Press Release

Oil and Gas Drill Bit Market Latest Innovations, Drivers, Dynamics And Strategic Analysis, Challenges – P&S Intelligence

Oil and Gas Drill Bit Market Latest Innovations, Drivers, Dynamics And Strategic Analysis, Challenges – P&S Intelligence

 

In the oil and gas industry, drill bit is used as component to produce cylindrical hole in earth’s crust for the discovery and extraction of crude oil and natural gas. This type of tool is mainly used IN rotary drilling method to produce hole in oil and gas field. Prime objective for using this type of tool is to maximize the rate of penetration of the formation and ensuring longer service life of the formation produced through drilling. Drilling bit offers benefits such as precision in drilling, ease in drilling process, and enhancement of the service life of the hole. The oil and gas drill bit market has been segmented on the basis of product, end user, and region.

On the basis of end user, the oil and gas drill bit market has been segmented into oil well and gas well. Penetration of specific drilling bit type depends on topography and geology of the oil and gas well. In many circumstances, it has been found that performance of the drill bit varies significantly with change in end user. For example, a specific type of drilling bit might be considered as suitable for oil well but the same drilling bit might fail to provide desired performance for gas well.

Growth drivers

Major factors driving the global oil and gas drill bit market are growth in shale gas exploration activities across the globe and rising demand for customized drilling bits that can handle unconventional rock formation. These drill bits are widely used during shale gas exploration. With the increase of shale gas exploration, demand for these drill bits have also increased. According to data published by U.S. Energy Information Administration, natural gas production globally is projected to increase from 342 billion cubic feet per day (Bcf/d) in 2015 to 554 Bcf/d by 2040. Such huge growth in natural gas production is expected to provide demand side drive for the oil and gas drill bit market.

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Opportunities

Shale gas exploration is still in the evolution phase in Europe and in coming years rapid boom in shale gas exploration is expected in countries from this region. Such boom in shale gas exploration is expected to provide opportunity for the oil and gas drill bit market during the forecast period.

ompetitive Landscape

Some of the major players operating in the global oil and gas drill bit market are Schlumberger Limited, Atlas Copco, Baker Hughes, a GE company, National Oilwell Varco, Halliburton, Torquato Drilling Accessories, Inc., Kingdream Public Limited Company, and Bulroc (UK) Ltd.

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