Drill Bits Market: Latest Innovations and Industry Key Events by 2020
Drill bits machine are cutting tools used to remove material to create holes, always of circular cross-section. Drill bit is a tool designed to create a cylindrical hole in the earth’s crust by the rotary drilling machine method for the extraction of hydrocarbon such as natural gas, petroleum, and crude oil. Drill bits are mainly classified into two types such as rolling cutter and fixed cutter bits. The structure of rolling cutter drill bits are tooth shape. Rolling cutter is used to two or more cone shaped element that roll across the borehole as the bite is rotated. Fixed cutter mostly use in natural or synthetic diamond, to remove material by grinding action as the bit is rotated.
Increasing world energy demand with high cost of natural oil and gas is the major driving factors for the global drill bits market for oil and gas application. Large scale drilling and Exploration and Production (E&P) activities in both onshore and offshore oilfields, is the another key driving factor for drill bit. Moreover, Advancement in technology to provide better services expected to fuel the drill bit market over the forecast period. However, government control over oil and gas price hamper adoption of new technologies.
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The global drill bits market is segmented on the basis of products and region. Based on different product market is segmented as roller cutter bits and fixed cutter bits. Roller cutter bites are includes milled-tooth bits and tungsten carbide inserts. Similarly, fixed cutter bits are includes polycrystalline diamond bits (PDC), natural diamond bits.
The report provides a comprehensive view on the drill bits market we have included a detailed value chain analysis. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the drill bits market has also been included. The study encompasses a market attractiveness analysis, wherein product segments are benchmarked based on their market size, growth rate and general attractiveness. It includes company market share analysis, product portfolio of the major industry participants. The report provides detailed segmentation of the drill bits market based on product, and region segment.
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Major regional segments analyzed in this study include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa with its further bifurcation into major countries including U.S., Germany, France, UK, China, Japan, India, and Brazil. This segmentation includes demand for drill bits market based on individual products in all the regions and countries.
The report covers detailed competitive outlook including company profiles of the key participants operating in the global market. Key players profiled in the report include National Oilwell Varco, NewTech Drilling Products LLC, Halliburton, Baker Huges, Inc., Atlas Copco, Scientific Drilling International, Inc., Torquado Drilling Accessories Inc. and Varel International, Inc.
Drill Bits Market: Product Segment Analysis
- Roller Cone Bits
- Milled-Tooth Bits
- Tungsten Carbide Inserts
- Fixed Cutter Bits
- Polycrystalline Diamond Bits (PDC)
- Natural Diamond Bits
Drill Bits Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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