This market research report presents segmentation of the global gas and oil drill bits market by type (fixed cutter and roller cone cutter), application (offshore and onshore), and by geography (Americas, APAC, and EMEA). Key findings in this market study also include a comprehensive analysis of the leading vendors such as Baker Hughes, Halliburton, Varel, National Oilwell Varco, and Schlumberger.
Technavio has released updated information on the drilling market, with the publication of its new market research report, global gas and oil drill bits industry. The global gas and oil drill bits industry is expected to grow at a CAGR of around 4% between 2015 and 2019, primarily due to increasing demand for oil and gas across the world. The Americas account for the largest share of the global gas and oil drill bits market. The rising demand for energy, efforts to maximize production from existing wells, and redevelopment of maturing oil field wells are fuelling the market growth.
“Currently, the integration of drill bits in bottom hole assemblies is gaining traction among the end-users. They are demanding packaged solutions for their drilling operations by integrating motors, drilling systems, and bits, to reduce the time and energy required to assemble these components before use. Also, bundled drilling package helps to enhance downhole drilling operations and does not require special training for operators to use the equipment,” says Navin Rajendra, Lead Analyst, Energy, Technavio Research.
Vendors across the world are heavily investing in researches and explorations to develop better drilling technologies and reduce the impact on marine ecosystem. Companies are developing new application-specific bit design packages that include advanced features such as better stability, optimized hydraulics, steerability, depth-of-cut control, diamond volume management, and wear and durability optimized cutters. These application-specific bit technologies are expected to ease the drilling operations.
The top five vendors in the global drill bits in oil and gas industry are Baker Hughes, Halliburton, Varel, National Oilwell Varco, and Schlumberger. The market is highly competitive due to the dominance of few major players. These established vendors provide a range of products and solutions such as bottom-hole tools, drill pipes and collars, drilling and completions fluid systems, performance additives, solids control, specialized testing equipment, and waste management services.
A more detailed analysis is available in the Technavio report, Global Gas and Oil Drill Bits Industry – Market Research 2015-2019.
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