According to Stratistics MRC, the Global Oil Field Drill Bits market is expected to grow from $5.93 billion in 2016 to reach $10.31 billion by 2022 with a CAGR of 9.6%. Growing exploration & production activities coupled with increasing demand for energy, technological advancements in oil field drill bits, increasing demand for oil & gas, and huge investments on new offshore reserves are some of the other factors fuelling the market growth during the forecast period. However, slow down in offshore drilling in few regions, high capital investments are the restraints impeding the market growth.
By Drill Bits Type, Roller Cone Cutter Bit segment commands the global market due to its cost efficiency and its performance. The onshore segment is anticipated to be a largest segment during the forecast period. North America is anticipated to hold the largest share in global market due to the technological advancements, increasing exploration & production activities. Asia Pacific is anticipated to be a fastest growing region.
Some of the key players in global Oil Field Drill Bits market include Atlas Copco AB, Bellwether Resources International, Bit Brokers International, Drill King International, DRILLBITS International (DBI), Halliburton, Harvest Tool Company, Kay Rock Bit Company, National Oilwell Varco, Nile Petroleum Industrial Company (NPICO), OTS International, Palmer Bit Co., Rockpecker, Schlumberger Limited, Tercel Oilfield Products Limited, and Varel International, Inc.
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Drill Bits Types Covered:
• Roller Cone Cutter Bits
o Tungsten Carbide Inserts
o Milled-tooth Bits
• Fixed Cutter Bits
o Natural Diamond Bits
o Polycrystalline Diamond Bits
• Off Shore Drilling
• On Shore Drilling
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• Rest of the World
o Middle East
o South Africa
What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 6 years of all the mentioned segments, sub segments and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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