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Gas and Oil Drill Bits Market (Product - Roller Cone, Milled-tooth, and Fixed Cutter; Application - Onshore, and Offshore): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025

  • Published : April, 2020

  • Rep Id : AT00195

  • Category : Energy, Mining and Infrastructure

  • Status : Published

This report provides exclusive insights into the COVID-19 impact on the Gas and Oil Drill Bits Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Gas and Oil Drill Bits Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Gas and Oil Drill Bits Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.

A recent report published by Infinium Global Research on gas and oil drill bits market provides in-depth analysis of segments and sub-segments in the global as well as regional gas and oil drill bits market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional gas and oil drill bits market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global gas and oil drill bits market. According to the report, the global gas and oil drill bits market is projected to grow at a CAGR of 6.5% over the forecast period of 2019-2025. 


Market Insight

Drill bits are one of the most important equipment in the field of oil & gas used for extraction. Drill bits fabricated from highly performed metal composites for enhancing operation. The favorable properties of Gas and Oil Drill Bits such as high wear & tear resistance and durability these bits are further coated with specialty metallic coatings increase its usage in onshore and offshore applications. Further, effective design module and case-sensitive drill bits offer an important role in major end user industries. However, selection customized solutions according to the requirement of gas and oil drill bits will reduce the cost. 

 

Additionally, the current concern over the spread of coronavirus has put a number of challenges for the Gas and Oil Drill Bits market as the demand for the equipment directly relies on shale gas exploration and production. Industrial Equipment companies are dealing with the immediate impact of COVID-19 owing to the enforcement of lockdown and major decline from the industrial sector. Currently, industrial and oil and gas sectors are facing major reductions in production as the government has strictly prohibited national and international transportation along with the temporary shutdown of production units. Further, COVID-19 has introduced new difficulty in managing operation due to unavailability of skilled workforce and restricted site access and affect the overall value chain which in turn resulting in a sudden drop in demand from end users.

 

Nonetheless, rapid urbanization, rising demand for energy from the automotive industry, and increasing oil and exploration activities will be the major driving factors for the growth of the gas and oil drill bits market over the forecast years. Further, changing consumer preferences on adopting cost-effective equipment and increasing demand for fuel extraction to fulfill the rising demand for energy are some contributing factors for the growth of the gas and oil drill bits market. Fuel extraction and exploration requires complex technology and equipment which offer enhanced longevity and durability for effective results will increase the demand of drill bits. However, stringency in government regulations on onshore drilling activities may hamper the market growth of gas and oil drill bits. Furthermore, key players are offering technologically advanced equipment to increase overall performance which will increase the demand of gas and oil drill bits in the forecast period. 

 

The global gas and oil drill bits market has been regionally segmented into the geographies of North America, Europe, Asia Pacific, and RoW. From a regional point of view, the North American region is likely to dominate the market, attributed to increasing activities of oil and gas exploration and rapid technological advancement, and rising need for cost-effective and customized equipment. Furthermore, the global market for Gas and Oil Drill Bits has largely benefitted from the emerging countries such as Brazil, China, and Saudi Arabia due to the availability of significant resources of oil and gas. However, the growing population and increasing the automotive sector in this region will offer growth opportunities. 

 

Segment Covered

The report on global gas and oil drill bits market covers segments such as product, and application. On the basis of product, the sub-markets include roller cone, milled-tooth, and fixed cutter. On the basis of application, the sub-markets include onshore, and offshore.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Schlumberger Limited, Baker Hughes, Sandvik, NewTech Drilling Products LLC, National Oil-well Varco Inc., Halliburton Inc., National Oilwell Varco, Atlas Copco, Varel International, Inc., and Torquado Drilling Accessories Inc.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of gas and oil drill bits market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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