Global PDC drill bits Market is valued USD 3.4 billion in 2016 is anticipated to grow USD 5.0 billion with the compounded annual growth of 4.43% over the forecast period 2017-2025.
New York 7 July 2018, As per the new research study conducted by Bizwit Research & Consulting, Global PDC drill bits industry is poised to raise USD 5.0 billion by 2025. Some key components for the market development will be; increase in oil & gas drilling activities around the world matrix body can withstand an impact load and is capable of drilling medium-hard to hard formations. These advantages are expected to drive the market for the matrix body type PDC drill bits.
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Global PDC drill bits Market Size study, by Type (Matrix Body and Steel Body), by Size of PDC Cutter (Less than 9 mm, 9–14 mm, 15–24 mm, and Above 24 mm), by Number of Blades (Less than 6, 6–10, and Above 10) and by Regional Forecasts 2017-2025
The industry seems to be fairly competitive. Some of the leading market players include benchmarking, Baker Hughes Bhge, Halliburton, NOV, Varel, atlasCopcoo, drill master international, and so on. Other market players discussed in the report include shear bits, Torquato, Ulterra, western drilling tools, YPP. New product launches, acquisitions, and mergers are some of the strategies adopted by the key manufacturers. Additionally, the fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- US is estimated to be the largest and the fastest-growing market for PDC drill bits.
- Recent developments in oil & gas drilling activities in the US, Canada, and Mexico can increase the market growth.
- Increase in the shale gas exploration & production is also likely to boost the demand for PDC drill bits.
- The growth of the PDC drill bits market is hampered by the restrictions imposed by various governments of different countries on hydrocarbon-based fuel sources.
Bizwit Research & Consulting LLP has considered the following segments for the study:
- Matrix body
- Steel body
By Size of PDC Cutter:
- Less than 9mm
- Above 24mm
The number of blades:
- Less than 6
- Above 10
- North America
- Asia Pacific
- Latin America
- Rest of the World