The global drilling bits market in oil and gas was valued at USD 2,524 million in 2016 and is expected to surpass USD 3,183 million by 2021, says Technavio.
Technavio has announced its latest market research report on the global drilling bits market in oil and gas, under its oil and gas portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger, and Varel International.
According to Thanikachalam Chandrasekaran, a lead analyst for oil and gas research at Technavio, “Migration of drilling into unconventional areas is driving the market growth. Drilling activities are now carried out in new locations and the E&P companies have started looking at unconventional avenues for exploration and production activities.”
The major reason to this is that the era of easy oil is closer to the end, which has resulted in increased costs of hydrocarbon acquisition and has also displaced the operations worldwide. Earlier, the exploration and drilling operations were carried out at established locations in the world. However, things are changing now in a significant manner.
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Integration of drill bits in bottom-hole assemblies
The major trend gaining traction in the global oil and gas drill bits market is the incorporation of drill bits in bottom-hole assemblies. At present, several end-users demand packaged solutions for their drilling operations instead of individual drill bits. These packaged drilling solutions for bottom-hole assemblies integrate motors, drilling systems, and bits, which reduces the time and energy needed to assemble components before use.
Development of application-specific bit technology
The global oil and gas drill bits market is observing the development of application-specific bit technology. Mostly, the drilling operations are carried out by two types of drilling wells, which includes vertical, curve, horizontal profiles and more complex wells. The market is witnessing the development of new application-specific bit design packages for these applications.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Drilling Bits Market in Oil and Gas 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Generator Rental Market in Oil and Gas Industry 2017-2021
- Global Pumps Market for Oil and Gas Market 2016-2020
- Global Drilling Data Management Systems Market 2016-2020
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