- The key vendors in the Global Drill Bits in Oil and Gas Industry Market 2014-2018 are Baker Hughes Inc., Halliburton Co. and Schlumberger Ltd.
London, 11 November 2014: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Global Drill Bits in Oil and Gas Industry Market 2014-2018. One key trend upcoming in this market is the integration of drill bits in bottom-hole assemblies. The integrated drill bits package reduces the time and energy needed for calibrating and assembling the individual drill bits, thereby making them easy to use during the cumbersome drilling operation. The overall market is expected to grow at a CAGR of 4.88 percent during the forecast period of 2013-2018.
“The market is witnessing rapid adoption of unconventional gas because of the depletion of fossil fuels worldwide,” says Faisal Ghaus, Vice President of TechNavio Research.
“By shifting the focus to unconventional gas resources, the Oil and Gas industry can reduce the dependency on conventional gas resources and reduce its carbon footprint.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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