This type of tool is mainly used IN rotary drilling method to produce hole in oil and gas field. Prime objective for using this type of tool is to maximize the rate of penetration of the formation and ensuring longer service life of the formation produced through drilling. Drilling bit offers benefits such as precision in drilling, ease in drilling process, and enhancement of the service life of the hole. The oil and gas drill bit market has been segmented on the basis of product, end user, and region.
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The Oil And Gas Drill Bit Market has been segmented into roller-cone, polycrystalline diamond cutters (PDC), diamond-impregnated drill bit, fixed cutter, and others. As compared to other products, demand for roller cone type is significantly high owing to multiple benefits it offers such as low lifecycle cost, less complex working procedure, and ease drilling conventional formations. Based on design, roller-cone is further categorized into tungsten carbide inserts and milled-tooth bit. Tungsten carbide inserts design is developed for cutting relatively hard rocks which cannot be drilled by using general roller-cone component.
Major factors driving the global oil and gas drill bit market are growth in shale gas exploration activities across the globe and rising demand for customized drilling bits that can handle unconventional rock formation. These drill bits are widely used during shale gas exploration. With the increase of shale gas exploration, demand for these drill bits have also increased. According to data published by U.S. Energy Information Administration, natural gas production globally is projected to increase from 342 billion cubic feet per day (Bcf/d) in 2015 to 554 Bcf/d by 2040. Such huge growth in natural gas production is expected to provide demand side drive for the oil and gas drill bit market.
Shale gas exploration is still in the evolution phase in Europe and in coming years rapid boom in shale gas exploration is expected in countries from this region. Such boom in shale gas exploration is expected to provide opportunity for the oil and gas drill bit market during the forecast period.
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Based on geography, the oil and gas drill bit market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. On the basis of both value and volume, North America held the largest share in the market in 2017. High volume reserve of natural gas and crude oil in different regions of North America has promoted the rapid growth of drilling activities across oil and gas fields in recent years. Such increase in drilling activity has automatically created demand for drilling bits in across oil and gas companies, which in turn driving the growth of the North American oil and gas drill bit market.
Some of the major players operating in the global oil and gas drill bit market are Schlumberger Limited, Atlas Copco, Baker Hughes, a GE company, National Oilwell Varco, Halliburton, Torquato Drilling Accessories, Inc., Kingdream Public Limited Company, and Bulroc (UK) Ltd.
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