Global Drill Bit Market Type, Application, End User, Region Trends, Competitive Market Share & Forecast
Report ID: GMI3394
Global Drill Bit Market size is anticipated to witness growth on account of upscaling energy demand across Asia-Pacific region and exploration and production of new proven reserves. Rise in shale gas exploration across the globe along with technological advancement in handling un-conventional drilling will fuel the product adoption. Moreover, rise in global offshore rig count primarily driven across Gulf of Mexico and Canada will positively influence the business outlook.
Introduction of tungsten carbide units exhibit minimal cost and adaptability for soft formations when compared to other auxiliary products, which in turn favor the overall drill bit market growth. Moreover, corrosion resistance and minimal occurrence of failure are key factors further strengthening the product landscape. However, polycrystalline diamond compact bits owing to their ultra-deep-water drilling, high rate of penetration (ROP) and diverse range of rock formation support may induce a competitive business scenario.
Ongoing initiatives and fund-flow towards effective product designing with an aim to reduce replacement cost & time supported by longer life cycle will thrust the drill bit market. Existing prototypes in the current regime, exhibit durability to drill up to 8,600 – 9,000 ft along with the provision of effective hydraulic assistance. Moreover, compressive strength up to 40,000 psi along with ability to drill interbedded limestone stringers have further paved comprehensive grounds for product deployment.
According to the U.S. Energy Information Administration in 2018, natural gas drilling is projected to increase from 323 (Bcf/d) to 554 Bcf/d by 2040. Increased shale oil and gas exploration backed by effective drilling techniques including hydraulic fracking or fracturing will foster the U.S. drill bit market. Furthermore in 2018, active rig count across the nation increased by 9% resulting into a decline in the overall breakeven price which in turn have further infused domestic competition across the industry.
Favorable government norms and amendments coupled with competitive R&D expenditure supported by public and private intervention will drive the drill bit market across Latin America. In 2019, IEEFA Argentine government introduced reforms with an aim to escalate upstream producer prices through eliminating natural gas subsidies by 2020. The reform is aligned with the regulators vision to empower and re-instate drilling capabilities through streamlining revenue realization and upstream profits for the industry players across the region.
Aggravated lost circulation and hole deviation have been primary drilling constraints resulting into diminished oil and gas production. Moreover, applied weight on bit, heterogeneous nature of formation and dip angle inclination are few indispensable parameters influencing the overall drilling operation. However, industry inclination towards operational precision and ongoing investments to enhance and restructure the existing operational mechanism will augment the global drill bit market size.
Key players operating across the drill bit market include Atlas Copco, Baker Hughes, Cangzhou, Halliburton Company, Irwin Industrial Tool Company, Great Drill Bits, ESCO Corporation, NewTech Drilling Products, National Oilwell Varco, Scientific Drilling International, Kingdream Public Limited Company, Torquato Drilling Accessories, Varel International, and Ulterra Drilling Technologies.
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