It is an unquestionable fact that the global oil market has to rely heavily on Drill Bit Manufacturers. The prime use of drill bit is centred in the upstream oil and gas sector. The recent rise in global crude prices has led to a reduction in drilling activities and it is expected to make a significant impact on fortunes of drill bit market.
One of the core pillars of the upstream oil and gas sector is the drilling sector. Therefore, the investment is highly dependant on the overall segment of oil and gas. Due to the historical imbalance in demand-supply dynamics, there has been a recent collapse in the global oil market.
Apart from this the competitors at the regional level are also engaged in the vigorous research to develop the products and technologies. To adopt the ever-changing market dynamics, the companies can create a large partner base and customers.
Top 5 leading Drill Bit Manufacturers
- National Oilwell Varco – National Oilwell Varco is mainstream provider in the designing, manufacturing, and sale of different tools and components in oil and gas drilling, completion, and production of oilfield services in oil and gas industry. The company operates in four segments i.e. rig segments, rig aftermarket, wellbore technologies, and completion and production solutions.
- Baker Hughes – Baker Hughes is a service provider in the supply of oilfield services, product, technology, and systems used in the oil and gas industry. They are also included in services and products in downstream chemicals, process, and pipeline services.
- Halliburton – Halliburton is the leading provider of products and services in the upstream industry. They provide services throughout lifecycle of the reservoir which includes locating hydrocarbon exploration, geological data management, drilling, formation evaluation, well construction and completion services.
- Varel International – Varel is engaged in the manufacture and service applications of oil and gas drill bits. They manufacture roller cone and fixed cutter drill bits.It is specifically designed for use in clay-heavy formations.
- Schlumberger – Schlumberger is the prime provider of technology, integrated project management, and information solutions for oil and gas exploration and production industry. It has invented the wireline logging technique which is used to get downhole data from the oil and gas well.
Global Market of Drill Bit Manufacturers
The global market of Drill Bit Manufacturers is expected to grow from USD 3.66 Billion in 2018 to USD 4.54 Billion by 2023 at 4.41% rate. The growth can be made to many factors such as increase in oil and gas drilling activities in the world. The need for advanced techniques for faster drilling will be in less downtime. Some of the prominent trends market is witnessing are increasing production of shale gas and increase in usage of pdc drill.
Drill Bits are the tools used to remove the material to make a hole. They come in various sizes and shapes and can make various holes in different materials. Drill Bits are usually associated with drills which reduces it by workpiece The drill bit manufacturers use different material for drill bits.