Global Oil Field Drill Bits Market to reach USD 10.62 billion by 2028

The global oil field drill bits market is projected to reach USD 10.62 billion by 2028, at a CAGR of 7.2 % during the forecast period. According to Quince Market Insights, the increasing demand for oil and gas is one of the factors influencing the demand for oil field drill bits in the market. Also increasing oil and gas trade is also influencing the market growth of the oil field drill bits market. The report provides a detailed analysis of emerging market trends, market size, and forecasting, detailed overview of major companies operating in the market, impact factors influencing the market, etc.

Browse full report of oil field drill bits market size & forecasting (2016–2028) report: https://quincemarketinsights.com/industry-analysis/global-oil-field-drill-bits-market/33667

Global Oil Field Drill Bits Market
Global Oil Field Drill Bits Market

Market Overview:

In the oil & gas industry, a drill bit is used as a component to drill a cylindrical hole in the earth’s crust for the discovery and extraction of crude oil and natural gas. This type of tool is mainly used in the rotary drilling method to drill a hole in oil & gas fields. The prime objective of using this type of tool is to maximize the rate of penetration and ensure the longer service life of the formation produced through drilling. Drilling bit offers benefits such as precision in drilling, ease in the drilling process, and enhancement of the service life of the hole. The oil field drill bits market has been segmented on the basis of type, application, and region.

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Shale gas exploration activities are expected to drive the oil field drill bits market:

Major factors driving the global oil field drill bits 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 the shale gas exploration. With the increase in shale gas exploration, the demand for these drill bits has also increased.

North America is expected to witness high demand during the forecast period

North America is expected to lead the market during the forecast period. The increasing oil and gas trade and exploration & production activities have led to the growth of the oil field drill bits market. According to API’s 2015 Joint Association Survey on Drilling Costs, the oil and natural gas industry in the US spent an estimated USD 122.8 billion on drilling and 28,809 oil and natural gas wells were dug in 2015.

Major companies manufacturing oil field drill bits market, such as Baker Hughes Inc., Schlumberger Limited, Drill Bits International, Halliburton, National Oilwell Varco, OTS International, Harvest Tool Company, Kay Rock Bit Company, Rocckpecker Pvt. Ltd., Palmer Bit Co., Tercel Oil Field Products Ltd., Atlas Copco AB, Bellwether Resources International, Bit Brokers International, and Kingdream Public Ltd. company, among others, have been profiled in the study to provide a competitive view of the market. 

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Market Segmentation:

By Type:

  • Roller Cone
  • Milled Tooth
  • Tungsten Carbide
  • Fixed Cutter
  • Polycrystalline Diamond Bits
  • Natural Diamond Bits

By Application:

  • Off-Shore Drilling
  • On-Shore Drilling

By Region:

  • North America
  • Asia Pacific
  • Western Europe
  • Eastern Europe
  • Middle East
  • Rest of the World
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