The growing demand for customized, more efficient and effective drills capable of working on unconventional rock formations is expected to continue to evolve in the market even in the forecast period. Furthermore, the increase in drilling, exploration and production activities in both onshore and offshore oil fields has stimulated demand for drilling in the recent past, and this trend is expected to continue. The increase in directional drilling activities and the growing number of exploration and production activities are key factors driving the growth in market revenues. The rapid increase in the world population and urbanization have increased global energy demand and increased oil and gas exploration activities, which in turn has increased the need for oil and later gas drilling rigs. It will continue contributing to market revenue growth over the forecast period.
MARKET SCOPE
The "Global Oil and Gas Drill Bit Market Analysis to 2028" is a specialized and in-depth study of the clean energy with a special focus on the global market trend analysis. The report aims to provide an overview of the oil and gas drill bit market with detailed market segmentation by product, application, and geography. The report provides key statistics on the market status of the leading oil and gas drill bit market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global oil and gas drill bit market is segmented on the basis of product, and application.
- On the basis of product, the market is segmented Roller-Cone, Fixed Cutter
- On the basis application, the market is segmented as Onshore, Offshore
MARKET DYNAMICS
Drivers:
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- The rapid conversion to natural gas and renewable energy sources has led to exploration and production activities from unconventional sources such as shale reserves, oil and gas, etc. This is expected to further drive the market revenue growth over the forecast period.
- However, price volatility in the oil and gas industry and other factors such as well spreads and loss of circulation are factors that are expected to restrain the market growth to some degree during the forecast period.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The automotive connector's market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive connector's market in these regions.
IMPACT OF COVID-19
The COVID-19 outbreak had a negative impact on the global economy as many industries have been affected by the current conditions, and the activities of several sectors have come to a halt. Companies face several challenges in the oil and gas sector due to falling oil prices following the COVID-19 outbreak. In the United States, the consumption of petroleum products has fallen to its lowest level in decades due to travel restrictions and the general economic slowdown caused by efforts to contain COVID-19. The US EIA estimates the decline in demand for petroleum products by examining changes in total products supplied. On April 3, 2020, total U.S.-supplied petroleum products fell by 3.4 million barrels daily, the largest weekly drop in the EIA's data series. This would affect the operation of drilling rigs as these rigs are useful for oil and gas extraction processes and further convert crude oil into useful petroleum products.
MARKET PLAYERS
The report covers key developments in the oil and gas drill bit market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in the oil and gas drill bit market are anticipated to provide lucrative growth opportunities in the future owing favourable government regulations for mitigating carbon emissions.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the oil and gas drill bit market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Schlumberger
- Baker Hughes
- National Oilwell Varco
- Atlas Copco
- Varel International, Inc.
- Torquado Drilling Accessories Inc.
- Tercel Oilfield Products
- Scientific Drilling
- Palmer Bit Company
- International Diamond Services, Inc.