Drill Bits Market for Oil and Gas Industry to Grow at CAGR of 4.9% by 2019 owing to Increase in Drilling Activities and Exploration Worldwide: Transparency Market Research

Albany, NY, Jan. 20, 2016 (GLOBE NEWSWIRE) -- TMR, a market intelligence company based in the U.S., says in its report that the global drill bits market was estimated to have a total volume of 2,597 hundred units in 2012 and is predicted to experience growth at a CAGR of 4.9% between 2013 and 2019.As per the TMR report, a few years ago, the development in the technology of drill bits grew at a rapid pace, since the drilling engineers were consistently crafting bits for efficient drilling with enhanced rates of penetration on the basis of durability as well as speed. There are two primary types of drill bits utilized for gas and oil drilling activities, namely fixed cutter bits and roller cone bits. The roller cone bits can be further classified as milled-tooth bits and tungsten carbide inserts.

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Fixed cutter bits obtainable in the market are either natural diamond cutters or polycrystalline diamond cutters (PDCs). In 2012, on the basis of volume, the drill bits market was led by the roller cone bits segment. However, due to greater durability and efficiency, fixed cutter bits, particularly PDC bits are acquiring popularity in the market. These cutters substantially enhance the penetration rate and drilling operation in abrasive formations. However, the cost of these bits, which are technologically advanced, is immensely high. According to this TMR report, the elevating demand for energy from both developing and developed economies is the preeminent factor driving the global oilfield equipment market. Rising world energy demand, coupled with high prices for natural gas and oil, is driving investment in drilling activities across the globe. Additionally, growing interest in offshore drilling is predicted to boost the activities pertaining to offshore exploration and production (E&P) worldwide. Thus, increase in onshore and offshore drilling activities and exploration across the globe is likely to lead to considerable demand for drill bits in the forthcoming future.

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The TMR study states that small-scale miners find it difficult to implement such developed products, as it raises the overall cost of operation. To add to this, the utilization of drill bits is decided by its true cost to benefit ratio. Normally, in drilling activities related to higher depths and for abrasive/hard surfaces, PDC drill bits are suggested, as they assist in reducing the overall time of drilling activity by diminishing persistent stops required for replacement/repair of drill bits.

As per this TMR research report, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Geographically, North America is predicted to remain the largest market for drill bits owing to the growth of production activities and exploration in this region. The count of oil rigs in the U.S. is increasing consistently, reflecting improved oil drilling activities in the U.S. The share of North America was approximated to be 35.7% of the overall share of the global drill bits market in 2012.The key players in this market include Tercel Bits, Baker Hughes, Inc., Ulterra Drilling Technologies, Halliburton, Inc., National Oilwell Varco, Inc., Varel international, Inc., Atlas Copco AB, and Scientific Drilling International, Inc.

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Drill Bits for Oil and Gas Industry Application Market, By Product

• Roller cone bits
• Milled-tooth bits
• Tungsten carbide inserts (insert bits)
• Fixed cutter bits
• Polycrystalline diamond bits (PDC)
• Natural diamond bits

Drill Bits for Oil and Gas Industry Application Market, By Geography

• North America
• Europe
• Asia-Pacific
• Rest of the World (RoW) 

Other Research Reports By TMR: 

Drilling Fluids Market: http://www.transparencymarketresearch.com/drilling-fluid-market.html 

Oilfield Equipment Market: http://www.transparencymarketresearch.com/oilfield-equipment.html 

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