Drilling Bits Market In Oil And Gas Industry | Market Highlights and Insights to Recovery from COVID-19
Market Segments and Growth Analysis 2021-2025
The drilling bits market in oil and gas industry is expected to grow by $ 1.32 bn, accelerating at a CAGR of almost 6.29% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.
Need more details on this market? Request for Our FREE Sample Report
Drilling Bits Market In Oil And Gas Industry: Leading Segments and Growth Analysis
This research report will provide insights into the current market share of each segment along with growth projections for the next five years.
- The report segments the market by Product (Fixed cutter bits and Roller cone cutter bits), Application (Onshore and Offshore), and Geography (North America, MEA, APAC, Europe, and South America). Each market segment is analyzed for past performance leading to future growth projections based on current market scenario.
- 46% of the market growth will originate from North America during the forecast period. This report provides an accurate prediction of the contribution of all the geographic segments to the growth of the Drilling Bits Market In Oil And Gas Industry size.
Drilling Bits Market In Oil And Gas Industry: Trends, Drivers, Challenges to impact growth
- A significant factor in driving the growth of the Drilling Bits Market In Oil And Gas Industry will be the migration of drilling into unconventional areas.
- Increased use of horizontal and multilateral wells will be instrumental in driving the market growth during the forecast period.
- One of the key challenges that market players need to contend with in order to achieve further success is the Decreasing profitability of upstream petroleum companies.
Drilling Bits Market In Oil And Gas Industry: Vendor Analysis
- The market is fragmented.
- The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
- Atlas Copco AB, Baker Hughes Co., Bit Brokers International Ltd., Caterpillar Inc., Drill King International LP, Drilling Products Inc., Halliburton Co., NOV Inc., Sandvik AB, and Ulterra Drilling Technologies L.P. are some of the major market participants.
For more insights into this market: Download a Free Sample Report. Our custom reports provide market insights at the global and regional level along with a pipeline analysis of new product launches. It also provides a peek into the latest R&D along with impact analysis of government regulations.
The report provides insights into the following FAQs:
- What is the market CAGR?
The market is accelerate at a CAGR of over 6.29%.
- What is the incremental growth of the market?
The market is expected to grow by $ 1.32 bn through 2021-2025.
- What is a key factor driving this market?
Migration of drilling into unconventional areas will drive market growth over the forecast period.
- What are the key regions covered in this market research report?
North America, MEA, APAC, Europe, and South America are the key regions featured in this research report.
- Which is the leading geographic region for this market:
46% growth will originate from North America
- Who are the leading market vendors?
The leading vendors in this market are Atlas Copco AB, Baker Hughes Co., Bit Brokers International Ltd., Caterpillar Inc., Drill King International LP, Drilling Products Inc., Halliburton Co., NOV Inc., Sandvik AB, and Ulterra Drilling Technologies L.P.
- What are the market segments covered in this report?
The market is segmented by Product (Fixed cutter bits and Roller cone cutter bits), Application (Onshore and Offshore), and Geography (North America, MEA, APAC, Europe, and South America)
