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Global Drill Bit Market Growth Prospects, Key Vendors, Future Scenario Forecast to 2025

Author : Rahul Sankrityayan | Published Date : 2019-10-23 

The Global Drill Bit Market research report Added by Global Market Insights, LLC, offers a comprehensive study on the current industry trends. The report also offers a detailed abstract of the statistics, market valuation, and revenue forecast, which in addition underlines the status of the competitive spectrum and expansion strategies adopted by major industry players.

Introduction of tungsten carbide units exhibit minimal cost and adaptability for soft formations when compared to other auxiliary products, which in turn favor the overall drill bit market growth. Moreover, corrosion resistance and minimal occurrence of failure are key factors further strengthening the product landscape. However, polycrystalline diamond compact bits owing to their ultra-deep-water drilling, high rate of penetration (ROP) and diverse range of rock formation support may induce a competitive business scenario.

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Ongoing initiatives and fund-flow towards effective product designing with an aim to reduce replacement cost & time supported by longer life cycle will thrust the drill bit market. Existing prototypes in the current regime, exhibit durability to drill up to 8,600 – 9,000 ft along with the provision of effective hydraulic assistance. Moreover, compressive strength up to 40,000 psi along with ability to drill interbedded limestone stringers have further paved comprehensive grounds for product deployment.

According to the U.S. Energy Information Administration in 2018, natural gas drilling is projected to increase from 323 (Bcf/d) to 554 Bcf/d by 2040. Increased shale oil and gas exploration backed by effective drilling techniques including hydraulic fracking or fracturing will foster the U.S. drill bit market. Furthermore in 2018, active rig count across the nation increased by 9% resulting into a decline in the overall breakeven price which in turn have further infused domestic competition across the industry.

Favorable government norms and amendments coupled with competitive R&D expenditure supported by public and private intervention will drive the drill bit market across Latin America. In 2019, IEEFA Argentine government introduced reforms with an aim to escalate upstream producer prices through eliminating natural gas subsidies by 2020. The reform is aligned with the regulators vision to empower and re-instate drilling capabilities through streamlining revenue realization and upstream profits for the industry players across the region.

 Key players operating across the drill bit market include Atlas Copco, Baker Hughes, Cangzhou, Halliburton Company, Irwin Industrial Tool Company, Great Drill Bits, ESCO Corporation, NewTech Drilling Products, National Oilwell Varco, Scientific Drilling International, Kingdream Public Limited Company, Torquato Drilling Accessories, Varel International, and Ulterra Drilling Technologies.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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