Oil and Gas Drill Bit Market Size to Reach USD 7.68 Billion by 2026; Increasing Exploration Activities to Boost Growth

The global oil and gas drill bit market size is projected to reach USD 7.68 Billion by 2026, thereby exhibiting a CAGR of 10.04% during the forecast period. Fortune Business Insights mentioned this information in a published report, 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.” The report further states that the global market size was valued at USD 3.62 Billion in the year 2018. A rise in the demand for energy due to the growing urbanization and population is expected to contribute to this market growth in the coming years.

Increasing Well Drilling Activities to Propel Global Market Growth

The global oil and gas drill bit market depends upon the number of wells that are being drilled around the world regardless of the location being offshore or onshore. The oil and gas industry has been witnessing a surge in the number of exploration activities due to industry stabilization since 2016. It is expected to skyrocket the global oil and gas drill bit market sales in the forthcoming years.

Furthermore, several countries around the world are turning towards clean energy, such as wind, solar, natural gas, etc. Awareness programs to rapidly shift the populaces towards the consumption of natural gas are undertaken to decrease carbon emission that can cause harm to the environment. It, in turn, is increasing shale gas exploration activities in several parts of the world. North America is one of the major regions that house shale reserves in abundance.

Presence of Prominent Manufacturers of Drill Bit to Favor Growth in Asia Pacific

The report states that Asia Pacific is projected to exhibit notable growth during the forecast period in the market. Ever-increasing population and rising demand for energy in emerging countries are likely to boost the market growth. Moreover, several major manufacturers and service providers of drilling bit are present in Asia Pacific.

All these factors will positively impact the market in this region. Europe, on the other hand, is expected to showcase moderate growth in the oil and gas drill bit market. It is likely to occur due to the rapid shift of numerous countries towards renewable sources of energy, namely, wind and solar energy. Hence, Europe is witnessing an increasing number of exploration activities, which, in turn, will propel the market growth.

Rising Number of Exploration Activities at Offshore Locations to Propel Market in Latin America

Latin America is anticipated to grow moderately in the market. A rise in the number of exploration activities occurring in offshore places and increasing demand for energy in the region is expected to boost market growth in the coming years. Additionally, growing urbanization and rising population are positively impacting the market growth in Latin America. Counties, such as Peru, Chile, Mexico, Brazil, Venezuela, and Argentina are projected to contribute to the growth of market.

Fortune Business Insights profiles some of the renowned market player operating in the global oil and gas drill bit market. These include 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, Dongying Haixin Petroleum Equipment Co., Ltd., Shanghai SK Petroleum & Chemical Equipment, and other prominent market players.

Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/oil-and-gas-drill-bit-market-101483

The global oil and gas drill bit market is segmented into: