North America is anticipated to be the leading market for drill bits with increased horizontal drilling and unconventional drilling activities. There are various driving factors that are responsible for the growth of drilling bit market such as increasing number of investigation and activities, both in offshore and onshore oilfields. In addition, enlargement of unconventional hydrocarbon reserves and technological advancements in drilling tools such as horizontal and vertical drilling activities are other factors expected to boost the growth of the global drilling tools market.
However, low investment in offshore sector compared to that of onshore activities may obstruct the market growth. Stringent government regulation regarding onshore and off shore drilling activities is a key challenge for the drill bits market. For instance, the clean air act in U.S. is aimed to reduce green gas emission in the oil & gas drilling industry. This act stipulates that industry players must take necessary steps to capture natural gas. However, the necessary budget for the implantation of such technology is high for new start-ups and small oil & gas companies, thus negatively impacting the market growth.
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Natural gas production globally is projected to increase from 342 billion cubic feet per day (Bcf/d) in 2015 to 554 Bcf/d by 2040. Such huge growth in natural gas production is expected to provide demand side drive for the oil and gas drill bit market. Drilling bit offers many benefits such as precision in drilling, ease in drilling process, and enhancement of the service life of the hole.
Smith Bits, a Schlumberger company, launched the Hyper Blade hyperbolic diamond element bit that reduces drilling costs by improving the rate of penetration (ROP). Hyperbolic diamond cutting elements can cut 20% deeper into rock as compared with conventional polycrystalline diamond compact (PDC) cutters.
Drilling tools are used for exploring and extracting crude oil or natural gas. The growth of the drill bits market in Europe is driven by the improved oil recovery projects in the North Sea region. The drill bits industry is changing rapidly with new manufacturing technology and the increasing use of new raw materials in the production process. Drill bits are primary tools for oil & gas industries. Positive government standards and amendments along with competitive R&D expenditure supported by public and private intervention will drive the global drill bit market growth.
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Key benefits of the report
- This study presents the analytical depiction of the global drilling bits market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global drilling bits market share.
- The current market is quantitatively analyzed from 2022 to 2029 to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
COVID-19 impact analysis
The novel coronavirus (COVID-19) outbreak has led to a temporary slowdown of the economic growth of countries across the world. Companies are facing operational issues due to supply chain constraints and lack of site access due to the COVID-19 outbreak. Asia-Pacific is highly affected by the spread of the COVID-19 due to the effect of the pandemic in China, Japan, and India. Oil & gas industry and diamond industry are highly affected by this global health crisis, which leads to decrease in demand of drilling bits market. Many companies have shut down their production of drilling instruments. Diamond production in 2020 is being affected by operating restrictions in many countries.
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