Million Insights
Market Research Released A New Research Report On Global Oil and Gas Drill Bit
Market - Forecast Up To 2025. Report Provide Overview Of Top Key Players, Share
Analysis, Size, Stake, Progress, Trends And Their Strategic Profiling In The
Market, Comprehensively Analyzing Their Core Competencies, And Drawing A
Competitive Landscape For The Market.
Pune, India - 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.
They are cutting tools used to create holes onshore and
offshore as well. They are available in various shapes and sizes made of
different materials such as diamond, carbide, and tungsten.
To Get Sample Report
visit @ https://www.millioninsights.com/industry-reports/oil-gas-drill-bit-market/request-sample
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.
Milled-tooth cutting is applicable for scraping exploitation
in soft formation. While Tungsten Carbide inserts are used for hard-facing and
gauge protection from abrasion failure And these inserts have better durability
even in extreme hard formation.
PDC bits are leading product segment in the North American
market owing to increased efficiency, durability, higher penetration level of
more than 3000 meters and drilling operations, despite its higher costs. The
demand has been increased in U.S. and Canada owing to their phenomenal
properties. This type of bits is significantly being employed in the present
scenario as they assist in less operating time in drilling by reducing any
shear and tear.
The global market is highly consolidated with prominent
market leaders such as Baker Hughes, Halliburton, National Oilwell Varco,
Schlumberger, and Varel International. Increased funds for R&D activities
and customized product development for different types of earth formations are
some of the current trends among the industry players. Schlumberger offers a
wide range of application-specific bits and continuous involvement in
innovation it helped the company to dominate globally generating total market
revenue of more than 22% in 2014. These companies were accounted for more than
70% market share globally in 2014. The main strategy for these companies
includes strategic collaboration with smaller regional companies and increase
their market share to sustain the market.
To Browse Complete
Report visit @ https://www.millioninsights.com/industry-reports/oil-gas-drill-bit-market
This report segments the global Oil and Gas Drill Bit Market
on the basis of Types are:
• Roller-cone bit
• Miller-tooth bit
• Tungsten carbide inserts
• Fixed cutter bit
• Polycrystalline diamond
cutters (PDC)
• Natural/synthetic diamond
cutter
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