Oilfield drill bit is a drilling instrument used for breaking earth’s crust for disclosure and extracting hydrocarbons such as petroleum and flammable gas. Drill bit cuts the rock into small pieces as the pipe rotates. The hole created by drill bit is small and having diameter from about 3.5 inches (8.9 cm) to 30 inches (76 cm). Depth of the hole can range from 1,000 feet (300 meter) to more than 30,000 feet (9,100 meter). On the basis of materials used in the manufacturing, oilfield drill bit is divided into two types – roller cone, and fixed cutter.
North America market accounts for largest market share in terms of revenue as compared to that of the markets in other regions.
The major factor driving growth of the global oilfield drill bits market is increasing exploration and production (E&P) activities in both seaward and inland oilfields. Additionally, rising energy demand in various countries across the globe, and expanding bore well drilling activities are some other major factors anticipated in the growth of the global oilfield drill bits market over the forecast period.
High cost associated with production, and fluctuating raw material prices are key factors restraining growth of the global oilfield drill bits market. Also, dropping prices of crude oil, and stringent government guidelines to minimize carbon emissions are other key factors anticipated to hinder growth of the global oilfield drill bits market over the forecast period.
Rising demand for automated drilling equipment, coupled with increase in number of new shale gas reserves being found, are factors expected to aid demand for drilling equipment. This is expected to generate potential opportunities for key manufacturers in the market.
The global oilfield drill bits market is segmented on the basis of type, application, and region. On the basis of region, the global oilfield drill bits market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market accounts for largest market share in terms of revenue as compared to that of the markets in other regions. This can be attributed to occurrence of new hydrocarbons reserves, and development in the drilling machineries in countries in the region. Owing to increase in deep water drilling activities in countries such as China, India, etc., the market in Asia Pacific is expected to register fastest growth rate with CAGR XX.X% over the forecast period.
Prominent players in the global oilfield drill bits market include Atlas Copco AB, Baker Hughes, a GE company, Halliburton Company, Schlumberger Limited, National Oilwell Varco, Inc., Kingdream Public Limited Company, Varel International, Inc., Torquato Drilling Accessories, Inc., NewTech Drilling Products, LLC, and Ulterra Drilling Technologies, L.P.