Drill Bit Market (2020 – 2023) report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The Drill Bit market report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.
“Drill Bit Market report is anticipated to register a CAGR of XX% over a five years forecast period (2020 – 2023).”
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List of Major Key players operating in the Global Drill Bit Market are –
- Halliburton Company
- Schlumberger Limited
- National-Oilwell Varco
- Sandvik AB
- Rockpecker Limited
- Baker Hughes A GE Co.
- Weatherford International plc
- Landrill Oil Tools Co.
- Varel International Energy Services
- Ulterra Drilling Technologies
The drill bit market follows drilling activity across the globe. The drilling activity in 2017 improved with an increase of around 27% in quarterly active rig count compared to 2016. In 2020, the drilling activity is at its peak in the past three years supported by increasing crude oil price, which has already touched USD 70 per barrel market in April 2020. The United Kingdom Continental Shelf witnessed the end of the sharp reduction in investment; end of underinvestment in Brazil and Argentina with strong government support and robust drilling activity in North America is expected to help in the growth of drill bit market.
Roller Cone Bits accounts for the largest share among Types
In conventional oil & gas fields roller cone bits are used and hence accounted for the largest market share. However, with increasing exploitation of unconventional reserve such as shale in the United States, the demand for fixed cutter bits with higher efficiency has gained a lot of momentum as it offers higher durability and rate of penetration in shale reserve. Countries, such as Canada, Argentina, and China are expected to witness significant increase in drilling activity in their shale reserve and hence, increase the demand for fixed cone. Drill bit design has changed a lot in the past five years. Manufacturers are adding multidimensional cutter technologies, smaller moving parts to the fixed diamond cutters and other changes to make the drill bit smarter.
Recovery in South America’s Oil & Gas Industry is supporting the Market
Brazil and Argentina are important countries in South America’s oil & gas industry and accounts for 47% of rig count in the region. The new government in both the countries has made the oil & gas business more attractive, and the disinvestment scenario has come to an end. The Argentine government is planning to eliminate natural gas subsidies by 2022 and increase the prices for upstream producers, to attract sufficient investment in production. In Brazil, the new government has ended the monopoly of Petrobras over the countries prolific hydrocarbon resources and has opened the hydrocarbon reserves to foreign companies. The country is aiming for additional oil production capacity of around 2 MMb/d by 2027. The positive outlook for oil & gas industry in South America is expected to support the market.
United States is one of the Largest Markets for Drill Bit
The United States accounts for around 40% of the global drilling market and hence one of the largest markets for drill bit. The active rig count in the country has increased by 9% in the first four months of 2020. The decline in the breakeven price has been the major driver for the robust drilling activity in the country. Onshore drilling dominates the market in the country while offshore market has not witness much activity in the past few years. The offshore sector in the country is expected to pick up as the government has opened around 98% its coastal water for drilling in January 2020, which was earlier not allowed.
The major players include - Halliburton Company, Schlumberger Limited, National-Oilwell Varco, Inc., Sandvik AB, Rockpecker Limited, Baker Hughes A GE Co., Weatherford International plc, Landrill Oil Tools Co., Ltd., among others.
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Scope of the Report:
The report analyses Drill Bit market, which includes –
- Analysis of the growth of Drill Bit market in global and regional level including Asia-Pacific, Americas, and EMEA.
- The report provides Drill Bit market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
- The report offers country level Drill Bit market volume and value by end-user segment for the period 2012-2023.
- Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Drill Bit market are discussed.
- The report provides competitive landscape at country level for the year 2020. It also covers key policies and initiatives, key deals, and key upcoming projects.
Highlighted points of Drill Bit Market Report:
- Varying dynamics of the Drill Bit industry.
- Prospective changes in sales volumes and worldwide share growth in upcoming years (2020-2023).
- Drill Bit market report recognizes the key drivers of growth and challenges of the key industry players.
- Competitors profiles along with product description, overview, and business data.
- A complete analysis of market risks, opportunities, limitations, and growth of the market.
- Market driving and restraining factors.
- Delivers information on the historical and current market size and the future potential of the market.
- Drill Bit market report provides a comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of the market.
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Reasons to Purchase Drill Bit Market Report:
- The report analyses how stringent emission control norms will drive the global Drill Bit market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Drill Bit market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
In this study, the years considered to estimate the market size of Drill Bit:
History Year: 2013-2017
Base Year: 2017
Estimated Year: 2020
Forecast Year 2020 to 2023
Look into Table of Content of Drill Bit Market Report @ https://www.360marketupdates.com/TOC/12886976#TOC
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