Transparency Market
Research
Drill Bits Market for Oil and Gas Industry Application Global Industry Analysis, Size, Share, Growth, Trends
and Forecast, 2013 - 2019
Published Date
2014-06-11
61 Page Report
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Press Release
Drill Bits for Oil and Gas Industry Application Market to Reach
3,605 Hundred Units by 2019
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Drill Bits Market
REPORT DESCRIPTION
According to a new market report Drill Bits for Oil and Gas Industry Application Market – Global Industry Analysis, Size,
Share, Growth, Trends and Forecast, 2013 - 2019, published by Transparency Market Research, the market, in terms of
volume, for drill bits globally is forecast to reach 3,605 hundred units by 2019. Growing energy demand and rising
exploration and production (E&P) activities worldwide along with the need to contain drilling cost and time, are some of
the key factors responsible for drill bits market growth. Advancements in the manufacturing process and drill bits material
composites, along with the improvements in bit design are further supporting the market growth.
Browse the full Drill Bits for Oil and Gas Industry Application Market report at
http://www.transparencymarketresearch.com/drill-bit-market.html
The global drill bits market volume for oil and gas industry was reported to be 2,597 hundred units in 2012 and is forecast
to grow at a CAGR of 4.9% from 2013 to 2019. Drill bit is an essential component of drilling activity that crushes rock
formations, in order to extract oil, water or gas. Drilling deepwater involves considerable challenges, such as continuous
fatigue monitoring of the entire structure, especially the risers. Further, drilling in abrasive formations lead to broken drill
bits and in turn leads to more replacement sales. In such a...