Oil and gas are the most important resources of energy and has been backbone of society. Drilling is the primary tool used for extraction of oil and gas from earth crust, it also used for environmental monitoring, remediation, and scientific studies of earth’s substances.
Drill bits are used to make cylindrical holes or crush or cut rocks to extract hydrocarbon resources, with application of high frequency vibration and hydraulic pressure. Drill bits are made up of various material such as Tungsten, Carbide, and Diamond among others. There are however many variations in the design of drill-bits, and the bit selected for a particular application will depend on the type of formation to be drilled. On the basic of types, drill bits can be classified as roller cone cutter bits and fixed cutter bits.
Roller cone drills bit are most common type of bit used for oil and gas drilling across the globe. Roller cone drills bit by cutting or fracturing the formation with tooth shaped element, while fixed cutter bit is made-up of very hard material such as synthetic or natural diamond for scraping or grinding of rock by rotary action. Roller cone bits are used for drilling of conventional wells and therefore accounts for maximum share of the global drill bits market.
However the discovery of unconventional shale gas reserves is expected to create potential opportunity for growth of fixed cutter bits market, this is mainly because of fixed cutter bits offers enhanced rate of production (ROP) and durability during the unconventional drilling for shale gas.
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Oil field Drill Bits Market Dynamics
Drilling is one of the most expensive operations in oil and gas industry. According to the American Petroleum Institute, total U.S. oil and gas drilling and exploration was accounted for US$ 45.2 Bn in 1990. Expenditure for drilling was accounted for US$ 10.9 Bn which were concentration mostly in exploration and development of oil well. The global drill bits (well) market is closely associated with production and consumption pattern of petroleum products, increasing number of exploration activities is a key driver to augment demand for drill bits. Global drill bits marketis highly dependent on factors such as technological advancement with respect to design and regional regulatory policies for the explorations and production activities. However, sustainability of the market is majorly depends on the price and supply of raw materials, and product development.
Oil field Drill Bits Market: Market Segmentation
Based on types, the global Oil field Drill Bits Market can be segmented as follow as;
Fixed Cutter Bits
Polycrystalline Diamond Bits
Natural Diamond Bits
Roller Cone Cutter Bits
Tungsten Carbide Inserts
Based on application, the global oil field drill bits Market can be segmented as follow as;
On Shore Drilling
Off Shore Drilling
Based on geographies, the global drill bits can be segmented as follow as;
Asia Pacific Excluding Japan (APEJ)
Middle East and Africa (MEA)
Oil field Drill Bits Market Regional Outlook
Oil and gas resources has geographically distributed, and the oil field drill bits market is highly dependent on oil and gas exploration activities. North America has extensively engaged in shale gas exploration and expected to emerge as most attractive segment over the forecast period. While Argentina, China and Algeria has significant resources of shale gas and expected to create an opportunity for growth of drill bits market. Middle East and Asia Pacific has continuously engaged in conventional oil and gas exploration activities, demand for drill bits in these region is expected to witness steady growth over the forecast period.
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Oil field Drill Bits Market Key Players
Some of the key players in global Drill Bits (Well) Market are as follow as;
National Oilwell Varco
Varel International, Inc.
Tercel Oilfield Products Limited
Palmer Bit Co.