Oil and Gas Drill Bit Market 2019: Global Trends, Size, Segments And Growth Forecast To 2026

A rise in the exploration activities due to the stabilization of gas and oil industry is expected to boost the global oil and gas drill bit market growth during the forecast period, states Fortune Business Insights in their report. According to the report, the global oil and gas drill bit market is projected to reach USD 7.68 Billion by 2026, thereby exhibiting a CAGR of 10.04% during the forecast period. However, the global market was valued at USD 3.62 Billion in 2018.

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Fortune Business Insights profiles some of the most prominent market players operating in the global oil and gas drill bit market. They are:

• Schlumberger
• International Diamond Services, Inc.
• Baker Hughes, a GE company
• Atlas Copco
• Tercel Oilfield Products
• D-Drill (Master Drillers) Limited
• Ulterra Drilling Technologies L.P.
• National Oilwell Varco
• Halliburton
• Varel International Energy Services
• Scientific Drilling
• Palmer Bit Company
• C&H Bit Company
• Dongying Haixin Petroleum Equipment Co., Ltd.
• Shanghai Sk Petroleum & Chemical Equipment

The report forecasts and analyzes the global oil and gas drill bit market size. It examines various aspects of the global market, such as competitive landscape, key developments, growth opportunities, ongoing trends, hindrances, and future expansion. The report also provides mergers and acquisitions, new product launches, and expansions in the global oil and gas drill bit market.

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“Increasing Adoption of Polycrystalline Diamond Compact Drill Bits to Boost Growth”

In terms of type, the global oil and gas drill bit market is grouped into fixed cutter bits and roller cone cutter bits. Under the fixed cutter bits segment, there are two types, namely, diamond-impregnated and polycrystalline diamond compact (PDC). Amongst these, PDC is projected to dominate the global oil and gas drill bit market in the forthcoming years. It is because a diamond is one of the hardest material that is found on the earth. It can be used against any rock formation to break through it and take out the required product. Due to this property, the demand for PDC drilling bit is increasing day by day. Moreover, the tiny, inexpensive particles of a diamond are easily transformed into masses of crystals which are further turned into shaped called diamond tablets. These diamond tablets are then brought into contact with the formation to carry out the cutting process.

“Halliburton Unveils New In-bit Sensor Package Named Cerebro Featuring Advanced Technology”

In November 2018, Halliburton, a leading oil field service company, headquartered in the U.S., announced the launch of its new Cerebro in-bit sensor package. It is infused with advanced technology that receives performance data directly from the drill bit and examines it to increase drilling efficiency, decrease the uncertainty, and optimize cutter engagement. The company stated that the new service would eventually improve drilling performance and overall data measurement. Cerebro offers a unique view of the entire run by persistently capturing motion data and downhole vibration. It further aids operators in pinpointing the damaged areas. Also, it notifies when the said performance is not gained due to operating parameters or fluctuant design. Cerebro helps in identifying numerous common drill bit factors, namely, whirl and stick-slip, torsional resistance, and lateral and axial vibration that can have a negative impact on the reliability and drilling speed.

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“Blackstone Group Successfully Acquires Ulterra Drilling Technologies for USD 700 Million”

Blackstone Group, multinational private equity, alternative asset management, and financial services firm, based in the U.S., announced that it has signed an agreement to acquire Ulterra Drilling Technologies, a manufacturer of technology-focused PDC drill bits, based in Texas in October 2018. The entire deal was worth USD 700 Million. Blackstone bought Ulterra from a fellow private enterprise called American Securities. The acquisition was aided by a debt package that was being pre-marketed before the formal launch.