Drill Bits Market for Oil and Gas Industry Application to Grow at a 4.90% CAGR due to Rising Demand for Energy Globally
A new Transparency Market Research report states that the global drill bits market for oil and gas industry application in 2012 constituted a total volume of 2,597 hundred units and is anticipated to rise at a 4.90% CAGR (in terms of volume) between 2013 and 2019. The title of the report is “Drill Bits Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”.
Browse the full Drill Bits Market for Oil and Gas Industry Application (Milled-tooth bits, Tungsten carbide inserts, Polycrystalline diamond bits (PDC) and Natural diamond bits) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 report at https://www.transparencymarketresearch.com/drill-bit-market.html
Drill bits refer to cutting tools that are utilized for the removal of materials in order to create holes on a surface. They are available in a number of shapes and sizes and are able to create varied types of holes in different kinds of materials. For creating holes, drill bits are connected to a drill; this drill provides power to the drill bits for cutting through the required surface area. Drill bits are made out of a number of materials as per the needed application.
As per this study, the increasing activities of exploration and the rising demand for energy from both developed and developing nations globally are amongst the key factors propelling the drill bits market for oil and gas industry. In addition, the rising count of technological developments globally will also augment the growth of this market. The introduction of hybrid drill bits is a key trend seen in this market. On the other hand, the control on the prices of oil and gas by governments globally may inhibit the penetration of new technologies pertaining to drill bits for the oil and gas industry.
On the basis of product, the report segments the global drill bits market for oil and gas industry into roller cone bits and fixed cutter bits. Roller cone bits are further segmented into milled-tooth bits and tungsten carbide inserts. On the other hand, fixed cutter bits are further segmented into natural diamond bits and polycrystalline diamond (PDC) bits. Of these, in 2012, roller cone bits led the market. However, owing to the increasing durability and productivity, the PDC bits segment of fixed cuter bits is currently experiencing traction in the market.
Though the cost of PDC bits is high, they have been gaining popularity owing to the fact that they immensely enhance the penetration rate and drilling operation within abrasive formations. PDC bits are also utilized in oil and gas drilling activities of greater depths i.e. 3000 meters and more and for hard or abrasive surfaces. PDC drill bits are also employed as they assist in lowering the total time taken in drilling activities by reducing any breaks that are otherwise required for the replacement or repairing of drill bits.
On the basis of geography, the report categorizes the market into Europe, North America, Asia Pacific, and Rest of the World (RoW). Of these, North America held the largest share of 35.7% in the market in 2012 and is predicted to lead the market all through the forecast horizon. This is owing to the increasing production and exploration activities within this region. In addition, the increasing number of oil rigs within the U.S. will also encourage oil drilling in the North America region.
NewTech Drilling Products LLC, Atlas Copco AB, Baker Hughes, Inc., Halliburton, Inc., and Torquato Drilling Accessories, Inc., among others are the major players in this market, as per this study.
The market has been segmented as follows:
Drill Bits for Oil and Gas Industry Application Market, By Product
- Roller cone bits
- Milled-tooth bits
- Tungsten carbide inserts (insert bits)
- Fixed cutter bits
- Polycrystalline diamond bits (PDC)
- Natural diamond bits
Drill Bits for Oil and Gas Industry Application Market, By Geography
- North America
- Rest of the World (RoW)
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