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The global oil and gas drill bit industry is being driven by the steep rise in exploration activities, a trend that was observed after the oil and gas industry stabilised in 2016. Moreover, to reduce carbon emissions into the environment, the global energy industry has witnessed a shift towards the use of natural gas. As a result, the number of shale gas exploration activities has been on a rise and hence, the oil and gas drill bit industry has enjoyed substantial growth simultaneously. Furthermore, exploration and production on a large scale in both offshore and onshore oilfields has led to the observation of tremendous growth patterns in the oil and gas drill bit industry. Additionally, the growing inclination of players towards technological advancements owing to the cost benefits that come along has created ample growth opportunities for the market expansion.
Recently, some key industrial developments have shown the potential to be the flagbearers of growth for the market in the forecast period. For instance, in November 2018, Halliburton (NYSE: HAL) announced the release of a brand-new intelligent drill bit to increase the efficiency of drilling activities. This bit integrated with state-of-the-art sensors can retrieve live data from the spot of drilling and analyse it to optimise the process. In another case, in October 2018, Blackstone Group (NYSE: BX) successfully acquired Ulterra Drilling Technologies for a sum to the tune of USD 700 million. This coming together of two successful players in the industry was speculated to have a positive impact on the oil and gas drill bit industry.
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The major players in the global oil and gas drill bit market are Schlumberger Limited, Halliburton Energy Services Inc., Baker Hughes Company, and NOV Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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