Technavio has published a new market research report on the global PDC drill bits market in the oil and gas industry from 2018-2022. (Graphic: Business Wire)
Technavio has published a new market research report on the global PDC drill bits market in the oil and gas industry from 2018-2022. (Graphic: Business Wire)
LONDON--(BUSINESS WIRE )--The global PDC drill bits market in the oil and gas industry is expected to post a CAGR of over 4% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increased use of horizontal and multilateral wells. PDC bits are generally used for conventional and unconventional drilling operations, particularly in the oil and gas drilling projects. In the initial oil exploration stages, most drilling projects were for vertical wells.
This market research report on the global PDC drill bits market in the oil and gas industry 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rising investments in renewable energy as one of the key emerging trends in the global PDC drill bits market in the oil and gas industry:
Global PDC drill bits market in the oil and gas industry: Rising investments in renewable energy
The share of renewable energy in the energy mix is growing rapidly across the world because of the depletion of fossil fuel reserves and increasing focus on the environment. Solar energy and wind energy hold a high share of the renewable energy mix. Countries such as China, the US, India, Japan, the UK, and Germany drive the growth of the global renewable energy market.
“Many countries are concentrating on generating energy from renewable sources to address their energy needs. For instance, Germany and the UK hold major shares in the global wind energy market. Most counties in Europe have also reduced their use of non-renewable sources of energy,” says a senior analyst at Technavio for research on tools and components.
Global PDC drill bits market in the oil and gas industry: Segmentation analysis
This market research report segments the global PDC drill bits market in oil and gas industry by product (matrix body and steel body), application (onshore and offshore), and geography (APAC, EMEA, and the Americas).
The onshore segment held the largest market share in 2017, accounting for over 63% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2017 with approximately 60% of the market share, followed by EMEA and APAC respectively. The Americas will witness the fastest growth during the forecast period.
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Some of the key topics covered in the report include:
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Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 www.technavio.com
The global PDC drill bits market in the oil and gas industry is expected to post a CAGR of over 4% during 2018-2022, according to Technavio.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 www.technavio.com