Global Drill Bit Market Projected to Touch $7.62 Billion By 2022

Market Research Reports Search Engine (MRRSE) has been serving as an active source to cater intelligent research report to enlighten both readers and investors. This research study titled “Drill Bits Market for Oil and Gas Industry“

Request a Free Sample Report @ https://www.mrrse.com/sample/572

Drill bits for Oil and Gas industry application market volume was 2,597 hundred units in 2012 and is expected to see a growth at 4.9% CAGR during 2013 - 2019. With continuous developments in materials, designs and technology for drill bits and rising worldwide exploration activities, drill bit market is expected to experience steady growth in the coming years.

There are two major types of drill bits used for oil and gas drilling activities, namely roller cone bits and fixed cutter bits. Rolling cone bits are further classified as tungsten carbide inserts and milled-tooth bits. The cutters in the fixed cutter bits that are available in the market are PDC (polycrystalline diamond cutters) and natural diamond cutters. Drill bits market by volume was dominated by the rollers cone bits in 2012. However, due to higher efficiency and durability, fixed cutter bits such as PDC bits are gaining popularity in market. PDC cutters significantly improve the drilling operation and penetration rate in abrasive formations. However, cost of such technologically advanced product is very high.

Outlook Complete Report with Table of Content @ https://www.mrrse.com/drill-bit-market

Small scale miners find it challenging to adopt such advanced product as it increases the total cost of operation. Moreover, use of drill bits is determined by its actual cost to benefit ratio. Commonly drilling activities for higher depths (3000 and above meter) or for hard/abrasive surfaces, PDC drill bits are recommended, as they help in reducing total time of drilling activity by minimizing frequent stops required for repair/replacement of drill bits.

Geographically, North America is expected to remain the largest market for drill bits due to the growth of exploration and production activities in this region. Oil rig counts in the U.S is rising continuously, reflecting enhanced oil drilling activities in the region. North America’s share was estimated to be 35.7% of the global drill bits volume share in 2012.

Worldwide, a large number of companies offer drilling equipment for deepwater, unconventional, conventional oil and gas explorations. Companies providing restoration (repair and replacement) services hold strong growth potential considering cost of new drill bit replacement. Some of the major participants in the drill bit industry include Baker Hughes, Inc., Tercel Bits, Ulterra Drilling Technologies, National Oilwell Varco, Inc., Halliburton, Inc., Varel international, Inc., Scientific Drilling International, Inc., and Atlas Copco AB, among others.

Send an Inquiry @ https://www.mrrse.com/enquiry/572

About Market Research Reports Search Engine (MRRSE)

Market Research Reports Search Engine (MRRSE) is an industry-leading database of Market Research Reports. MRRSE is driven by a stellar team of research experts and advisors trained to offer objective advice. Our sophisticated search algorithm returns results based on the report title, geographical region, publisher, or other keywords.

MRRSE partners exclusively with leading global publishers to provide clients single-point access to top-of-the-line market research. MRRSE’s repository is updated every day to keep its clients ahead of the next new trend in market research, be it competitive intelligence, product or service trends or strategic consulting.

Contact Us

State Tower
90, State Street
Suite 700
Albany, NY - 12207
United States Telephone: +1-518-730-0559
Email: sales@mrrse.com
Website: https://www.mrrse.com/
Read More Industry News At: https://www.industrynewsanalysis.com/

This release was published on openPR.