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Global Oil and Gas Drill Bit Market to Grow at a CAGR of 10% During 2021-2026, Aided by the Increasing Demand for Energy

According to a new report by EMR titled, ‘Global Oil and Gas Drill Bit Market Report and Forecast 2021-2026’, the market is expected to grow at a CAGR of 10% in the forecast period of 2021-2026.

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.

Market Analysis by Type, Application, and Region:

  • The market on the basis of type can be divided into roller cone and fixed cutter. While the roller cone segment is further categorised into milled-tooth and tungsten carbide, the fixed cutter segment is further divided into polycrystalline diamond cutters (PDC) and natural or synthetic diamond cutters.
  • Based on application, the industry can be divided into offshore and onshore.
  • The regional markets for oil and gas drill bit include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. 

Key Findings of the Report:

  • The growing demand for energy is expected to be a key driver for the market.
  • The increasing activities for the exploration of oil and gas are anticipated to propel the market growth.
  • The growing technological advancements and the innovations by the key players are expected to further propel the market growth.
  • The Asia Pacific is expected to provide the market with immense growth opportunities due to the rapid urbanisation and increasing energy demands in emerging economies like India and China.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for oil and gas drill bit  for the periods (2016-2020) and (2021-2026). 
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types, applications, and regions of oil and gas drill bit. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models. 

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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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