- Organizations, forums and alliances related to
oil and gas drill bits market
- Market research and consulting firms
The study is useful in providing answers to several critical
questions that are important for industry stakeholders such as drill bit
providers and partners, end users, etc., besides allowing them in strategizing
investments and capitalizing on market opportunities.
Report Scope:
In this report, global oil and gas drill bits market has
been segmented into following categories, in addition to the industry trends
which have also been detailed below:
- Market, by Material
- Steel
- Diamond
- Tungsten Carbide
- Market, by Type
- Fixed Cutter Bits
- Polycrystalline Diamond Bits
- Natural Diamond Bits
- Roller Cone Bits
- Milled-Tooth Bits
- Tungsten Carbide Inserts
- Market, by Application
- Market, by Region:
- North America
- United States
- Mexico
- Canada
- Europe
- Russia
- Norway
- United Kingdom
- Denmark
- Netherlands
- Asia-Pacific
- China
- India
- Australia
- Vietnam
- Indonesia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Iraq
- South America
- Brazil
- Argentina
- Colombia
- Venezuela
Competitive Landscape
Company Profiles: Detailed analysis of the major
companies present in global oil and gas drill bits market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
Profit
Margin Analysis
- Profit margin analysis in case of direct and indirect sales
channel.
In case you don’t find what
you are looking for, please get in touch with our custom research team at sales@techsciresearch.com