Oil and Gas Drill Bit Market Driving Factors, Global Demand & In-Depth Qualitative Insights, 2022
The global oil and gas drill bit market was valued at more than USD 4.9 billion in 2014and is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development.
(firmenpresse) - The global Oil and Gas Drill Bit Market research report provides complete insights on industry scope, global trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready, data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global oil and gas drill bit market was valued at more than USD 4.9 billion in 2014. Increasing global demand for energy is expected to drive the demand for drill bit as exploration and production especially for shale gas are anticipated to rise over the forecast period.
Key Players:
Atlas Copco
Varel International, Inc.
Baker Hughes
Schlumberger Limited
National Oil-well Varco, Inc.
Halliburton Inc
Torquado Drilling Accessories Inc.
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Growth Drivers:
As exploration of unconventional sources such as CBM, shale gas has been increasing owing to rapid increase in global energy demand and several initiatives from various governments production from these reserves is expected to rise in the near future, hence driving substantial demand for drill bits.
The dip in the oil prices in the last few years has tremendously affected the E&P in oil and gas sector, hence restricting the development of new technologies in the drill bit industry. Growing concern of E&P companies to reduce operating costs along with rising requirement for optimized drilling performance have enforced OEM manufacturers to improvise bit design and performance. Changing customer preference for cost-effective equipment owing to of technological advancements have created opportunities for future development. Also, sustainability of the market depends on the supply of raw materials, product development and majorly on the prices.
Product Outlook:
Roller-cone bit
Miller-tooth bit
Tungsten carbide inserts
Fixed cutter bit
Polycrystalline diamond cutters (PDC)
Natural/synthetic diamond cutter
Regional Insights:
On regional basis segmentation, North America drill bit dominates the global market with around 35% of global volume in 2014. Tremendous upsurge in shale gas production is expected to be yet another major driving factor in the current low crude oil price scenario.
Large reserves at Canada &Gulf of Mexico of shale gas are expected to witness increasing exploration & production activitieswhich in turn, will boost product demand in these regions. The Asia Pacificregion is estimated to grow firmlyand is projectedto reach the net demand of more than 800 units by 2022. Owing to rapid industrialization and urbanization in emerging countries such as China, India influences the oil producers to increase the supply, this, in turn, steers the growth of the market.
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Themen in dieser Pressemitteilung:
machinery-and-machine-parts
oil-and-gas-drill-bit-market
oil-and-gas-drill-bit-market-news
global-oil-and-gas-drill-bit-market-industry-size
oil-and-gas-drill-bit-market-share
oil-and-gas-drill-bit-market-demand
oil-and-gas-drill-bit-market-analysis
Unternehmensinformation / Kurzprofil:
Datum: 22.09.2020 - 13:09 Uhr
Sprache: Deutsch
News-ID 619848
Anzahl Zeichen: 3556
contact information:
Contact person: Tom Clark
Town:
Felton
Phone: 4086102300
Kategorie:
Machinery & Tools
Typ of Press Release: Financial
type of sending: don't
Date of sending: 22.09.2020
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