LONDON--(BUSINESS WIRE)--Technavio has been monitoring the drilling bits market in oil and gas and it is poised to grow by USD 1.38 billion during 2020-2024, progressing at a CAGR of almost 7% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Atlas Copco AB, Baker Hughes Co., Bellwether Resources International Inc., Bit Brokers International Ltd., Caterpillar Inc., Drill King International LP, Drilling Products Inc., Halliburton Co., National Oilwell Varco Inc., and Sandvik AB are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Increased use of horizontal and multilateral wells has been instrumental in driving the growth of the market.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Drilling Bits Market in Oil and Gas 2020-2024: Segmentation
Drilling Bits Market in Oil and Gas is segmented as below:
- Fixed Cutter Bits
- Roller Cone Cutter Bits
- North America
- South America
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Drilling Bits Market in Oil and Gas 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The drilling bits market in oil and gas report covers the following areas:
- Drilling Bits Market in Oil and Gas Size
- Drilling Bits Market in Oil and Gas Trends
- Drilling Bits Market in Oil and Gas Industry Analysis
This study identifies the migration of drilling activities into unconventional areas as one of the prime reasons driving the growth of drilling bits market in oil and gas during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Drilling Bits Market in Oil and Gas 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist the growth of drilling bits market in oil and gas during the next five years
- Estimation of the size of drilling bits market in oil and gas and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the drilling bits market in oil and gas
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of vendors in drilling bits market in oil and gas
Table of Contents:
- Market Overview
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Fixed cutter bits - Market size and forecast 2019-2024
- Roller cone cutter bits - Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by Application
- Market segments
- Comparison by Application
- Onshore - Market size and forecast 2019-2024
- Offshore - Market size and forecast 2019-2024
- Market opportunity by Application
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher-priced units
- Market challenges
- Market trends
- Landscape disruption
- Vendor Analysis
- Market positioning of vendors
- Atlas Copco AB
- Baker Hughes Co.
- Bellwether Resources International Inc.
- Bit Brokers International Ltd.
- Caterpillar Inc.
- Drill King International LP
- Drilling Products, Inc.
- Halliburton Co.
- National Oilwell Varco Inc.
- Sandvik AB
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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