Drill
bits are used to crush rock formations. These are essential
components used in drilling activity to extract water, oil, and gas.
In the past few years, the demand from the mining and industrial
energy production sectors has increased due to the rising number of
mining, oil drilling, and water-well drilling projects all over the
world. This demand has spurred the growth of the drill bits market.
The significant rise in the demand for energy across the world
coupled with high natural gas and oil prices are propelling the
overall drill bits market considerably.
In-depth
research report on Drill
Bits Market with
Full TOC at :
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The
global drill bits market was valued at 2,597 hundred units in 2012
and is now expected to grow at a 4.9% CAGR during 2013-2019,
according to a leading market firm in the U.S.
Rising
Demand for Energy Boosting Oilfield Equipment Market
As
drilling engineers and designers are continuously designing apt drill
bits to suit different work and industrial environments, advancement
in drill bit technology has increased at an accelerated pace in the
last few years. The new and improved drill bits currently available
in the global market deliver high speed, efficiency, and durability
at work places.
Drill
bit designers are constantly challenged to create strong and
cost-effective drill bits that offer greater wear resistance without
any compromise on the impact resistance. Thus, today the market for
drill bits offers a variety of products suitable for more abrasive
formations and harder drilling.
The
drill bits market has been enjoying remarkable positive growth mainly
in the oil and gas industry due to the constantly rising exploration
activities worldwide and high technological advancement in drill bit
design. Rising demand for energy from both developing and developed
economies in the world is boosting the oilfield equipment market,
especially the drilling equipment and field production machinery.
In
addition, offshore drilling activities are also expected to encourage
exploration and production activities around the world. A growing
demand for exploration and drilling activities is likely to create
substantial growth in the drill bits market in the coming years.
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Growing
Variety of Drill Bit Products Stimulating Market Growth
Continuous
development in the technology, materials, and design for drill bits
has given rise to a variety of products in the overall market. The
two main types of drill bits used for oil and gas drilling activities
are fixed cutter bits and roller cone bits. Although the roller cone
technology has penetrated the market it is still undergoing
significant development. On the other hand, fixed cutter bits serve a
large part of the drill bits market due to its reliability and
improved rate of penetration. In recent years, the demand for fixed
cutter drill bits has grown tremendously. These bits are more durable
than traditional roller cone bits.
Roller
cone bits are further segmented into milled tooth bits and tungsten
carbide inserts. They are more appropriate for use in drilling
activities in softer rocks, as their oscillating cones can break more
easily in hard rock formations.
Fixed
cutter bits such as polycrystalline diamond cutters (PDC) and natural
diamond cutters are significantly improving drilling operations and
penetration rate in abrasive formations and thus gaining high
popularity across the globe. However, the cost of these
technologically advanced cutters is extremely high.
Worldwide,
North America is expected to remain the largest market for drill
bits. This region has experienced the maximum growth in exploration
and production activities, leading to a stellar demand for drill
bits. North America held 35.7% of the global drill bits market by
volume in 2012. With the oil rig count continuously rising in the
U.S., the market for drill bits is expected to grow rapidly in the
next four years.
Browse
Press Release Of Drill Bits Market
http://www.transparencymarketresearch.com/pressrelease/drill-bit-market.htm
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