A new report has been published by Transparency Market Research, titled “Drill Bits Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”. TMR, a market intelligence company based in the U.S., says in its report that the global drill bits market was estimated to have a total volume of 2,597 hundred units in 2012 and is predicted to experience growth at a CAGR of 4.9% between 2013 and 2019.As per the TMR report, a few years ago, the development in the technology of drill bits grew at a rapid pace, since the drilling engineers were consistently crafting bits for efficient drilling with enhanced rates of penetration on the basis of durability as well as speed. There are two primary types of drill bits utilized for gas and oil drilling activities, namely fixed cutter bits and roller cone bits. The roller cone bits can be further classified as milled-tooth bits and tungsten carbide inserts.
Fixed cutter bits obtainable in the market are either natural diamond cutters or polycrystalline diamond cutters (PDCs). In 2012, on the basis of volume, the drill bits market was led by the roller cone bits segment. However, due to greater durability and efficiency, fixed cutter bits, particularly PDC bits are acquiring popularity in the market. These cutters substantially enhance the penetration rate and drilling operation in abrasive formations. However, the cost of these bits, which are technologically advanced, is immensely high.According to this TMR report, the elevating demand for energy from both developing and developed economies is the preeminent factor driving the global oilfield equipment market. Rising world energy demand, coupled with high prices for natural gas and oil, is driving investment in drilling activities across the globe. Additionally, growing interest in offshore drilling is predicted to boost the activities pertaining to offshore exploration and production (E&P) worldwide. Thus, increase in onshore and offshore drilling activities and exploration across the globe is likely to lead to considerable demand for drill bits in the forthcoming future.