(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Sep 10, 2021, 08:48 /Comserve / -- Oil and Gas Drill Bits Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
"A research report on Oil and Gas Drill Bits Market was added by SDKI in its database which discusses the product as well as the scope of its market in detail. The report provides the business clients with an in-depth overview of the market, giving an analysis of the market trends, market size, market value and market growth over the forecast period on a compound as well as on a yearly basis. Further, the market study gives an overview of the industry on the basis of several factors such as the geographical extent, market segmentation, growth drivers and challenges prevalent in the market.
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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.
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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.
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.
Table of Content
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
4.1. Factors considered while selecting a supplier
4.2. Product awareness and applicability & usage analysis
4.3. Challenges/issues faced post purchase
4.4. Unmet needs
5. Global Oil and Gas Drill Bits Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Material (Steel; Diamond; Tungsten Carbide)
5.2.2. By Type (Fixed Cutter Bits – Polycrystalline Diamond Bits, Natural Diamond Bits; Roller Cone Cutter Bits – Milled-Tooth Bits, Tungsten Carbide Inserts)
5.2.3. By Application (Offshore; Onshore)
5.2.4. By Region (North America; Europe; Asia-Pacific; Middle East & Africa; South America)
5.2.5. By Company (2018)
5.3. Market Attractiveness Index (By Material; By Type; By Application; By Region)
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