Growing Exploration Activities to Push Global Oil and Gas Drill Bits Market until 2024
Technological advancements
and increasing onshore and offshore activities to bolster global oil and gas
drill bits market through 2024
According to TechSci Research report, “Global
Oil and Gas Drill Bits Market By Material, By Type, By Application, By
Region, Competition, Forecast & Opportunities, 2024”, global oil and
gas drill bits market is projected to grow at a CAGR of over 6% during 2019-2024,
on the back of increasing oil & gas drilling activities across the globe. Moreover,
with increasing oil and gas exploration activities, the market for oil and gas
drill bits is expected to witness significant growth during the forecast
period.
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By type, global oil and gas drill bits
market has been categorized into fixed cutter bits and roller cone cutter bits.
Of these types, roller cone cutter bits accounted for majority share in global
market in 2018, owing to its wide use in conventional oil and gas fields. Moreover,
demand for fixed cutter bits is growing, on account of increasing exploitation
of unconventional reserves such as shale in the United States. Demand for fixed
cutter bits with higher efficiency is growing, as it offers higher durability
and rate of penetration in shale reserves. Countries such as Canada, Argentina
and China are expected to witness significant growth in drilling activities in
their shale reserves, which in turn would boost the demand for fixed cone
cutter bits.
North America is expected to account for
a significant share in global oil and gas drill bits market, as the region is
leading the global market with more onshore wells. Moreover, new drilling activities
are being carried out across the region. Asia Pacific oil and gas drilling bits
market is also expected to register growth during the forecast period, with
China accounting for majority share in the region’s oil and gas drill bits
market, backed by increasing onshore drilling activities in the country.
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“Growing onshore and offshore
oil activities across the globe would drive global oil and gas drill bits
market during the forecast period. The market is highly dependent on factors
such as technological advancements with respect to design and regional
regulatory policies for the exploration and production activities.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Oil
and Gas Drill Bits Market By Material, By Type, By Application, By Region,
Competition, Forecast & Opportunities, 2024” has evaluated the future
growth potential of global oil and gas drill bits market and provides
statistics and information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global oil and gas drill bits market.
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