The
global oil and gas drill bit market is expected to reach
USD 7.62 billion by 2022, according to a new report by Grand View Research,
Inc. Increasing E&P activities on account of increasing energy demand is
expected to remain a key driving factor for global oil and gas drill bit market
over the forecast period. Shift in trend towards developing unconventional
reserves such as tight gas, shale and CBM is also expected to have a positive
influence on the market growth. Hydrocarbon extraction from these reserves
requires highly durable bit with improved performance and rate of penetration
(ROP).
 |
| North America oil and gas drill bit market revenue by product, 2012-2022 (USD Million) |
Roller-cone
bit were the largest product segment accounted for over 70% of total market
volume in 2014. Roller-cone downhole components particularly those fabricated
from tungsten carbide inserts are designed to operate in conventional
formations and offer excellent rate of penetration (ROP) in initial stage of
drilling. These products have less longevity as compared to the fixed cutter
bit particularly when used in unconventional reserves. Fixed cutters are
estimated to witness high growth as compared to the conventional tricone
counterparts. High durability along with enhanced operability in most of the
unconventional reserves coupled with increasing popularity of diamond cutters
in the industry is expected to steer product demand in foreseeable future.
Browse full
research report on Oil And Gas Drill Bit Market: www.grandviewresearch.com/industry-analysis/oil-gas-drill-bit-market
Further key
findings from the report suggest:
- Global
oil and gas drill bit market demand was 2,835.0 hundred units in 2014 and
is expected to grow at a CAGR of 5.1% from 2015 to 2022.
- Tungsten
carbide inserts were the most preferred roller-cone bit with a total
demand of over 1,090 hundred units in 2014. High durability coupled with
increasing application in conventional drilling projects particularly in
North America and Middle East is a major factor driving the product
demand.
- Polycrystalline
diamond cutters (PDC) are the most lucrative product segment as compared
to other conventional bit owing to high durability and its ability to
withstand long operations. These products have gained significant
popularity in directional and horizontal drilling. Strong potential of
directional drilling for unconventional reserves is projected to provide
sufficient growth opportunities for product market.
- North
America emerged as the leading consumer with demand share exceeding 35% in
2014. Increasing E&P activities coupled with shale gas boom in the
U.S. can be attributed toward high market penetration in the region. North
America is expected to gain significant share over next seven years owing
to technological advancements along with large scale planned hydrocarbon
explorations particularly in the Gulf of Mexico, and Canada Shale blocks.
- Asia
Pacific and Latin America market are estimated to project significant
potential for future industry expansion. Asia Pacific is estimated to
witness a growth of 5.6% from 2015 to 2022 to reach a market volume of
over 790 hundred units by 2022.
- Major
companies operating in the global oil and gas drill bit market include
Schlumberger, Baker Hughes, Atlas Copco, Halliburton, Varel International,
Inc., National Oil-well Varco, Inc., Kingdream Public Limited Company and
Torquado Drilling Accessories Inc.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/oil-and-gas-drilling-and-extraction-equipments
Grand View Research has segmented the oil and gas drill bit market on the
basis of product and region:
Oil &
Gas Drill bit Market Product Outlook (Volume, Hundred Units; Revenue, USD
Million, 2012 - 2022)
- Roller-cone
bit
- Miller-tooth
bit
- Tungsten
carbide inserts
- Fixed
cutter bit
- Polycrystalline
diamond cutters (PDC)
- Natural/synthetic
diamond cutter
Oil &
Gas Drill bit Market Regional Outlook (Volume, Hundred Units; Revenue, USD
Million, 2012 - 2022)
- North
America
- Europe
- Asia
Pacific
- Rest of
the world (RoW)
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-oil-gas-drill-bit-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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