The Global Oil Field Drill Bits Market is projected to reach USD 10.62 billion by 2028, at a CAGR of 7.2% during the forecast period. Drill bits are cutting tools attached to drills for creating a hole by removing the material. Drill bits can have different shapes and sizes, as they are made of different materials depending on the dimensions of the hole to be drilled and the material on which the drilling operation is to be carried out.
Increasing demand for energy, expansion of production activities and explorations, technological advancements in oil field drill bits, investments in new offshore reserves, and the growing demand for oil & gas are the factors that are expected to boost the market growth during the forecast period. The increasing demand for energy with growing population and urbanization will augment the global Oil Field Drill Bits market.
Although there has been competition from substitutes like conventional fuels, these substitute energy sources are still new and are unlikely to replace the conventional fuels fully in the current scenario. Further, high-efficiency and engine complacency are some factors that are going to have a positive impact on the use of conventional fuels. The unexplored regions for oil and gas are going to generate lucrative opportunities for the oil & gas industry and therefore, can contribute immensely towards the growth of this market.
Drilling bits have seen advancements in their structures over the years. The advancements brought in the structure of drilling bits and the material being used for their manufacturing have helped increase drilling efficiency substantially. The exploration activities in recent years have been carried out at difficult locations and in great depths in offshore locations. This has increased the scope of the area available for exploration activities. Increasing exploration activities at difficult locations is going to drive the global Oil Field Drill Bits market in the coming days.
Oil Field Drill Bits Market, By Type:
Based on Type, the oil field drill bits market segmentation includes the roller cone and fixed cutter. Among these two, the roller cone segment is expected to lead the market due to its high performance and relatively low cost. However, the demand for fixed cutter bits will grow due to its efficiency and durability although their cost is comparatively high.
Oil Field Drill Bits Market, By Application:
Based on Application, the market segmentation includes off-shore drilling and on-shore drilling. On-shore drilling is expected to witness the highest demand mainly due to the high investments required in off-shore drilling and also regional regulations on exploration activities.
Oil Field Drill Bits Market, By Region:
North America is expected to lead the oil field drill bits market during the forecast period. The US is increasing its exploration and production activities. The oil and natural gas industry in the US spent an estimated USD 122.8 billion in drilling approximately 28,809 oil and natural gas wells in 2015, according to the American Petroleum Institute’s (API) 2015 Joint Association Survey on Drilling Costs. The development well expenditures was USD 109.6 billion in 2015, while the exploratory expenditures were estimated at USD 5.6 billion.
Key Developments in the Oil Field Drill Bits Market:
Some Key Findings of the Global Oil Field Drill Bits Market Report Include:
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