Oil Field Drill Bits Market is Thriving Worldwide By Size, Revenue, Emerging Trends and Top Growing Companies by 2028 | Baker Hughes Inc, Schlumberger Limited, Halliburton, National Oilwell Varco, Atlas Copco AB

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. Drill bits are cutting tools attached to drills for creating a hole by removing the material.

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Drill bits are used to make cylindrical holes or crush or cut rocks to extract hydrocarbon resources, with application of high frequency vibration and hydraulic pressure. Drill bits are made up of various material such as Tungsten, Carbide, and Diamond among others. Depleting conventional oil & gas wells has led E&P companies to extract hydrocarbons from unconventional reserves such as shale, CBM and tight blocks. Hydrocarbon extraction from these unconventional reserves requires special techniques and equipment that have enhanced longevity and durability.

The study also performs an elaborate industry-wide competitive analysis, highlighting the main companies within the Oil Field Drill Bits Market that regulate a considerable portion of the worldwide market share and infers beneficial prospects and hurdles to assist the reader invest wisely.

The research report highlights several reasons that are helping to drive the growth of the global Oil Field Drill Bits market. One of the biggest driving factors for market growth has been implementation and execution of stricter commands and guidelines issued by the government and regulatory bodies for various end-user verticals.

Key Factors Impacting Market Growth:

o Expansion of production activities and exploration
o Growing demand for energy, and technological advancements in oil field drill bits
o Increasing investments in new off-shore reserves

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Key Developments:

o In September 2018, Smith Bits (US), a Schlumberger company, launched the HyperBlade hyperbolic diamond element bit, which improves the rate of penetration (ROP), and hence reduces drilling costs, while maintaining directional tracking and steering response in soft and plastic rock formations.
o In February 2019, Baker Hughes (US), a GE company and the world's first full-stream oil and gas company, has signed a Memorandum of Understanding (MoU) with Qatar Petroleum (QP) to explore new opportunities to expand its presence in the country and support the Qatar Petroleum's Tawteen Program.
o In May 2019, Schlumberger (US) introduced the IriSphere look-ahead-while-drilling service at the Offshore Technology Conference. It is the first application of electromagnetic (EM) technology for detecting formation features ahead of drill bits in oil and gas wells.

Regional Outlook:

North America is expected to lead the oil field drill bits market during the forecast period. The US is increasing its exploration and production activities. The oil and natural gas industry in the US spent an estimated USD 122.8 billion in drilling, approximately, 28,809 oil and natural gas wells in 2015, according to API's 2015 Joint Association Survey on Drilling Costs. Development well expenditures were USD 109.6 billion in 2015, while the exploratory good expenditures were estimated at USD 5.6 billion.

Key Market Players:

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

Market Segmentation:

By Type:
Roller Cone
o Milled Tooth
o Tungsten Carbide

Fixed Cutter
o Polycrystalline Diamond Bits
o Natural Diamond Bits

By Application:
o Off-Shore Drilling
o On-Shore Drilling

By Region:

o North America
By Country (US, Canada, Mexico)
By Type
By Application

o Western Europe
By Country (Germany, UK, France, Spain, Rest of Western Europe)
By Type
By Application

o Eastern Europe
By Country (Russia, Turkey, Rest of Eastern Europe)
By Type
By Application

o Asia Pacific
By Country (China, Japan, India, Rest of Asia Pacific)
By Type
By Application

o Middle East
By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
By Type
By Application

o Rest of the World
By Region (Latin America, Brazil, Rest of the World)
By Type
By Application

Reasons to Buy This Report:

o Market size estimation of the global oil field drill bits market on a regional and global basis
o The unique research design for market size estimation and forecast
o Profiling of major companies operating in the market with key developments
o Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

o By Segment
o By Sub-segment
o By Region/Country

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This release was published on openPR.