Tercel Bits, Baker Hughes, Inc., Ulterra Drilling Technologies, Halliburton, Inc., National Oilwell Varco, Inc., Varel international and Atlas Copco AB among other are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Drill Bits Market.
Global Drill Bits Market – Overview
Drill bits are essential tools that are used in the oil and gas industry for any drilling operation. It is used to drill cylindrical boreholes for E&P activities in the production of crude and gas. Drill bits produce drill cuttings when used in for the formation of boreholes. The cuttings that are formed by the bit are usually removed from the wellbore and brought to the surface through circulation.
According to a recent study report published by the Market Research Future, The Global Market of Drill Bits is booming and expected to gain prominence over the forecast period. The global Drill Bits Market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2023).
Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the drill bits market. Moreover, new oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. However, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.
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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.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, Drill Bits manufacturers strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of drill bits for every application.
In September 2017, Halliburton has launched GeoTech HE, a robust drill bit that incorporates new features and materials to deliver enhanced performance and increased reliability in high energy drilling systems characterized by very high weight-on-bit and drilling torque.
In April 2017, BP Oman and Modus Oman Drilling Systems signing a two year supply contract of Modus ALMAS PDC drill bits for BP Oman. The signing marks the outcome of 6 months of successful field trials and outstanding performance of ALMAS PDC drill bits with BP Oman.
In July 2016, American Securities LLC, a leading U.S. private equity firm, Completes Acquisition of Ulterra Drilling Technologies, L.P. Ulterra is a leading manufacturer of polycrystalline diamond compact (“PDC”) drill bits for the oil and gas industry. The Company was owned by ESCO Corporation.
Drill Bits Market – Segmentation
Global Drill Bits Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
Based on Type, the market has been segmented into rolling cutter and fixed cutter bits. The structure of rolling cutter drill bits are tooth shape. Rolling cutter is used to two or more cone shaped element that roll across the borehole as the bite is rotated. Fixed cutter mostly use in natural or synthetic diamond, to remove material by grinding action as the bit is rotated.
Based on end market, the market has been segmented land and offshore. Onshore dominates the end market segment of global market. Offshore segment is expected to be the fastest growing segment during the forecast period.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific, Middle East & Africa and South America.
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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.
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