Drill Bits in Oil and Gas Industry – Technavio Presents Global Forecast & Analysis
By Business Wire News
By Business Wire News
Technavio has published a new report on the global drill bits in oil and gas industry,which is expected to grow at a CAGR of more than 4% from 2015-2019.
Drill bits in oil and gas industry market segmentation including type, application, and geography
Technavio’s report analyses the solutions and products offered by market vendors and presents a comprehensive breakdown in terms of market segmentation for different types, including fixed cutter bits and roller cone cutter bits.
Additionally, analysts have segmented market projections by key geography, and also by application, focusing on offshore and onshore segment.
“Companies are developing new application-specific bit design packages that incorporate advanced features such as better stability, optimized hydraulics, steerability, depth-of-cut control, diamond volume management, and wear and durability optimized cutters. Thus, the development of application-specific bit technology will boost market growth during the forecast period,” says Faisal Ghaus, Vice President of Technavio.
Drill bits in oil and gas industry: Market scope and calculation of market size
This report covers the present scenario and growth prospects for the global drill bits in oil and gas industry from 2015-2019. The report calculated the market size based on revenue generated from sales of drill bits worldwide.
Industry analysis includes:
- Key Vendors:
- Baker Hughes
- National Oilwell Varco
- Varel International
- Market Growth Drivers:
- Increased global demand for oil and gas
- Rise in unconventional oil and gas resources
- Market Challenges:
- Fluctuating oil prices
- Skilled human resource demand-supply gap
- Market Trends:
- Integration of drill bits in bottom hole assemblies
- Development of application-specific bit technology
View the global drill bits in oil and gas industry report.
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