Technological advancements and increasing oil and gas exploration activities to bolster global oil and gas drill bits market through 2024
According to TechSci Research report, “Global Oil and Gas Drill Bits Market By Material, By Type, By Application, By Region, Competition, Forecast & Opportunities, 2024”, global oil and gas drill bits market is projected to grow at a CAGR of over 6% during 2019-2024, on the back of increasing oil & gas drilling activities across the globe. Moreover, with increasing technological advancements such as sensor technology in drill bits for real-time data capturing and hybrid drill bits, the global oil and gas drill bits market is expected to witness significant growth during the forecast period.
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By type, global oil and gas drill bits market has been categorized into fixed cutter bits and roller cone cutter bits. Of these types, roller cone cutter bits accounted for majority share in global market in 2018, owing to its wide use in conventional oil and gas fields. Moreover, demand for fixed cutter bits is growing, on account of increasing exploitation of unconventional reserves such as shale in the United States. Demand for fixed cutter bits with higher efficiency is growing, as it offers higher durability and rate of penetration in shale reserves. Countries such as Canada, Brazil and China are expected to witness significant growth in drilling activities in their shale reserves, which in turn would boost the demand for fixed cone cutter bits.
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North America is expected to account for a significant share in global oil and gas drill bits market, as the region is leading the global market with more onshore wells. Moreover, new drilling activities are being carried out across the region. Asia-Pacific oil and gas drilling bits market is also expected to register growth during the forecast period, with China accounting for majority share in the region’s oil and gas drill bits market, backed by increasing onshore drilling activities in the country.
“Growing onshore and offshore oil activities across the globe would drive global oil and gas drill bits market during the forecast period. The market is highly dependent on factors such as technological advancements with respect to design and regional regulatory policies for the exploration and production activities.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Oil and Gas Drill Bits Market By Material, By Type, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global oil and gas drill bits market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global oil and gas drill bits market.
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