Major factors driving the global oil and gas drill bit market are growth in shale gas exploration activities across the globe and rising demand for customized drilling bits that can handle unconventional rock formation. These drill bits are widely used during shale gas exploration. With the increase of shale gas exploration, demand for these drill bits have also increased.
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Rising demand for unconventional energy such as solar, wind, and hydro has negatively affected the demand for petroleum market. Slowdown of oil sector is identified restraining factor for the oil and gas drill bit market. For example, according to data published by U.S. Energy Information Administration, during the period 2015 to 2016, crude oil production in the U.S. had declined significantly.
On the basis of product, the oil and gas drill bit market has been segmented into roller-cone, polycrystalline diamond cutters (PDC), diamond-impregnated drill bit, fixed cutter, and others.
Shale gas exploration is still in the evolution phase in Europe and in coming years rapid boom in shale gas exploration is expected in countries from this region. Such boom in shale gas exploration is expected to provide opportunity for the oil and gas drill bit market during the forecast period.
Based on geography, the oil and gas drill bit market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. On the basis of both value and volume, North America held the largest share in the market in 2017. High volume reserve of natural gas and crude oil in different regions of North America has promoted the rapid growth of drilling activities across oil and gas fields in recent years.
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Some of the major players operating in the global oil and gas drill bit market are Schlumberger Limited, Atlas Copco, Baker Hughes, a GE company, National Oilwell Varco, Halliburton, Torquato Drilling Accessories, Inc., Kingdream Public Limited Company, and Bulroc (UK) Ltd.
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