Drill Bits For Oil And Gas Industry Market , By Product (Roller cone bits, Milled-tooth bits, Tungsten carbide inserts (insert bits), Fixed cutter bits, Polycrystalline diamond bits (PDC) and Natural diamond bits) by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 6.9 Bn in 2024 and is expected to exhibit a CAGR of 6.4% during the forecast period (2024 -2031), as highlighted in a new report published by Coherent Market Insights.
The market is driven by the rising demand for oil and gas, particularly in petroleum, leading to increased orders for drill bits to meet the growing demand for petroleum resources .In September 13, 2021, Sandvik introduced Autobit, the first drill for automatic hole drilling. Autobit is Sandvik's first drill specifically designed for automatic long-hole drilling. This product has a significantly longer initial grinding interval, more than twice that of a standard drill, resulting in several additional hours of drilling time per day. This is made possible by a new and innovative drill design and the addition of Sandvik's PowerCarbide, the highest-performing carbide grade.
Sandvik is a global, high-tech engineering group that provides solutions for the manufacturing, mining, and infrastructure industries. The company specializes in products and services for rock excavation, rock drilling, rock processing, metal cutting, and machining. It has world-leading positions in areas such as equipment and tools, service, digital solutions, and sustainability-driving technologies for mining and infrastructure, as well as metal-cutting tools, tooling systems, and digital solutions driving higher efficiency and automation in component and industrial metrology technologies, additive manufacturing services, and metal powder.
Drill Bits For Oil And Gas Industry Market– Impact of Coronavirus (COVID-19) Pandemic
- The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
- COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of drugs from one place to another.
- Oil and gas companies faced operational challenges due to the need to implement new safety protocols, workforce availability issues due to health concerns, restrictions and in some cases, complete shutdowns of operations to comply with government regulations.
- Many oil and gas companies were forced to cut capital expenditure budgets due to financial pressures from the low demand for oil and gas. This resulted in the postponement or cancellation of new drilling projects, reducing the demand for drill bits.
- The pandemic contributed to significant oil price volatility, with prices plummeting at one point due to oversupply and a lack of storage. The uncertainty in oil prices made it difficult for oil and gas companies to plan for new investments and drilling activities.
- The pandemic accelerated strategic shifts within the industry, with some companies looking to diversify into renewable energy sources or double down on the most cost-effective and sustainable oil and gas production areas.
Drill Bits For Oil And Gas Industry Market – Key Developments
- In March 2021, Taye Consulting, which is a South African multi-sector consulting company, announced a strategic partnership with NIUW Glinik, which is a Poland-based manufacturer and supplier of drill bits and mining equipment. The partnership is set to expand NIUW Glinik’s footprint into Africa.
Browse 36 Market Data Tables and 33 Figures spread through 180 Pages and in-depth TOC on “Drill Bits For Oil And Gas Industry, By Product (Roller cone bits, Milled-tooth bits, Tungsten carbide inserts (insert bits), Fixed cutter bits, Polycrystalline diamond bits (PDC) and Natural diamond bits) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Key Takeaways of the Drill Bits For Oil And Gas Industry Market :
- The drill bits for oil and gas industry market is expected to exhibit a CAGR 6.4% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the drill bits for oil and gas industry.
- Among region, North America is expected to be dominant in the drill bits for oil and gas industry market, owing to the presence of major players such as Varel International Inc., Baker Hughes, Inc., Smith International, Inc.and other key market players contributing to the growth in this region.
- Major players operating in the drill bits for oil and gas industry market include Atlas Copco,Varel International Inc., Baker Hughes, Inc., Smith International, Inc., National Oil-well Varco Inc., Halliburton Inc., Scientific Drilling International Inc., Torquato Drilling Accessories Inc., Kingdream Public Limited Company,Tercel oilfield Product