01-Oct-2020 | Zion Market Research
According to Zion Market Research, In terms of revenue, the global PDC drill bits market accounted for USD 4,158.67 Million in 2019 and is expected to Reach USD 5,583.99 Million by 2026, growing at a CAGR of around 4.3%.This development can be attributed to aspects like surging oil & gas drilling activities globally and the requirement for advanced methods for faster drilling in lesser downtime. The drill bits are crucial tools for any drilling maneuver in the gas & oil industry. It is utilized to drill cylindrical boreholes for the invention of crude oil and gas. PDC or polycrystalline diamond compact drill bits are mainly utilized in the oil and gas industry. If the arrangement is too hard or sticky, then only other kinds of bits are used. The development in the PDC drill bits has augmented their penetration in oil and gas wells. The PDC drill bits are expensive compared to roller cone bits; nevertheless, they significantly decrease the entire drilling cost, since these offer high rotary speed, which facilitates better drill rates and lowers the possibilities of deviation.
Some of the key players in the market are Schlumberger Limited, Halliburton Inc., Sandvik AB, National-Oilwell Varco, Inc., Baker Hughes Company, Rockpecker Limited, Landrill Oil Tools Co., Ltd, Weatherford International plc, Ulterra Drilling Technologies, L.P., and Varel International Energy Services, Inc.
Increasing Research & Development Activities To Boost The Global PDC Drill Bits Market
The surging research & development spending by the administration and private players have optimistic impact on product life, design, and cost-per-foot drilling. The steel drill bit displays efficient strength and impact loads in line through hydraulic components to drill efficiently up to 9000 feet that will further balance the product portfolio. Furthermore, interbedded limestone drilling accompanied by adaptability for rock formations and surging temperature will impel the demand for the PDC drill bit market. The surging inclination toward global gas and shale oil production followed by new drilling methods, hydraulic fracturing will propel the demand for the PDC drill bit market. The existing government policies along with national subsidies & foreign direct spending in oil and gas exploration methods is expected to enhance the PDC drill bit market.
The global PDC drill bits market is bifurcated on the basis of type, number of blades, size of PDC cutter, and regional analysis. Based on the type, the market is divided into steel body and matrix body. Based on the size of the PDC cutter, the market is divided into 9–14 mm, less than 9 mm, 15–24 mm, and above 24 mm. Based on the number of blades, the market is divided into 6–10, less than 6, and above 10.
The North America Region Expected To Register Massive Growth In The Global PDC Drill Bits Market
Based on the geographical analysis, the global PDC drill bits market is divided into Asia Pacific, Latin America, Europe, North America, and Middle East & Africa. The North America region PDC drill bits market is likely to be a chief region owing to the latest advancements in the oil & gas drilling activities across the U.S. and Canada coupled with a surge in shale gas exploration & production. The countries across Europe are anticipated to witness strong growth in the PDC drill bits market owing to balanced demand from the frozen food segment along with the incidence of a large number of enterprises in the region. Asia-Pacific nations like China is showing rapid expansion in the 6-10 blades PDC drill bits section due to the recent augment in the oil drilling and shale gas production.
Browse the full “PDC Drill Bits Market by Product (Steel Body, Matrix Body), Number of Blades (Less than 6, Between 6 and 10, More than 10) by Size of the PDC Cutter (Less than 9mm, Between 9 and 14mm, Between 15 and 24mm, More than 24mm), Location of Deployment (Offshore and Onshore): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/pdc-drill-bits-market
The global PDC drill bits market is segmented as follows:
By the number of blades:
By size of the PDC cutter:
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