PDC Drill Bit Market Size, Industry Analysis Report, Regional Outlook, Application, End User, Region Trends, Competitive Market Share & Forecast
Report ID: GMI3480
PDC Drill Bit Market size is anticipated to witness growth on account of increasing energy demand across North America and Asia-Pacific followed by exploration and production (E&P) of new proven oil & gas reserves. Ongoing technological enhancement in un-conventional drilling techniques coupled with rise in oil & gas exploration across the region will positively influence the product adoption.
Drill bits on account of high rate of penetration (ROP), operational across diverse range of rock formations, followed by ultra-deep and shallow oil & gas drilling will augment the PDC drill bit market. Moreover, well size & total depth in association to oil & gas exploration are the key factors that will drive the product cost. Furthermore, ongoing technological advancement on account of gauge pads, cutter profile, impact arrestors and energy force balancing will positively influence the product penetration.
Matrix PDC drill bit market is anticipated to witness growth on account of high fluid volume, longer life and multiple runs. Moreover, these bits provide improved structural and wear-resisting properties along with resistance to erosion which will augment the product demand. Furthermore, technological enhancement in matrix body have increased bit braze strength, tensile strength and impact resistance which will positively influence the product penetration.
Increasing research and development investment by government and private player have positive impact on design, product life and cost-per-foot drilling. Steel drill bit exhibits efficient durability and impact loads in line with hydraulic components to drill effectively up to 9000 ft which will further complement the product portfolio. Moreover, interbedded limestone drilling followed by adaptability for rock formations and increasing temperature will propel the demand for PDC drill bit market.
Growing inclination towards global shale oil and gas production followed by innovative drilling techniques, hydraulic fracturing will drive the demand for PDC drill bit market. In 2018, as per U.S Energy Information Administration (US-EIA) oil & gas exploration is estimated to grow from 323 (Bcf/d) to 550 (Bcf/d) by 2040. Furthermore, increased active shale rig count in the U.S have resulted in decline of breakeven price followed by involvement of global oil & gas industry.
Ongoing government regulations along with regional subsidies & foreign direct investment in oil and gas exploration techniques will augment the PDC drill bit market. According to IEEFA, Latin America will increase its producer prices in upstream sector and eliminate the oil & gas domestic subsidies by 2020. Furthermore, stringent regulation towards monopolistic industries followed by FDI involvement will positively influence the industry outlook.
Eminent players across PDC drill bit market include NewTech Drilling, Atlas Copco, Cangzhou, Baker Hughes Halliburton Company, Great Drill Bits, Varel International, Torquato Drilling, and Ulterra Drilling Technologies are among others.
Design focused research & development, strategic alliances, government and private partner investments followed by foreign direct investments will be the prime strategies by major industry players which will augment the PDC Drill bit market.
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