Drill Bits Global Market Research Report by Type (Fixed cutter bits (Natural diamond and Polycrystalline diamond), roller cone cutter, Application (Onshore and Offshore) and Region – Forecast till 2023
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Market Highlights:-
Owing to increasing world energy demand with high cost of natural oil and gas along advancing oil and gas exploration activities, the drill bits market is expected to witness a remarkable growth of 9.67% CAGR during the forecast period 2017-2023, according to extensive analysis by Market Research Future (MRFR). Large-scale drilling coupled with exploration and production (E&P) activities in both onshore and offshore oilfields is another key driving factor for drill bit. Furthermore, advancement in technology to provide better services fuel the drill bit market. However, government regulations and control over oil and gas price deter adoption of new technologies, acting as restraints for the market growth.
Drill bits are made up materials such as tungsten carbide, diamond for increasing the steel bits strength. Different drill bits are employed for desired results, depending on drilling requirements and to overcome any challenges in well drilling. On the other hand, drill bits have to be changed on the basis of wear and tear as well. Generally, drill bits are selected based on the type of formation encountered by the drilling operators and also based on the type of drilling activity.
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Industry Top Key Players:-
The key players in the global drill bits market are Atlas Copco (Sweden), Baker Hughes Inc. (U.S), Cangzhou Great Drill Bits Co., Ltd. (China), ESCO Corporation (U.S), Halliburton Company (U.S.), and Irwin Industrial Tool Company (U.S.). NewTech Drilling Products LLC (Russia) National Oilwell Varco Inc (U.S.), Scientific Drilling International Inc (U.S.), Kingdream Public Limited Company (China), Varel International, Inc (U.S.), Torquato Drilling Accessories, Inc. (U.S.), and Ulterra Drilling Technologies (U.S) are among others.
Global Drill Bits Market – Competitive Analysis
Global Drill Bits Market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Industry News:-
As reported in June 2018, National Oilwell Varco has bought GustoMSC, a Dutch engineering firm. The deal allows NOV to expand and further vertically integrate its offshore rig business with oil prices being healthier and the deteriorating deep water energy sector showing signs of life.
In May 2018, Saudi Aramco has made a deal with Halliburton to lift its production program in three Saudi Arabian shale fields. This represents an expansion of Saudi Aramco’s efforts to produce more natural gas to support its growing chemical industry. Saudi Aramco also hopes to reduce the practice of burning oil for domestic power to increase its crude exports.
Global Drill Bits Market – Regional Analysis
North America dominates the drill bits market. The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market.
Asia Pacific and Europe are the other major market for the Drill Bits. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe drill bit market is expected to be dominated by countries such as U.K, Norway and Russia. The development of unconventional oil and gas exploration activities such as shale, is driving the market in the region. It is expected to contribute significantly during the forecast period.
Major Points of Table Of Contents:-
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
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3 Market Dynamics
3.1 Introduction
3.2 Market Drivers
3.3 Market Restraints
3.4 Market Opportunities
3.5 Market Trends
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Bargaining Power Of Suppliers
4.1.4 Threat Of Substitutes
4.1.5 Segment Rivalry
4.2 Value Chain/Supply Chain Analysis
Continued…..
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