PDCDrill Bits Market: Introduction
· Drill bits are essential tools for any drilling operation in theoil and gas industry. It is used to drill cylindrical boreholes for theproduction of crude oil and gas.
· Polycrystalline diamond compact or PDC drill bits, are largelyused in oil & gas industry. If the formation is sticky or too hard, thenonly other types of bits are used.
· Advancement in PDC drill bits have increased their penetrationin oil & gas wells. PDC drill bits are costlier than roller cone bits;however, they substantially reduce the total drilling cost, as these providehigher rotary speed, which enable better drill rates and reduce the chances ofdeviation.
Key Drivers of PDC Drill Bits Market:
· Rise in demand for oil and gas in emerging economies due toindustrialization, urbanization, and population growth is driving the globaldrilling industry. This is projected to boost the PDCdrill bits market.
· Increase in exploration and new discovery of oil and gasdeposits are fueling the market. In January 2019, BP announced a discovery ofmore than 1 billion barrels of oil in its Thunder Horse field in the Gulf ofMexico. These discoveries are likely to spark long-term drilling andexploration operations over the coming years, leading to a steady rise in thedemand from the global PDC drill bits market over the forecast period.
· Furthermore, increase in demand for speedy drilling with minimumwear and tear in terms of hard and medium-hard formations is driving the globalPDC drill bits market.
· Rise in investments in the oil & gas sector is also boostingthe market. For instance, in April 2018, U.S. Oil & Gas Plc (USOIL) starteda new exploration drilling at the Hot Creek Valley project in Nevada in the U.S.
Highcost of drilling to Hamper Market:
· High cost of drilling and stringent government regulations onoffshore drilling are major factors that may hamper the growth of the market
Matrix Body Type Segment and Offshore Application Segmentto Offer Attractive Opportunities:
· The global PDC drill bits market can be segmented in terms oftype, size of PDC cutter, application, and region.
· Based on type, the market can be bifurcated into matrix body andsteel body. The matrix body segment accounted for a dominant share of the PDCdrill bits market in 2018. The matrix body can withstand an impact load and iscapable of drilling medium-hard to hard formations.
· In terms of size of PDC cutter, the market can be divided intoless than 9 mm, 9 mm to 24 mm, and above 24 mm. The 9 mm to 24 mm segmentaccounts for a large share of the market. The segment is estimated to expand ata substantial pace during the forecast period.
· In terms of application, the market can be categorized intoonshore and offshore. The onshore segment constitutes a large share of themarket, while the offshore segment is estimated to expand at a substantial paceduring the forecast period.
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North America expected to hold Lion’s Share in the Global PDCDrill Bits Market:
· Based on region, the global PDC drill bits market can beclassified into North America, Asia Pacific, Europe, Latin America, and MiddleEast & Africa.
· North America dominated the global market in 2018. This trend isestimated to continue during the forecast period owing to the discovery ofshale reserves in the U.S. and presence of a large number of private oilcompanies in the region.
· According to General Electric Company’s Baker Hughes Inc., theoil rig count in the U.S. increased by approximate 42% in 2017 as compared tothat in 2016 owing to the recovery in crude oil prices.
· Middle East & Africa is a major producer of oil in theworld. Increase in offshore developments and discoveries, especially in the RedSea, by countries such as Qatar, the UAE, and Saudi Arabia, is anticipated todrive the PDC drill bits market in the Middle East.
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KeyPlayers Operating in the PDC Drill Bits Market:
· Demand within PDC drill bits market is highly concentrated withtop manufacturers accounting approximately 45-50% of the market. Few of the keyplayers operating in the PDC drill bits market include
· Halliburton Inc.
· Schlumberger Limited
· National-Oilwell Varco, Inc.
· Sandvik AB
· Rockpecker Limited
· Baker Hughes a GE Company
· Weatherford International plc
· Landrill Oil Tools Co., Ltd
· Varel International Energy Services, Inc.
· Ulterra Drilling Technologies, L.P.
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