DUBLIN--(BUSINESS WIRE)--The "PDC Drill Bits Market by Type (Matrix Body and Steel Body), Size of PDC Cutter (Less than 9 mm, 9-14 mm, 15-24 mm, and Above 24 mm), Number of Blades (Less than 6, 6-10, and Above 10), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The PDC drill bits market is projected to reach USD 4.54 billion by 2023, growing at a CAGR of 4.41% from 2018 to 2023
The growth of the PDC drill bits market can be attributed to an increase in oil & gas drilling activities across the world. Increasing focus on renewable energy by governments of many countries is the major challenge faced by the players in this market.
The matrix body segment is estimated to grow at the highest CAGR in the PDC drill bits market during the forecast period. The increase in the global oil & gas well drilling has accentuated the need for drill bits. Since after the financial crunch in oil & gas, a majority of the operators are looking for an advanced technology that can drill a well at a higher Rate of Penetration (ROP) in less down-time cost.
The US is estimated to be the fastest-growing market for PDC drill bits during the forecast period. The market growth in the region can be attributed to the recent developments in the oil & gas drilling activity in the US, Canada, and Mexico. The increase in the shale gas exploration & production is also likely to boost the demand for PDC drill bits in the region during the forecast period.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 PDC Drill Bits Market, By Type
7 PDC Drill Bits Market, By Size of PDC Cutter
8 PDC Drill Bits Market, By Number of Blades
9 PDC Drill Bits Market, By Region
10 Competitive Landscape
11 Company Profile
- Baker Hughes (A Ge Company) Bhge
- Atlas Copco
- Drill Master International
- Rubicon Oilfield International
- Sichuan Chuanshi Diamond Bit
- Shear Bits
- Western Drilling Tools
For more information about this report visit https://www.researchandmarkets.com/research/wch2lw/4_5_billion_pdc?w=4