Global Gas and Oil Drill Bits Industry - Market Research 2015-2019

About drill bits in oil and gas industry

Drill bits are mechanical tools that cut and crush rocks to create wellbores for the extraction of hydrocarbons. They are mainly used in drilling operations for oil or gas wells, either onshore or offshore. They are broadly classified into two major categories:

• Fixed-cutter bits
• Roller-cone cutter bits

Fixed-cutter bitsFixed-cutter bits do not have moving cones. They integrate cutting elements into the bit’s body and are designed to excavate holes by shearing, instead of cutting or gouging.Based on type, they are classified into two:

• PDCs
• Natural diamond bits

Roller-cone cutter bitsRoller-cone cutter bits include three individually rotating cones. They are designed to drill any formation by adjusting cutters, bearings, and nozzles. Depending on the design of their teeth, they are classified into two:

• Milled-tooth bits
• Tungsten carbide inserts

Technavio's analysts forecast 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.

Covered in this report

The report includes the present scenario and the growth prospects of global drill bits in oil and gas industry for the period 2015-2019. The market can be segmented into three based on type, application, and geography.

Technavio's 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.

Key geographies

• Americas
• APAC
• EMEA

Key vendors

• Baker Hughes
• Halliburton
• National Oilwell Varco
• Schlumberger
• Varel International

Other prominent vendors

• Atlas Copco
• Cangzhou Great Drill
• Champion Cutting Tool
• Driltec
• Guizhou Sinodrills Equipment
• Irwin Industrial Tool
• NewTech Drilling Products
• Rock River Tool
• Weatherford International

Market driver

• Increased demand for oil and gas worldwide
• For a full, detailed list, view our report

Market challenge

• Fluctuating oil prices
• For a full, detailed list, view our report

Market trend

• Integration of drill bits into bottom-hole assemblies
• For a full, detailed list, view our report

Key questions answered in this report

• What will the market size be in 2019 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the key vendors?
• What are the strengths and weaknesses of the key vendors?

Press Release

Technavio Announces the Publication of its Research Report – Global Drill Bits in Oil and Gas Industry 2015-2019

Technavio recognizes the following companies as the key players in the Global Drill Bits in Oil and Gas Industry: Baker Hughes, Halliburton, Varel, National Oilwell Varco and Schlumberger

Other Prominent Vendors in the market are: Atlas Copco, Cangzhou Great Drill, Champion Cutting Tool, Driltec, Guizhou Sinodrills, Irwin Industrial Tool, NewTech Drilling, Rock River Tool, and Weatherford.

Commenting on the report, an analyst from Technavio’s team said: “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.

Companies Mentioned

Baker Hughes, Halliburton, Varel, National Oilwell Varco, Schlumberger,Atlas Copco, Cangzhou Great Drill, Champion Cutting Tool, Driltec, Guizhou Sinodrills, Irwin Industrial Tool, NewTech Drilling, Rock River Tool, Weatherford.