Drill Bits Market for Oil and Gas Industry Application Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
61 Page Report
Drill Bits for Oil and Gas Industry Application Market to
Reach 3,605 Hundred Units by 2019
Transparency Market Research
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Drill Bits Market
According to a new market report Drill Bits for Oil and Gas Industry Application Market (Milled-tooth bits, Tungsten carbide inserts, Polycrystalline diamond bits (PDC) and Natural diamond bits) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019, published by Transparency Market Research, the market, in terms of volume, for drill bits globally is forecast to reach 3,605 hundred units by 2019. Growing energy demand and rising exploration and production (E&P) activities worldwide along with the need to contain drilling cost and time, are some of the key factors responsible for drill bits market growth. Advancements in the manufacturing process and drill bits material composites, along with the improvements in bit design are further supporting the market growth. The global drill bits market volume for oil and gas industry was reported to be 2,597 hundred units in 2012 and is forecast to grow at a CAGR of 4.9% from 2013 to 2019. Drill bit is an essential component of drilling activity that crushes rock formations, in order to extract oil, water or gas. Drilling deepwater involves considerable challenges, such as continuous fatigue monitoring of the entire structure, especially the risers. Further, drilling in abrasive formations lead to broken drill bits and in turn leads to more replacement sales. In such a case, producers of high-efficiency and versatile drill...
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