Global Oil Field Drill Bits Market Projected to Reach USD 10.62 billion by 2028 | Key Players: Baker Hughes Inc., Schlumberger Limited, Drill Bits International, Halliburton, National Oilwell Varco, OTS International, Harvest Tool Company, Kay Rock Bit Co

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. Drill bits come in several shapes, sizes, and are made of different materials depending on the dimensions of the hole to be drilled and the material on which the drilling operation is required. Increasing demand for energy, expansion of production activities and explorations, growing demand for oil & gas, technological advancements in oil field drill bits, and investments in new offshore reserves are factors augmenting the market growth during the forecast period.

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Key Takeaways of the Oil Field Drill Bits Market Study

1. Based on type, the oil field drill bits market has been segmented into roller cone and fixed cutter. Among the two, the roller cone segment is expected to lead the demand due to its high performance and relatively low cost. However, the demand for fixed cutter bits is expected to grow due to its efficiency and durability despite its high cost.

2. Based on the application, the market has been segmented into off-shore drilling and on-shore drilling. On-shore drilling is expected to witness the highest demand mainly due to the high investments required in off-shore drilling and also regional regulations on exploration activities.

3. 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.

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Notable Development Trends to Open up New Horizons of Growth for Oil Field Drill Bits Market
The leading companies in the market focus on product development as well as the acquisition in the market to enhance the market share in the global market during the forecast period.

1. 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.

2. In February 2019, Baker Hughes (US), 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.

3. 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.

Major points covered in the Oil Field Drill Bits Market Study:
1. Macroeconomic factors affecting the Oil Field Drill Bits market and its potential
2. Oil Field Drill Bits Market dynamics, such as drivers, challenges, and trends
3. Detailed value chain analysis of the Oil Field Drill Bits market
4. The cost structure of the products and segments covered in the study
5. key product segments, regions and by major market participants are anlyzed
6. Analysis of demand and supply, such as top manufacturing and consuming regions, overall trade scenario with imports/exports details
7. Analysis of the market structure, including a tier-wise categorization of key market participants
8. Competitive landscape of the Oil Field Drill Bits market, including detailed profiles of the top players in this market

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Some of the major players in the Oil Field Drill Bits market are 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:
• Off-Shore Drilling
• On-Shore Drilling

By Region:

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

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

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

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

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

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

Reasons to Buy This Report:
• Market size estimation of the global oil field drill bits market on a regional and global basis
• The unique research design for market size estimation and forecast
• Profiling of major companies operating in the market with key developments
• 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:
• By Segment
• By Sub-segment
• By Region/Country

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