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).
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 report by Grand View Research
: http://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: https://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
o Miller-tooth bit
o Tungsten carbide inserts
·
Fixed cutter bit
o Polycrystalline diamond cutters (PDC)
o 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 https://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.
For more information:
http://www.grandviewresearch.com
