Drill Bits Market– Growth, Future Prospects, Competitive Analysis, and Forecast 2017 – 2025, the global drill bits market for oil & gas industry is expected to reach US$ 13.2 Bn by 2025, expanding at a CAGR of 6.1% over the forecast period 2017 to 2025.
Growing energy demand due to increase in number of automobiles due to rapid urbanization especially in emerging economies of Asia Pacific such as India and China are expected to drive the demand for fossil fuel which is influencing which oil producer to increase oil production, this in turn is expected to spur the growth of global drill bits market for oil & gas industry. Increase in exploration and production of sand formation coupled with new drilling techniques such as hydraulic fracturing or fracking is anticipated to impel the demand for polycrystalline diamond bits (PCD). Oil & gas industry has witnessed a shift in exploration and production operations form conventional to non-conventional oil & gas exploration.
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Global drill bits market is segmented type into roller cone bits and fixed cutter bits on the basis of product. Roller cone bits segment is further sub-segmented as milled-tooth bits and tungsten carbide inserts (insert bits). Among roller cone bit segment, the tungsten carbide inserts segment is anticipated to be the largest segment due to low cost and adaptability for the soft formations. The segment is expected to continue its dominance over the forecast period.
• Merger & Acquisition
• Development of newly designed drill bits
• High investment on research and development
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1.1. Report Scope and Description
1.2. Research Methodology
1.2.1. Phase I-Secondary Research
1.2.2. Phase II-Primary Research
1.2.3. Phase II-Expert Panel Review
1.2.5. Approach Adopted
2. Executive Summary
2.1. Global Drill Bits Market for Oil & Gas Industry Market Snapshot
2.1.1. Global Drill Bits Market for Oil & Gas Industry Market by Product Type, 2015
2.1.2. Global Drill Bits Market for Oil & Gas Industry Market by Geography,2015
3. Global Drill Bits Market for Oil & Gas Industry Market Dynamics
3.1. Market Overview
3.2. Value Chain Analysis
3.5. Future Prospects
3.6. Impact Analysis of Drivers and Challenges
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