Global Drill Bit market is accounted for $5.51 billion in 2020 and is expected to reach $11.48 billion by 2028 growing at a CAGR of 9.6% during the forecast period. Some of the key factors propelling the market growth include rapidly increasing global population and urbanization, rapid shift towards natural gas and renewable energy resources, and growing unconventional field development activities.
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On the basis of geography, North America region is projected to have considerable market growth during the forecast years, owing to the advent of shale gas, rising crude oil and natural gas demand and large proven resources in Canada and the Gulf of Mexico, growing E&P activities in shale plays, the introduction of horizontal drilling technology, and increasing expenditure on drilling of shale deposits on account of deployment of enhanced oil recovery in the U.S.
Some of the key players in Drill Bit market include Varel International Energy Services Inc., National-Oilwell Varco Inc., Sandvik AB, Rockpecker Limited, Atlas Copco AB, Halliburton Company, Landrill Oil Tools Co., Ltd., Xi’an Landrill Oil Tools Co. Ltd, Scientific Drilling International Inc, Schlumberger Limited, Weatherford International plc, Kingdream Public Ltd, ESCO Corporation, Baker Hughes Company, Torquato Drilling Accessories, Inc., Palmer Bit Co., Ulterra Drilling Technologies LP, and NewTech Drilling Products LLC.
Types Covered in Drill Bit Market
• Fixed Cutter Bit
• Roller Cone Bit
Technologies Covered:
• Cobalt Drill Bits
• Concrete Drill Bits
• High-Speed Steel (HSS) Drill Bits
• Carbide-Tipped Drill Bits
• Diamond Core Drill Bits
• Composite Drill Bits
• Plastic Drill Bits
Applications Covered:
• Offshore Drilling
• Onshore Drilling
End Users Covered:
• Automotive Industry
• Construction Industry
• Aerospace Industry
• Oil and Gas Industry
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