Drill Bits Market Global Leaders: ESCO Corporation, Halliburton Company, and Irwin Industrial Tool Company

Market Highlights:-
Drill bits are essential tools that are used in the oil and gas industry for any drilling operation. It is used to drill cylindrical boreholes for E&P activities in the production of crude and gas. Drill bits produce drill cuttings when used in for the formation of boreholes. The cuttings that are formed by the bit are usually removed from the wellbore and brought to the surface through circulation.

According to a recent study report published by the Market Research Future, The global market of Drill Bits is booming and expected to gain prominence over the forecast period. The global Drill Bits market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2018– 2023).

Industry Top Key Players:-
• Atlas Copco
• Baker Hughes Inc.
• Cangzhou Great Drill Bits Co., Ltd.
• ESCO Corporation
• Halliburton Company
• Irwin Industrial Tool Company
• NewTech Drilling Products LLC

Get Sample Report @ https://www.marketresearchfuture.com/sample_request/1614

Drill Bits Market - Segmentation
Based on Type, the market has been segmented into rolling cutter and fixed cutter bits. The structure of rolling cutter drill bits are tooth shape. Rolling cutter is used to two or more cone shaped element that roll across the borehole as the bite is rotated. Fixed cutter mostly use in natural or synthetic diamond, to remove material by grinding action as the bit is rotated.
Based on end market, the market has been segmented land and offshore. Onshore dominates the end market segment of global market. Offshore segment is expected to be the fastest growing segment during the forecast period.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific, Middle East & Africa and South America.

Industry News
In September 2017, Halliburton has launched GeoTech HE, a robust drill bit that incorporates new features and materials to deliver enhanced performance and increased reliability in high energy drilling systems characterized by very high weight-on-bit and drilling torque.
In April 2017, BP Oman and Modus Oman Drilling Systems signing a two year supply contract of Modus ALMAS PDC drill bits for BP Oman. The signing marks the outcome of 6 months of successful field trials and outstanding performance of ALMAS PDC drill bits with BP Oman.
In July 2016, American Securities LLC, a leading U.S. private equity firm, Completes Acquisition of Ulterra Drilling Technologies, L.P. Ulterra is a leading manufacturer of polycrystalline diamond compact ("PDC") drill bits for the oil and gas industry. The Company was owned by ESCO Corporation.

Enquiry for The Report @ https://www.marketresearchfuture.com/enquiry/1614

Global Drill Bits Market Analysis:-
North America is expected to be the largest market for drill bits with increased horizontal drilling and unconventional drilling activities. U.S. has, in recent times, established itself as a major crude oil producing nation with increased onshore drilling activities for extraction of shale oil and gas. In addition to that, the Gulf of Mexico region is witnessing increased oil and gas enhanced recovery projects that can extend the operating life of the maturing oil wells. With increasing shale gas development projects in China, the Asia Pacific region is also expected to witness a rapid growth for the drill bits market.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact: -

Market Research Future

+1 646 845 9312

Email: sales@marketresearchfuture.com

This release was published on openPR.