Oil and Gas Drill Bit Market

A rise in the exploration activities due to the stabilization of gas and oil industry is expected to boost the global oil and gas drill bit market growth during the forecast period. This information is published in an upcoming report by Fortune Business Insights, titled, "Oil and Gas Drill Bit Market Size, Share & Industry Analysis, By Type (Roller Cone Bits {Milled Tooth, Tungsten Carbide Inserts}, Fixed Cutter Bits {Polycrystalline Diamond Compact, Diamond Impregnated}), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026." According to the report, the global oil and gas drill bit market is projected to reach USD 7.68 Billion by 2026, thereby exhibiting a CAGR of 10.04% during the forecast period. However, the global market was valued at USD 3.62 Billion in 2018.

The report forecasts and analyzes the global oil and gas drill bit market size. It examines various aspects of the global market, such as competitive landscape, key developments, growth opportunities, ongoing trends, hindrances, and future expansion. The report also provides mergers and acquisitions, new product launches, and expansions in the global oil and gas drill bit market.

Increasing Adoption of Polycrystalline Diamond Compact Drill Bits to Boost Growth

In terms of type, the global oil and gas drill bit market is grouped into fixed cutter bits and roller cone cutter bits. Under the fixed cutter bits segment, there are two types, namely, diamond impregnated and polycrystalline diamond compact (PDC). Amongst these, PDC is projected to dominate the global oil and gas drill bit market in the forthcoming years. It is because a diamond is one of the hardest material that is found on the earth. It can be used against any rock formation to break through it and take out the required product. Due to this property, demand for PDC drilling bit is increasing day by day.

Moreover, the tiny, inexpensive particles of diamond are easily transformed into masses of crystals which are further turned into shaped called diamond tablets. These diamond tablets are then brought into contact with the formation to carry out the cutting process.

Halliburton Unveils New In-bit Sensor Package Named Cerebro Featuring Advanced Technology

In November 2018, Halliburton, a leading oil field service company, headquartered in the U.S., announced the launch of its new Cerebro in-bit sensor package. It is infused with advanced technology that receives performance data directly from the drill bit and examines it to increase drilling efficiency, decrease the uncertainty, and optimize cutter engagement. The company stated that the new service would eventually improve drilling performance and overall data measurement. Cerebro offers a unique view of the entire run by persistently capturing motion data and downhole vibration. It further aids operators in pinpointing the damaged areas.

Fortune Business Insights profiles some of the most prominent market players operating in the global oil and gas drill bit market. They are:

• Schlumberger
• International Diamond Services, Inc.
• Baker Hughes, a GE company
• Atlas Copco
• Tercel Oilfield Products
• D-Drill (Master Drillers) Limited
• Ulterra Drilling Technologies L.P.
• National Oilwell Varco
• Halliburton
• Varel International Energy Services
• Scientific Drilling
• Palmer Bit Company
• C&H Bit Company

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