Global Oil and Gas Drill Bit Market to Exhibit a CAGR of 10.04%; Halliburton’s Cerebro to Improve Durability

Posted May 25, 2020 by Aashi_K

The global oil and gas drill bit market size was valued at USD 3.62 Billion in 2018 and it is projected to reach USD 7.68 Billion by 2026, exhibiting a CAGR of 10.04% during the forecast period.

A rise in the exploration activities due to the stabilization of gas and oil industry is expected to boost the global oil and gas drill bit market growth during the forecast period. This information is published in an upcoming report by Fortune Business Insights, titled, “Oil and Gas Drill Bit Market Size, Share & Industry Analysis, By Type (Roller Cone Bits {Milled Tooth, Tungsten Carbide Inserts}, Fixed Cutter Bits {Polycrystalline Diamond Compact, Diamond Impregnated}), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026.” According to the report, the global oil and gas drill bit market is projected to reach USD 7.68 Billion by 2026, thereby exhibiting a CAGR of 10.04% during the forecast period. However, the global market was valued at USD 3.62 Billion in 2018.

The report forecasts and analyzes the global oil and gas drill bit market size. It examines various aspects of the global market, such as competitive landscape, key developments, growth opportunities, ongoing trends, hindrances, and future expansion. The report also provides mergers and acquisitions, new product launches, and expansions in the global oil and gas drill bit market.

Halliburton Unveils New In-bit Sensor Package Named Cerebro Featuring Advanced Technology

In November 2018, Halliburton, a leading oil field service company, headquartered in the U.S., announced the launch of its new Cerebro in-bit sensor package. It is infused with advanced technology that receives performance data directly from the drill bit and examines it to increase drilling efficiency, decrease the uncertainty, and optimize cutter engagement. The company stated that the new service would eventually improve drilling performance and overall data measurement. Cerebro offers a unique view of the entire run by persistently capturing motion data and downhole vibration. It further aids operators in pinpointing the damaged areas. Also, it notifies when the said performance is not gained due to operating parameters or fluctuant design. Cerebro helps in identifying numerous common drill bit factors, namely, whirl and stick-slip, torsional resistance, and lateral and axial vibration that can have a negative impact on the reliability and drilling speed.

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Tags oil and gas , market , drilling , drill bit
Last Updated May 25, 2020