Technavio has published a new report on the global drill bits in oil and gas industry, which is expected to grow at a CAGR of more than 4% from 2015-2019.
The company says that the persistent decline in prices during the forecast period is anticipated to reduce investments in drilling and completion activities and negatively impact the global oil and gas drill bits market.
“Companies are developing new application-specific bit design packages that incorporate advanced features such as better stability, optimized hydraulics, steerability, depth-of-cut control, diamond volume management, and wear and durability optimized cutters. Thus, the development of application-specific bit technology will boost market growth during the forecast period,” says Faisal Ghaus, Vice President of Technavio.
Technavio’s report analyses the solutions and products offered by market vendors and presents a comprehensive breakdown in terms of market segmentation for different types, including fixed cutter bits and roller cone cutter bits.
Additionally, analysts have segmented market projections by key geography, and also by application, focusing on offshore and onshore segment.