Global Drilling Bits Market in Oil and Gas Market 2021-2025

Global Drilling Bits Market In Oil And Gas Industry 2021-2025

Technavio has been monitoring the drilling bits market in oil and gas industry and it is poised to grow by $ 1.32 bn during 2021-2025, progressing at a CAGR of 6.29% during the forecast period. Our report on drilling bits market in oil and gas industry provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the migration of drilling into unconventional areas and increased use of horizontal and multilateral wells. In addition, the migration of drilling into unconventional areas is anticipated to boost the growth of the market as well.

The drilling bits market in oil and gas industry analysis includes product and application segments and geographic landscape.

Technavio's drilling bits market in oil and gas industry is segmented as below:

By Product

• Fixed cutter bits
• Roller cone cutter bits

By Application

• Onshore
• Offshore

By Geographical Landscape

• North America
• MEA
• APAC
• Europe
• South America

This study identifies the focus on reduction of non-productive time (NPT)as one of the prime reasons driving the drilling bits market in oil and gas industry growth during the next few years.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our report on drilling bits market in oil and gas industry covers the following areas:

• Drilling bits market in oil and gas industry sizing
• Drilling bits market in oil and gas industry forecast
• Drilling bits market in oil and gas industry analysis

Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading drilling bits market in oil and gas industry vendors that include 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. Also, the drilling bits market in oil and gas industry analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.