Oil and Gas Drill Bit Market Scope, Demands, Technological Development and Competitive Insights to 2022
29 th December 2020 – The global oil and gas drill bit market was valued at more than USD 4.9 billion in 2014. Increasing global demand for energy is expected to drive the demand for drill bit as exploration and production especially for shale gas are anticipated to rise over the forecast period. Increasing offshore drilling activities in the U.S. and the Middle East is anticipated to augment product demand over the forecast period. They are cutting tools used to create holes onshore and offshore as well. They are available in various shapes and sizes made of different materials such as diamond, carbide, and tungsten. As exploration of unconventional sources such as CBM, shale gas has been increasing owing to rapid increase in global energy demand and several initiatives from various governments production from these reserves is expected to rise in the near future, hence driving substantial demand for drill bits. Various technological developments and product launches such as Terr...