The high demand for crude oil, along with the maturing of onshore oil and gas wells is driving the market for offshore drilling bits. Moreover, continuous development of offshore reserves and rising deep water production are likely to positively influence the growth of the global drilling Bits market. Increasing demand for energy has been a major factor in the significant growth of the drill bits market in recent times. Furthermore the recent expansion and exploratory activities undertaken across the globe and Migration of drilling into unconventional areas are expected to positively influence the Drill Bits market. However Lack of skilled labors is going to act as a hurdle in the growth of the Drill Bits Market coupled with declined investments in oil and gas industry, which will act as a major barrier to the growth of the market, states the MRFR Research Analyst while commenting upon this deep diving study report, presented through more than 100 market data tables and figures, widely spread over 110 pages.
Drill Bits Market Segmentations:-
The global drill market is segmented on the basis of type of drill and by applications. Based on type, the market is segmented as fixed cutter bits and roller cone cutter bits. In the fixed cutter drill bits, polycrystalline diamond bits and natural diamond bits contribute major share. The roller cone cutter drill bits are further classified as milled-tooth bits and tungsten carbide inserts. Based on application ,the market is segmented as onshore and offshore applications. With advancement in unconventional drilling techniques such as horizontal and vertical drilling activities, drilling activities are expected to witness further increase, which in turn would drive the market for drill bits.
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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.
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.
Geographically, the drill bit market spreads across North America, Europe, Asia Pacific, Middle East & Africa and South America.
Additionally, the Gulf of Mexico region is experiencing increased oil and gas enhanced recovery projects that can extend the operating life of the maturing oil wells. Also, surging exploratory activities in unconventional formations such as shale are expected to drive the requirement for durable and efficient drilling equipment.
Among all, North America is estimated to hold the largest market share for drill bits owing to introduction of horizontal drilling technology and unconventional drilling activities. In recent times, U.S. has established itself as a prime crude oil producing country, reasons being increased onshore drilling activities for extraction of shale oil and gas. For instance, in North America, Shell Oil Products and Wex Inc. have reached an agreement in which Wex will issue and operate Shell’s full portfolio of commercial fleet cards in the United States and Canada. Agreements between companies enable the market to expand relentlessly, with key players adopting advanced technology for drilling activities.
With increasing shale gas development projects in China, the Asia Pacific region is also expected to experience steady growth for the drill bits market. Moreover, declining production in conventional oil fields is expected to drive the new reserves exploration and development. Increasing oil and gas discovery activities in countries such as Australia, Indonesia, and Philippines guide the region to seek huge demand for drill bits.
Major Points of TOC:-
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
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
3.2 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
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