In the oil and gas industry, drill bit is used as component to produce cylindrical hole in earth’s crust for the discovery and extraction of crude oil and natural gas. This type of tool is mainly used IN rotary drilling method to produce hole in oil and gas field. Prime objective for using this type of tool is to maximize the rate of penetration of the formation and ensuring longer service life of the formation produced through drilling. Drilling bit offers benefits such as precision in drilling, ease in drilling process, and enhancement of the service life of the hole. The oil and gas drill bit market has been segmented on the basis of product, end user, and region.
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On the basis of end user, the oil and gas drill bit market has been segmented into oil well and gas well. Penetration of specific drilling bit type depends on topography and geology of the oil and gas well. In many circumstances, it has been found that performance of the drill bit varies significantly with change in end user. For example, a specific type of drilling bit might be considered as suitable for oil well but the same drilling bit might fail to provide desired performance for gas well.
Major factors driving the global oil and gas drill bit market are growth in shale gas exploration activities across the globe and rising demand for customized drilling bits that can handle unconventional rock formation. These drill bits are widely used during shale gas exploration. With the increase of shale gas exploration, demand for these drill bits have also increased. According to data published by U.S. Energy Information Administration, natural gas production globally is projected to increase from 342 billion cubic feet per day (Bcf/d) in 2015 to 554 Bcf/d by 2040. Such huge growth in natural gas production is expected to provide demand side drive for the oil and gas drill bit market.
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Based on geography, the oil and gas drill bit market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. On the basis of both value and volume, North America held the largest share in the market in 2017. High volume reserve of natural gas and crude oil in different regions of North America has promoted the rapid growth of drilling activities across oil and gas fields in recent years. Such increase in drilling activity has automatically created demand for drilling bits in across oil and gas companies, which in turn driving the growth of the North American oil and gas drill bit market.
This post was originally published on Financial Sector