The report forecasts the global drill bits in oil and gas industry to grow at a CAGR of 4.05% in terms of over the period 2014-2019.
The report, Global Drill Bits in Oil and Gas Industry 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers APAC, EMEA, and the Americas; it also covers the landscape of the global drill bits in oil and gas industry and its growth prospects in the coming years. The report includes a discussion on the key vendors operating in this market.
One of the major trends in the market is the integration of drill bits in bottom hole assemblies. Currently, many end-users demand packaged solutions for their drilling operations instead of individual drill bits. These packaged drilling solutions for bottom hole assemblies integrate motors, drilling systems, and bits, thereby reducing the time and energy needed to assemble and calibrate individual components before use.
According to the report, expansion of oil and gas exploration and drilling activities will stimulate market growth over the forecast period. The growing demand for oil and gas will drive greater investments in advanced technology to increase drill bit efficiency and oil production.
Further, the report states that the lack of skilled personnel with relevant experience and knowledge about the complexities of drilling processes is deterring market growth.
They are broadly classified into two major categories:
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