Global PDC Drill Bits Market in the Oil and Gas Industry 2018-2022| Use of Horizontal and Multilateral Wells on the Rise| Technavio
The global PDC drill bits market in the oil and gas industry is expected
to post a CAGR of over 4% during the period 2018-2022, according
to the latest market research report by Technavio.
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Technavio has published a new market research report on the global PDC drill bits market in the oil and gas industry from 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the increased use of
horizontal and multilateral wells. PDC bits are generally used for
conventional and unconventional drilling operations, particularly in the
oil and gas drilling projects. In the initial oil exploration stages,
most drilling projects were for vertical wells.
This market research report on the global
PDC drill bits market in the oil and gas industry 2018-2022 also
provides an analysis of the most important trends expected to impact the
market outlook during the forecast period. Technavio classifies an
emerging trend as a major factor that has the potential to significantly
impact the market and contribute to its growth or decline.
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only: View
market snapshot before purchasing
In this report, Technavio highlights the rising investments in renewable
energy as one of the key emerging trends in the global PDC drill bits
market in the oil and gas industry:
Global PDC drill bits market in the oil and gas
industry: Rising investments in renewable energy
The share of renewable energy in the energy mix is growing rapidly
across the world because of the depletion of fossil fuel reserves and
increasing focus on the environment. Solar energy and wind energy hold a
high share of the renewable energy mix. Countries such as China, the US,
India, Japan, the UK, and Germany drive the growth of the global
renewable energy market.
“Many countries are concentrating on generating energy from renewable
sources to address their energy needs. For instance, Germany and the UK
hold major shares in the global wind energy market. Most counties in
Europe have also reduced their use of non-renewable sources of energy,” says
a senior analyst at Technavio for research on tools and components.
Global PDC drill bits market in the oil and gas
industry: Segmentation analysis
This market research report segments the global PDC drill bits market in
oil and gas industry by product (matrix body and steel body),
application (onshore and offshore), and geography (APAC, EMEA, and the
Americas).
The onshore segment held the largest market share in 2017, accounting
for over 63% of the market. This application segment is expected to
dominate the global market throughout the forecast period.
The Americas led the market in 2017 with approximately 60% of the market
share, followed by EMEA and APAC respectively. The Americas will witness
the fastest growth during the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
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Market ecosystem
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Market characteristics
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Market segmentation analysis
Market Sizing
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Market sizing
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Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Regional comparison
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Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
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Vendors covered
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Vendor classification
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Market positioning of vendors
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Competitive scenario
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