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The drilling bits market in oil and gas market size is forecast to increase by USD 1.32 and is estimated to grow at a CAGR of 6.29% between 2020 and 2025. The report includes historic market data from 2017 to 2021. The market is witnessing a rising demand for the integration of drill bits and hybrid drill bits in bottom hole assemblies, the development of application-specific bit technology, and advancements in Enhanced Oil Recovery (EOR) technology.
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The integration of drill bits and hybrid drill bits in bottom hole assemblies is another factor supporting the global drilling bits market in oil and gas market share growth. One of the major trends in the global drilling bits market in oil and gas is the adoption of new bits technologies such as the integration of drill bits in bottom-hole assemblies and others. Currently, many end-users demand packaged solutions for their drilling operations instead of individual drill bits. These packaged drilling solutions for bottom-hole assemblies integrate motors, drilling systems, and bits, thereby reducing the time and energy needed to assemble and calibrate the individual components before use. In addition, the bundled drilling package helps optimize downhole drilling operations because it does not require special training for the operators to use such drilling equipment. Essentially, the adoption of new drill bits in bottom-hole assemblies may contribute to the growth of the market during the forecast period.
The drilling bits market in oil and gas market share growth by the fixed cutter bits segment will be significant during the forecast period. The market will remain heavily dominated by fixed cutter bits because of their multiple applications in different formations, such as soft, clay, silt, sand, and shale. They are also highly useful in directional drilling operations because of their high penetration rates and low wear rates.
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This report provides an accurate prediction of the contribution of all the segments to the growth of the drilling bits market in the oil and gas market size and actionable market insights on post COVID-19 impact on each segment.
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North America is estimated to contribute 46% to the growth of the global market during the forecast period. The US and Canada are the key markets for the drilling bits market in the oil and gas market in North America. Market growth in this region will be faster than the growth of the market in APAC and Europe.
An increase in the E&P activities of crude oil and gas resources and the increasing demand for fuel will facilitate the drilling bits market in oil and gas market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
The migration of drilling into unconventional areas is a major factor driving the global drilling bits market in oil and gas market share growth. The major hydrocarbon-rich regions around the world were identified in the early 20th century, and most of the operations were based out of these areas. However, things have started to change in a significant manner now, and the E&P companies have started looking at unconventional avenues for exploration and production activities. Due to the recovery of crude oil prices, companies have increased their E&P operations in places with large oil reserves, such as GoM and Brazil. The number of deepwater and ultra-deepwater oil and gas projects has been increasing over the past few years. For instance, in August 2019, Murphy Oil Corp. sanctioned the Khaleesi/Mormont, King's Quay floating production system, and Samurai field developments in the deepwater GoM. There are new technologies in the market, which have enabled the monitoring of drilling activities in detail during its operations. Therefore, the market will continue to grow positively during the forecast period.
The decreasing profitability of upstream petroleum companies will be a major challenge for the global drilling bits market in the oil and gas market during the forecast period. Crude oil has factually been one of the most volatile commodities, regularly proving that even the best forecasting models are incapable of predicting a realistic future price. The rise and fall in crude prices have vaguely followed a trend over the past few years, which is now identified as the crude oil price cycle. However, the correct estimation of the peaks that the crude will rise to or the lows that it will fall to is yet to be seen. The crude prices reached historic highs in the follow-up to the global financial meltdown in 2009. After that, prices crashed sharply owing to weak global economic factors. The recent crash in crude prices, which saw the price fall from highs of USD100 in mid-2014 to around USD28 in early 2016, only reinforces volatility in crude markets. This directly affects a lot of products that are derived from it, such as gasoline and lubricants, and changes the course of the entire market for a product within a short period of time.
This drilling bits market in oil and gas market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The drilling bits market in oil and gas market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Drilling Bits Market In Oil And Gas Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Historic period |
2017-2021 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.29% |
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Market growth 2021-2025 |
USD 1.32 billion |
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Market structure |
Fragmented |
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YoY growth 2020-2021(%) |
5.71 |
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Regional analysis |
North America, MEA, APAC, Europe, South America, North America, MEA, APAC, Europe, and South America |
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Performing market contribution |
North America at 46% |
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Key countries |
US, Russian Federation, China, Canada, and Saudi Arabia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Atlas Copco AB, Baker Hughes Co., Bellwether Resources International Inc., Bit Brokers International Ltd., Caterpillar Inc., Drill King International LP, Drilling Products Inc., Halliburton Co., National Oilwell Varco Inc., and Sandvik AB |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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