Global oilfield drill bits market was valued at US$ 5.60 Billion in 2016, according to Global Oilfield Drill Bits Market Report by Drill Bit Type (Roller Cone Bits and Fixed Cutter Bits), by Application (Onshore and Offshore), published by Coherent Market Insights. The oilfield drill bits market is expected to register a CAGR of 6.1% over the forecast period (2017-2025) to reach US$ 9.49 billion by 2025. Drill bits play a major role in E&P activities as they are used in the drilling of boreholes. The type of drill bit chosen depends on the formation.
The major factors propelling the growth of this market include increasing demand for crude oil and natural gas from countries globally. With the recovery of the oil and gas industry after the slump in oil prices in 2014, demand for drill bits is expected to increase due to E&P projects being undertaken
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Some of the major players operating in the global oilfield drill bits market are Baker Hughes Inc., Drill Master Inc,, National Oilwell Varco Inc., Schlumberger, Scientific Drilling International Inc., Ulterra Drilling Technologies, Atlas Copco AB and Halliburton Inc., among others.
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