According to a new market research report, now available on ASDReports, recognizes the following companies as the key players in the Global Drill Bits in Oil and Gas Industry: Baker Hughes, Halliburton, Varel, National Oilwell Varco and Schlumberger
Other Prominent Vendors in the market are: Atlas Copco, Cangzhou Great Drill, Champion Cutting Tool, Driltec, Guizhou Sinodrills, Irwin Industrial Tool, NewTech Drilling, Rock River Tool, and Weatherford.
Commenting on the report, an analyst said: “One of the major trends in the market is the integration of drill bits in bottom hole assemblies. Currently, many end-users demand packaged solutions for their drilling operations instead of individual drill bits. These packaged drilling solutions for bottom hole assemblies integrate motors, drilling systems, and bits, thereby reducing the time and energy needed to assemble and calibrate individual components before use.”
According to the report, expansion of oil and gas exploration and drilling activities will stimulate market growth over the forecast period. The growing demand for oil and gas will drive greater investments in advanced technology to increase drill bit efficiency and oil production.
Further, the report states that the lack of skilled personnel with relevant experience and knowledge about the complexities of drilling processes is deterring market growth.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Read more on ASDReports!
Source: ASDReports - Market Research
Date: Sep 28, 2015