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Oil and Gas Drill Bit Market 2025 Future Scope, Size Estimation, Revenue, Pricing Trends, Regional Outlook

The global Oil And Gas Drill Bit Market was valued at more than USD 4.9 billion in 2014. Increasing global demand for energy is expected to drive the demand for drill bit as exploration and production especially for shale gas are anticipated to rise over the forecast period. Increasing offshore drilling activities in the U.S. and the Middle East is anticipated to augment product demand over the forecast period.

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Market Synopsis of Oil and Gas Drill Bit Market:

Various technological developments and product launches such as TerrAdapt adaptive drill bit and hybrid drill bits that combines the characteristics of technologies such as polycrystalline diamond bits (PDC) some of the new products in the market. Application of these new products has been increasing in directional drilling and large diameter drilling operation. Effective selection of drill bit type and in-depth testing of material has proven in cost saving and hence escalated overall profit.

The dip in the oil prices in the last few years has tremendously affected the E&P in oil and gas sector, hence restricting the development of new technologies in the drill bit industry. Growing concern of E&P companies to reduce operating costs along with rising requirement for optimized drilling performance have enforced OEM manufacturers to improvise bit design and performance. Changing customer preference for cost-effective equipment owing to of technological advancements have created opportunities for future development. Also, sustainability of the market depends on the supply of raw materials, product development and majorly on the prices.

Product Insights:

On the basis of product different types of drill bits are that have been considered include fixed cutter bits and roller cone cutter. Roller cone bits are sub-divided into tungsten carbide bits and milled-tooth bits. Also, the fixed cutter are further divided as polycrystalline diamond bits (PDC) and natural diamond bits. Roller cone bits are more efficient in soft formations as compared to other down-hole tools. Recent developments of sealed bearings are corrosion free and have minimum failure risks.

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Table of Contents:-

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Oil and Gas Drill Bit: Market Variables, Trends & Scope              

Chapter 4 Oil and Gas Drill Bit: Product Estimates & Trend Analysis

Chapter 5 Oil and Gas Drill Bit: Application Estimates & Trend Analysis

Chapter 6 Oil and Gas Drill Bit: End-use Estimates & Trend Analysis

Chapter 7 Oil and Gas Drill Bit: Industrial End-use Estimates & Trend Analysis

Chapter 8 Oil and Gas Drill Bit: Regional Estimates & Trend Analysis

Chapter 9 Competitive Landscape

Chapter 10 Oil and Gas Drill Bit: Manufacturers Company Profiles

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