Drill Bits in Oil and Gas Industry – Technavio Presents Global Forecast & Analysis
Baker Hughes, Halliburton, and Schlumberger are three key vendors
highlighted in a new Technavio report
Technavio has published a new report on the global
drill bits in oil and gas industry, which is expected to
grow at a CAGR of more than 4% from 2015-2019.
Drill bits in oil and gas industry market segmentation including
type, application, and geography
Technavio’s report analyses the solutions and products offered by market
vendors and presents a comprehensive breakdown in terms of market
segmentation for different types, including fixed cutter bits and roller
cone cutter bits.
Additionally, analysts have segmented market projections by key
geography, and also by application, focusing on offshore and onshore
segment.
“Companies are developing new application-specific bit design packages
that incorporate advanced features such as better stability, optimized
hydraulics, steerability, depth-of-cut control, diamond volume
management, and wear and durability optimized cutters. Thus, the
development of application-specific bit technology will boost market
growth during the forecast period,” says Faisal Ghaus, Vice President of
Technavio.
Drill bits in oil and gas industry: Market scope and calculation of
market size
This report covers the present scenario and growth prospects for the
global drill bits in oil and gas industry from 2015-2019. The report
calculated the market size based on revenue generated from sales of
drill bits worldwide.
Industry analysis includes:
-
Key Vendors:
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Baker Hughes
-
Halliburton
-
National Oilwell Varco
-
Schlumberger
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Varel International
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Market Growth Drivers:
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Increased global demand for oil and gas
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Rise in unconventional oil and gas resources
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Market Challenges:
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Fluctuating oil prices
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Skilled human resource demand-supply gap
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Market Trends:
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Integration of drill bits in bottom hole assemblies
-
Development of application-specific bit technology
View the global
drill bits in oil and gas industry report.
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including 300+ reports on the oil and gas market:
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at media@technavio.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151014005041/en/
Copyright Business Wire 2015
Source: Business Wire
(October 14, 2015 - 10:35 AM EDT)
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