According to a new market report Drill Bits for Oil and Gas Industry published by Transparency Market Research. The market, in terms of volume, for drill bits globally is forecast to reach 3,605 hundred units by 2019. Growing energy demand and rising exploration and production (E&P) activities worldwide along with the need to contain drilling cost and time, are some of the key factors responsible for drill bits market growth. Advancements in the manufacturing process and drill bits material composites, along with the improvements in bit design are further supporting the market growth.

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The global drill bits market volume for oil and gas industry was reported to be 2,597 hundred units in 2012 and is forecast to grow at a CAGR of 4.9% from 2013 to 2019. Drill bit is an essential component of drilling activity that crushes rock formations, in order to extract oil, water or gas. Drilling deepwater involves considerable challenges, such as continuous fatigue monitoring of the entire structure, especially the risers. Further, drilling in abrasive formations lead to broken drill bits and in turn leads to more replacement sales. In such a case, producers of high-efficiency and versatile drill bits, risers and other drilling equipment would benefit in the long run. Drill bit market is segmented by products into two major types, namely roller cone bits and fixed cutter bits.

In 2012, drill bits market by product was dominated by the rollers cone bits. Currently, popularity of drill bits using PDC (Polycrystalline Diamond Compact) cutters has grown considerably, and now they are almost as common as roller cone bits in several drilling applications. Oil and gas drilling industry is shifting its focus towards PDC drill bits as it offers several performance benefits over roller cone bits. These benefits are in terms of reduced drilling cost due to less frequent bit repair/replacement requirement, which helps reduce the total drilling time.

Geographically, North America was estimated as largest market for drill bits used in Oil and Gas industry and is forecast to maintain its dominance throughout the forecast period. In the past couple of years, emergence of horizontal drilling techniques has greatly increased demand for drilling equipment in North America. As new technologies in horizontal drilling has opened up access to deep underground shale deposits. In 2012, Europe and North America had a collective volume share of 55.5% of the overall drill bit market in Oil and Gas industry. In Asia-Pacific region, demand for natural gas is increasing, leading to drilling activities for unconventional natural gas at remarkable rates.

Some of the major players in drill bits market include Baker Hughes, Inc., Tercel Bits, Ulterra Drilling Technologies, National Oilwell Varco, Inc., Halliburton, Inc., Varel international, Inc., Scientific Drilling International, Inc., among others. The market volume share of the top four leading players collectively accounted for around 65.7% of the total market share in 2012.

Browse the full Drill Bits Market Press Release report at
http://www.transparencymarketresearch.com/pressrelease/drill-bit-market.htm

This report analyzes the drill bits for oil and gas industry application market in terms of volume (hundred units). The market has been segmented as follows:

Drill Bits for Oil and Gas Industry Application Market, By Product

Roller cone bits
Milled-tooth bits
Tungsten carbide inserts (insert bits)

Fixed cutter bits
Polycrystalline diamond bits (PDC)
Natural diamond bits

Drill Bits for Oil and Gas Industry Application Market, By Geography

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