New York, October 12, 2017 /Financeswire/: Market Research Engine has published a new report titled as “Drilling Bits Market in Oil and Gas Market By Product Analysis (Fixed cutter bits, Roller cone cutter bits); By Application Analysis (Onshore, Offshore) and by Regional Analysis – Global Forecast by 2016 – 2022”.

    This industry research report identifies the migration of drilling into unconventional areas to be one among the major factors that will have a positive impact on the expansion of this market in the coming years. It’s been ascertained that the conventional crude oil can account for only concerning 60 minutes of the liquid fuel supply by 2040. With the age of easy oil nearing the end, oil and gas companies will start searching for unconventional avenues around the globe for exploration and production activities. for instance, the decreasing production rates in the established regions such as the middle East, Gulf of Mexico, and North Sea has already induced energy companies to move out to alternative areas like the Yamal basin in Russia, Andaman sea within the Indian sub-continent, and several regions within the Arctic and Antarctic. This increase in new exploration and production activities will end in the increase in demand for drilling equipment, in turn, driving market growth.

    The analysts forecast global Drilling bits market in oil and gas market for the mining sector to grow at a CAGR of 5% during the period 2016-2022.

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    The major driving factors of Drilling bits market in oil and gas market are as follows:

    •     Migration of drilling into unconventional areas
    •     Increased use of horizontal and multilateral wells
    •     Focus on reduction of non-productive time (NPT).

    The challenges factors of Drilling bits market in oil and gas market are as follows:

    •     Decreasing profitability of upstream petroleum companies
    •     Declining investments in oil and gas industry
    •     Reduction and optimization of drilling cost

    The Drilling bits market in oil and gas market is segmented on the lines of its product type, application and regional. Based on product segmentation it covers fixed cutter bits and Roller cone cutter bits. Based on application segmentation it covers onshore and offshore. The Drilling bits market in oil and gas market on geographic segmentation covers various regions such as North America, Europe, Asia Pacific, and Rest of World. Each geographic market is further segmented to provide market revenue for select countries such as the U.S., Canada, U.K. Germany, China, Japan, India, and GCC countries.

    This report provides:


    This report covers the present scenario and the growth prospects of the global Drilling bits market in oil and gas market for 2016-2022. To calculate the market size, the report considers the revenue generated from the sales of robotic pharmacy prescription systems.


    The scope of the report includes a detailed study of global and regional markets on Drilling Bits Market in oil and gas market with the reasons given for variations in the growth of the industry in certain regions.

    The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global market. Key players profiled in the report includeNational Oilwell Varco, Baker Hughes, Halliburton, Varel International and Schlumberger. Company profile includes assign such as company summary, financial summary, business strategy and planning, SWOT analysis and current developments.

    The Drilling Bits market in oil and gas market has been segmented as below:

    By Product Analysis:

    • Fixed cutter bits
    • Roller cone cutter bits

    By Application Analysis:

    • Onshore
    • Offshore

    By Regional Analysis:

    • North America
    • Europe
    • Asia-Pacific
    • Rest of World


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