How Drill Bits Market will Grow at Highest CAGR

The global drill bits market is expected to gain impetus from the rising demand for hydrocarbon. It is enforcing the operators to produce more gas and oil. This information is published in an upcoming report by Fortune Business Insights, titled, “Drill Bits Market Size, Share and Global Trend By Drill Type (Fixed Cutter, Roller Cone), By Application (Onshore, Offshore) and By Geography Forecast till 2026.”

The report further states that hydrocarbon accounts a considerable share in the total world energy resources consumption. Hence, it has great potential for development to meet the increasing demand. Several organizations are investing huge sums in the production and exploration, as well as development activities of shale gas. It is projected to propel the drill bits market growth during the forecast period.

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What Does the Report Contain?

Elaborate information about various insights, such as drill bits market trends, opportunities, challenges, growth drivers, and obstacles.
Analysis of every segment present in the market.
Comprehensive analysis of the market by evaluating top players and following significant product positioning.

Fortune Business Insights lists out some of the most reputed companies operating in the drill bits market. They are as follows:

Schlumberger
National Oilwell Varco
Bit Brokers International
Baker Hughes
OTS International
Halliburton
Ulterra
Century Products
Varel International
Drilformance
Atlas Copco
Nile Petroleum Industrial Company
Rubicon Oilfield International
Bellwether Resource International

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“North America to Dominate: Recent Shale Gas Discovery Will Augment Growth”

The market is geographically fragmented into the Middle East and Africa, Asia Pacific, North America, Latin America, and Europe. Amongst them, North America is at present, dominating the market owing to recent discoveries of shale gas onshore U.S. and in the Gulf of Mexico. Also, immense drilling activities are likely to accelerate drill bits market size in this region. In Europe, the abundant availability of crude oil in Ukraine, Norway, and Russia is anticipated to give rise to multiple drilling operations. It would also aid in providing lucrative opportunities for drill bits in this region.

Asia Pacific, on the other hand, is set to exhibit notable growth in the coming years. China is the leading hydrocarbon producing country in this region. It is planning to invest extensively in developing the exploration activities of gas and oil. Additionally, in the Middle East and Africa, numerous countries possess rich oil reserves. Countries, namely, Qatar, Iraq, Iran, the U.A.E., and Saudi Arabia, account for a large hydrocarbon reserves share in the world. Besides, the ongoing exploration activities would aid this region is gaining more drill bits market revenue during the forthcoming period.

“Key Players Aim to Gain Competitive Edge Through Novel Product Launches”

The market consists of numerous small, medium, and large enterprises. These enterprises are striving persistently to gain the maximum drill bits market share through new product launches. Below are two of the latest industry developments:

January 2019: Smith Bits, a Schlumberger company, announced the launch of its armor cladding alloy for increasing bit durability for longer runs, enhancing rate of penetration (ROP), and improve erosion resistance and bit body design flexibility of drill bits. It is made of a tungsten carbide material. Its cladding upsurges strength by 40% and resistance by 400% as compared to the traditional matrix polycrystalline diamond compact (PDC) bits. It will help the company in improving its consumers’ overall drilling performance by offering a novel technology. It will also enable Smith Bits to implement a new material into its fit-for-basin, customized bits.

December 2018: ReedHycalog, a provider of coring, borehole enlargement services, and drill bits created its new Tektonic drill bits along with the Permian Series cutters. Its main aim is to address the challenge of difficult drilling conditions in the Permian basin and spur improvements in ROP. They are specially designed to instigate rock failure smoothly to gain high ROP. Durability was the most vital design factors for the cutters. The new model utilizes increased sintering pressures and integrates refined diamond feeds to prevent both abrasion and damage while maintaining thermal stability.

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This release was published on openPR.