The growing demand for customized, more efficient and effective drills capable of working on unconventional rock formations is expected to continue to evolve in the market even in the forecast period. Furthermore, the increase in drilling, exploration and production activities in both onshore and offshore oil fields has stimulated demand for drilling in the recent past, and this trend is expected to continue. The increase in directional drilling activities and the growing number of exploration and production activities are key factors driving the growth in market revenues. The rapid increase in the world population and urbanization have increased global energy demand and increased oil and gas exploration activities, which in turn has increased the need for oil and later gas drilling rigs. It will continue contributing to market revenue growth over the forecast period.
MARKET SCOPE
The "Global Oil and Gas Drill Bit Market Analysis to 2028" is a specialized and in-depth study of the clean energy with a special focus on the global market trend analysis. The report aims to provide an overview of the oil and gas drill bit market with detailed market segmentation by product, application, and geography. The report provides key statistics on the market status of the leading oil and gas drill bit market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- On the basis of product, the market is segmented Roller-Cone, Fixed Cutter
- On the basis application, the market is segmented as Onshore, Offshore
The global oil and gas drill bit market is segmented on the basis of product, and application.
MARKET DYNAMICS
Drivers:
- -
- The rapid conversion to natural gas and renewable energy sources has led to exploration and production activities from unconventional sources such as shale reserves, oil and gas, etc. This is expected to further drive the market revenue growth over the forecast period.
- However, price volatility in the oil and gas industry and other factors such as well spreads and loss of circulation are factors that are expected to restrain the market growth to some degree during the forecast period.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The automotive connector's market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive connector's market in these regions.
IMPACT OF COVID-19
The COVID-19 outbreak had a negative impact on the global economy as many industries have been affected by the current conditions, and the activities of several sectors have come to a halt. Companies face several challenges in the oil and gas sector due to falling oil prices following the COVID-19 outbreak. In the United States, the consumption of petroleum products has fallen to its lowest level in decades due to travel restrictions and the general economic slowdown caused by efforts to contain COVID-19. The US EIA estimates the decline in demand for petroleum products by examining changes in total products supplied. On April 3, 2020, total U.S.-supplied petroleum products fell by 3.4 million barrels daily, the largest weekly drop in the EIA's data series. This would affect the operation of drilling rigs as these rigs are useful for oil and gas extraction processes and further convert crude oil into useful petroleum products.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
The report covers key developments in the oil and gas drill bit market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in the oil and gas drill bit market are anticipated to provide lucrative growth opportunities in the future owing favourable government regulations for mitigating carbon emissions.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the oil and gas drill bit market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Schlumberger
- Baker Hughes
- National Oilwell Varco
- Atlas Copco
- Varel International, Inc.
- Torquado Drilling Accessories Inc.
- Tercel Oilfield Products
- Scientific Drilling
- Palmer Bit Company
- International Diamond Services, Inc.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1.Schlumberger
2.Baker Hughes
3.National Oilwell Varco
4.Atlas Copco
5.Varel International, Inc
6.Torquado Drilling Accessories Inc
7.Tercel Oilfield Products
8.Scientific Drilling
9.Palmer Bit Company
10.International Diamond Services, Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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