Global oil and gas drill bits market stood at 3.3 billion in 2018 and is projected to grow at a CAGR of 6.8% during 2019-2024

NEW YORK, May 8, 2019 /PRNewswire/ -- Global Oil and Gas Drill Bits Market By Material (Steel, Diamond & Tungsten Carbide), By Type (Fixed Cutter Bits & Roller Cone Bits), By Application (Offshore & Onshore), By Region, Competition, Forecast & Opportunities, 2024

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Global oil and gas drill bits market stood at 3.3 billion in 2018 and is projected to grow at a CAGR of 6.8% during 2019-2024 to reach $ 5.5 billion by 2024, owing to increasing shale gas exploration activities and rising demand for customized drilling bits that can handle unconventional rock formation. These drill bits are widely used during shale gas exploration. With increasing shale gas exploration, demand for these drill bits is also growing. Drill bits are used in oil and gas operations to drill and create holes for oil and gas extraction. The drill bits are rotating apparatus that are made up of hardest materials and sharp texture to cut into a rock and sediments. The main purpose of drill bits is to grind, cut, scrape and crush the rock at the bottom of the well. The drill bits industry is changing rapidly with new manufacturing technology and increasing use of new materials in drill bits production process.
Based on application, global oil and gas drill bits market has been categorized into onshore drilling and offshore drilling.The onshore drilling application is expected to account for the largest market share in coming years, backed by increasing onshore drilling activities across various regions.

With directionless drilling, new oil and gas sources are being drilled in previously unexplored and unconventional regions.This is expected to drive the market for oil and gas drill bits.

However, stringent government regulations surrounding the onshore drilling activities are expected to act as a restraint for the drill bits market.
Oil and gas resources are geographically distributed, and the oil field drill bits market is highly dependent on oil and gas exploration activities.North America is extensively engaged in oil and gas exploration activities and is expected to emerge as the most attractive regional market during the forecast period.

Moreover, Brazil, China and Saudi Arabia have significant resources of oil and gas, thereby resulting in huge growth opportunities for oil and gas drill bit market players.
Some of the major companies operating in global oil and gas drill bits market are Schlumberger, Baker Hughes, Sandvik, NewTech Drilling Products LLC, National Oil-well Varco Inc. and Halliburton Inc.

Years considered for this report:

Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024

Objective of the Study:

-- To analyze and forecast global oil and gas drill bits market size.
-- To forecast global oil and gas drill bits market based on type, material, application and regional distribution.
-- To identify drivers and challenges for global oil and gas drill bits markets
-- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global oil and gas drill bits markets
-- To conduct the pricing analysis for global oil and gas drill bits market.
-- To identify and analyze the profile of leading players operating in global oil and gas drill bits market.
Some of the leading players in global oil and gas drill bits market are National Oil-well Varco Inc., Halliburton Inc., Scientific Drilling International Inc., Torquato Drilling Accessories Inc., Epiroc, Kingdream Public Limited Company and Schlumberger.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of oil and gas drill bit manufacturers across the globe.

Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.

Through this technique, the analyst could include the suppliers which could not be identified due to the limitations of secondary research. The analyst analyzed the product offerings, distribution channels and presence of all major oil and gas drill bit manufacturers across the globe.
The analyst calculated global oil and gas drill bits market size using a bottom-up approach, where data for various end user industries and its application across various types were recorded and forecast for the future years was made. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these types and applications for getting an appropriate, overall market size.

Various secondary sources such as company website, news articles, press releases, company annual reports, investor presentations and financial reports were also used by the analyst.

Key Target Audience:

-- Oil and gas drill bit manufacturers, suppliers, distributors and other stakeholders
-- Oil and gas drill bit end user industries
-- Organizations, forums and alliances related to oil and gas drill bits market
-- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as drill bit providers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, global oil and gas drill bits market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
-- Market, by Material
-- Steel
-- Diamond
-- Tungsten Carbide
-- Market, by Type
-- Fixed Cutter Bits
Polycrystalline Diamond Bits
Natural Diamond Bits
-- Roller Cone Bits
Milled-Tooth Bits
Tungsten Carbide Inserts
-- Market, by Application
-- Offshore
-- Onshore
-- Market, by Region:
-- North America
United States
-- Europe
United Kingdom
-- Asia-Pacific
-- Middle East & Africa
South Africa
Saudi Arabia
-- South America

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global oil and gas drill bits market.

Available Customizations:

With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

-- Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
-- Profit margin analysis in case of direct and indirect sales channel.

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