(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Apr 13, 2021, 10:30 /Comserve / -- The PDC drill bits market is projected to reach USD 4.54 billion by 2023, growing at a CAGR of 4.41% from 2018 to 2023.
The PDC Drill Bits Market research report offers the breakdown of the business by market size, pace of advancement, key players, countries, product type and applications. The report subtleties key market division to comprehend the all-encompassing ecosystem system with local effect. The PDC Drill Bits market report additionally examinations arising technological development, R & D spending by key vendors. This report contains significant data that assists with competitive analysis and size of organization. The impending PDC Drill Bits market region along with the growth status of manufacturers, decision-makers to design diverse business arrangements appropriately.
'The PDC drill bits market is projected to grow at a CAGR of 4.41% from 2018 to 2023. The growth of the PDC drill bits market can be attributed to an increase in oil & gas drilling activities across the world. Increasing focus on renewable energy by governments of many countries is the major challenge faced by the players in this market.
Request For Sample Copy of This Report CLICK HERE
"The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market)."
The key players in the PDC drill bits market include Schlumberger (US), BHGE (US), Halliburton (US), NOV (US), and Varel (US).
'The matrix body segment is expected to grow at the highest CAGR of 4.69% from 2017 to 2022.
The matrix body segment is estimated to grow at the highest CAGR in the PDC drill bits market during the forecast period. The increase in the global oil & gas well drilling has accentuated the need for drill bits. Since after the financial crunch in oil & gas, a majority of the operators are looking for an advanced technology that can drill a well at a higher Rate of Penetration (ROP) in less down-time cost.
'1524 mm: The largest market for PDC drill bits, by size of PDC cutter
The 1524 mm size segment is estimated to hold the largest share of the PDC drill bits market in 2017 and is expected to grow at a decent pace during the forecast period. The 15-24 mm segment is used for drilling medium-hard and hard formations with a higher ROP, which is one of the major driving factors for the growth of the 1524 mm PDC drill bits market. It is expected that the US, China, and some countries of the Middle East will have a greater demand for the 1524 mm sized bit in the near future.
North America: The fastest-growing market for PDC drill bits The US is estimated to be the fastest-growing market for PDC drill bits during the forecast period. The market growth in the region can be attributed to the recent developments in the oil & gas drilling activity in the US, Canada, and Mexico. The increase in the shale gas exploration & production is also likely to boost the demand for PDC drill bits in the region during the forecast period.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1 - 55%, Tier 2 - 20%, Tier 3 - 25%
- By Designation: C-Level - 35%, D - Level- 30%, Others - 35%
- By Region: North America - 30%, Europe - 20%, Asia Pacific - 25%, South America - 5%, Middle East - 15%, and Africa - 5%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2016: Tier 1 = >USD 1 billion, Tier 2 = from USD 100 million to USD 500 million, and Tier 3 =
Research Coverage:
The report provides a picture of the PDC drill bits market and its segments across industries and regions. It aims at estimating the market size and future market growth potential across different segments, by type, size of PDC cutter, number of blades, and region. Furthermore, the report includes an in-depth competitive analysis of key players in the market along with their company profiles, recent developments, and key market strategies.
Why buy this report?
- The report identifies and addresses key markets for PDC drill bits, which would help OEMs review the growth in demand for the product.
- The report helps drilling operators understand the pulse of the market and provides insights into market drivers, restraints, opportunities, and challenges.
- The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
Request For Sample Copy of This Report CLICK HERE
"The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market)."
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
For more information, please contact:
Hina Miyazu Shibuya Data Count
Email:
Tel: + 81 3 45720790
MENAFN13042021004694010674ID1101911682
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.