The oil and gas industry majorly use PDC drill tools or polycrystalline diamond compact tools for drilling purposes. Drill bits are cutting tools that are meant for creating holes or for cutting purposes. the rise in number of drilling activities in the oil and gas industry is anticipated to promote the growth of the PDC drill bits market, says Fortune Business Insights in their recent report titled, “PDC Drill Bits Market Size, Share and Global Trend By Type (Matrix Body, Steel Body), By Cutter Size (Less than 9mm, 9-14 mm, Above 24mm), By Number of Blades (Less than 6, 6-10, Above 10), and geography Forecast till 2026.”
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Key Market Driver – Increasing drilling activities
Key Market Restraint – Environmental risks and strict government regulations
Some of the recent industry vendors include:
- Yasin Petro Pasargad
- Western Drilling Tools Inc.
- Ulterra Drilling Technologies L.P.
- Sichuan Chuanshi Diamond Bit Co., Ltd (CSB0)
- SHEAR BITS
- Exploration Drill Masters Chile S.A
- Rubicon Oilfield International
- Varel International Energy Services
- Atlas Copco
- Baker Hughes
- National Oilwell Varco
Key Segmental Overview:
1. By Type
- Matrix Body
- Steel Body
2. By Cutter Size
- Less than 9 mm
- 9-14 mm
- 15-24 mm
- Above 24 mm
3. By Number of Blades
- Less than 6
- Above 10
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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The report focusses on growth drivers and restraints, trends and opportunities and competitive landscape of the market. It also lists various players operating in the market and important innovations in the market which will help them invest accordingly. All information provided in the report is gathered from trusted sources.
According to the report, the PDC drill bits market is categorized on the basis of type, cutter size, number of blades, and geography. With respect to type, the market is bifurcated into steel body and matrix body. On the basis of cutter size, the market is segmented into above 24mm, 15-24mm, 9-14mm, and less than 9mm. Based on the number of blades, the market is divided into above 10, 6-10, and less than 6.
Surge in Drilling Activities Worldwide to Propel Market Growth
As mentioned earlier, the rise in drilling activities on a worldwide basis in the oil and gas sector is a major factor boosting the PDC drill bits market. In addition to that, the fact that the total cost of drilling can be reduced by using PDC drill bits as compared to the use of roller cone bits will also promote market growth. Besides this, Matrix PDC drill bits market is further expected to grow because of features such as linger life span, multiple runs, and high volume of fluid. Furthermore, advancement of technology in drilling systems for faster drilling activities is prognosticated to promote growth in the market. Additional qualities such as wear-resistant and enhanced structure will also help the market gain traction.
On the other hand, there are many environmental risk factors associated with the usage of drill bits and this may pose a threat to the market in the forecast duration. This, coupled with strict regulations imposed on the use of hydrocarbon-based fuel sources may cause hindrance to the growth of the market in the long run.
Recent Developments in Oil and Gas Drilling Activities to Help North America Witness Significant Growth
Geographically, the market in North America is prognosticated to contribute major share on account of the recent developments in oil and gas drilling activities, in Canada and the U.S. This, accompanied by the rise in shale gas production and exploration activities will help boost the market this region. On the other side, the steady demand from food and beverage industry, especially the frozen food sector in Europe is anticipated to help this region witness significant growth. Besides this, the presence of large number of industries in the region is also anticipated to help this region generate attractive revenue in the forecast duration.
Besides this, there is a high demand for 6-10 blades PDC drill bits segment in developing nations of Asia Pacific, especially China. This is attributable to the surge in oil drilling and shale gas production activities. The Middle East and Africa region are also anticipated to witness progressive growth rate on account of rapid adoption of PDC drill bits with 6 to 10 blades, in nations such as Saudi Arabia and Oman.
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Major Table of Content For PDC Drill Bits Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global PDC Drill Bits Market Analysis, Insights and Forecast, 2014-2025
- North America PDC Drill Bits Market Analysis, Insights and Forecast, 2014- 2025
- Europe PDC Drill Bits Market Analysis, Insights and Forecast, 2014-2025
- Asia Pacific PDC Drill Bits Market Analysis, Insights and Forecast, 2014-2025
- The Middle East and Africa PDC Drill Bits Market Analysis, Insights and Forecast, 2014-2025
- Latin America PDC Drill Bits Market Analysis, Insights and Forecast, 2014-2025
- Competitive Landscape
- Company Profile
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