Increasing exploration and production activities from unconventional oil and gas fields and increasing directional drilling activities are key factors driving revenue growth of market
The global Oilfield Drill Bits Market size is expected to reach USD 10.52 Billion by 2028 at a CAGR of 5.4%, according to the latest report by Reports and Data. Steady market revenue growth can be attributed to rapid increase in shale gas exploration and production activities and increasing demand for more efficient and suitable drilling bits that can operate on unconventional rock formations. In addition, increasing drilling and exploration activities across onshore and offshore oilfields has been boosting demand for drill bits and this is expected to further fuel revenue growth of the market over the forecast period. Increasing global demand for energy due to rapidly increasing global population and fast-paced industrialization and urbanization have further increased need for oil and gas exploration and production activities and this is expected to boost market revenue growth going ahead.
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Top Companies: Schlumberger, Baker Hughes, Halliburton, National Oilwell Varco, Atlas Copco, Varel International, Inc., Torquado Drilling Accessories Inc., Tercel Oilfield Products, Scientific Drilling, Palmer Bit Company, International Diamond Services, Inc., and CH Bit Company.
Further Key Finding from the Report Suggestion:
- Roller-cone drill bit segment is expected to account for significant revenue share in the global market over the forecast period owing to their cost-efficiency and suitability for soft and conventional rock formations as compared to other downhole tools.
- Onshore application segment revenue is expected to expand significantly over the forecast period owing to rapid increase in onshore exploration and production activities on onshore oilfields. In addition, rising shale gas exploration to cater to growing demand for energy and clean fuel is expected to further boost revenue growth of this segment.
- North America is expected to register a CAGR of 5.6% during the forecast period owing to increasing EP activities, the advent of shale gas and tight oil, and increasing demand for crude oil and natural gas.
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The global Oilfield Drill Bits market is segmented into:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Milled-tooth Bits
- Tungsten Carbide Inserts
- Fixed Cutter
- Natural/synthetic Diamond Cutters
Application Outlook (Revenue, USD Billion; 2018-2028)
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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