New York, July 12, 2018: 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.
The scope of the report includes a detailed study of global and regional markets onDrilling Bits Market in oil and gas market with the reasons given for variations in the growth of the industry in certain regions.
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.
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The Drilling Bits market in oil and gas market is segmented on the Basis of Product Analysis, Application Analysis and Regional Analysis. By Product Analysis this market is segmented on the basis of Fixed cutter bits and Roller cone cutter bits.
By Application Analysis this market is segmented on the basis of Onshore and Offshore. By Regional Analysis this market is segmented on the basis of North America, Europe, Asia-Pacific and Rest of World.
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
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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.
Reasons to Buy this Report:
1) Obtain the most up to date information available on all Drilling Bits Market in oil and gas market.
2) Identify growth segments and opportunities in the industry.
3) Facilitate decision making on the basis of strong historic and forecast of Drilling Bits Market in oil and gas market data.
4) Assess your competitor’s refining portfolio and its evolution.
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