What is driving Global Oil Field Drill Bits Market ? Eminent Players-Baker Hughes Inc., Schlumberger Limited, Drill Bits International, Halliburton, National Oilwell Varco, OTS International, Harvest Tool Company, Kay Rock Bit Company, Rocckpecker Pvt. Lt

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.

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Market Overview:

In the oil & gas industry, the 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 about 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.

What Does This Report Provide?

This report provides a detailed understanding of the oil field drill bits market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

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Contact:

Quince Market Insights
Pune – 411028
Email: sales@quincemarketinsights.com
Website: https://quincemarketinsights.com/
Phone: + 91-2026992033

About Quince Market Insights:

Quince Market Insights is a global market research and consulting company publishing syndicate studies as well as consulting assignments pertaining to market opportunities that promise high growth in the future. The company also provides information on different research practices such as competitive analysis, product mapping, value chain analysis, etc., assisting clients in strategic decision-making.

This release was published on openPR.