According to a new market report published by Credence Research “Global Drill Bits Market–
Growth, Future Prospects, Competitive Analysis, and Forecast 2016 –
2023,” the global drill bits market for oil & gas industry is
expected to reach US$ 8.2 Bn by 2023, expanding at a CAGR of 6.1% over
the forecast period 2016 to 2023.
Browse the full Global Drill Bits
Market by Services and Geography – Growth, Future Prospects,
Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/drill-bits-market-for-oil-and-gas-industry
Market Insights
Growing energy demand due to increase in
number of automobiles due to rapid urbanization especially in emerging
economies of Asia Pacific such as India and China are expected to drive
the demand for fossil fuel which is influencing which oil producer to
increase oil production, this in turn is expected to spur the growth of
global drill bits market for oil & gas industry. Increase in
exploration and production of sand formation coupled with new drilling
techniques such as hydraulic fracturing or fracking is anticipated to
impel the demand for polycrystalline diamond bits (PCD). Oil & gas
industry has witnessed a shift in exploration and production operations
form conventional to non-conventional oil & gas exploration. Growing
production of shale gas since 2010 coupled with increasing
ultra-deepwater drilling activities in U.S. Gulf of Mexico is expected
to drive the demand for drill bits market over the forecast period
(2016-2023). Moreover, increasing rig count for offshore drilling also
anticipated to fuel the demand for drill bits over the forecast period.
However, decline in oil prices in recent past has adversely affected the
profit margin of oil producers. Thus, oil producers are concentrating
on improving oil production with the use of technologies. Leading drill
bits manufacturers are providing drill bits endowed with technology that
offers better rate of penetration at low cost, making drilling
operations more efficient. Moreover, increasing offshore drilling
activities coupled with increasing production of shale gas is expected
to augment the growth of drill bits market over the forecast period
2016-2023.
Competitive Insights:
Global drill bits market is segmented
type into roller cone bits and fixed cutter bits on the basis of
product. Roller cone bits segment is further sub-segmented as
milled-tooth bits and tungsten carbide inserts (insert bits). Among
roller cone bit segment, the tungsten carbide inserts segment is
anticipated to be the largest segment due to low cost and adaptability
for the soft formations. The segment is expected to continue its
dominance over the forecast period.
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Fixed cutter bit segment is further
sub-segmented into natural diamond bits and Polycrystalline diamond bits
(PDC). In 2013, Polycrystalline diamond bits (PDC) was the most
dominant segment and expected to continue its dominance till 2023. The
segment is expected to register significant growth over the forecast
period due to growing ultra-deep water drilling activities in U.S. Gulf
of Mexico and other parts of the globe.
Leading players in the global drill bits
market are involved in constantly innovating newly designed drill bits
empowered with technology to increase their market share. For instance,
Schlumberger Limited offer drill bits Axe Blade Ridged Diamond Element
Bit, Sting Blade Conical Diamond Element, etc. Therefore, the global
drill bits market is projected to register robust CAGR over the forecast
period (2016-2023).
Key Trends:
- Merger & Acquisition
- Development of newly designed drill bits
- High investment on research and development
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