Credence Research has recently published a market research study that includeselaborativeanalysis which was result of an extensive research methodologyfor Drill Bits marketwith estimationsfrom 2018 to 2026. The highlights of this report aredrivers, restraints and opportunities of Drill Bits market, offered acrossthe recent and estimated timeline till 2026.Major report takeawaysare competitive landscape assessment, attractive investment proposition, and brief profiles of companies operating in Drill Bits market which will give 3600 view for the market dynamics. Companies are profiled on the basis of vital data points such asbusiness overview, financial synopsis, product/service portfolio, and news coverage accompanied with recent updates specific to Drill Bits market. The cross-sectional geographical analysis covers regions such as North America (U.S & Canada), Europe (U.K., Germany & Rest of Europe), Asia Pacific (China, Japan, & Rest of Asia Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and Middle East & Africa (GCC & Rest of Middle East & Africa).
Growing energy demand due to increase in number of automobiles due to rapid urbanization especially in emerging economies of Asia Pacific such as India and China are expected to drive the demand for fossil fuel which is influencing which oil producer to increase oil production, this in turn is expected to spur the growth of global drill bits market for oil & gas industry. Increase in exploration and production of sand formation coupled with new drilling techniques such as hydraulic fracturing or fracking is anticipated to impel the demand for polycrystalline diamond bits (PCD). Oil & gas industry has witnessed a shift in exploration and production operations form conventional to non-conventional oil & gas exploration. Growing production of shale gas since 2010 coupled with increasing ultra-deepwater drilling activities in U.S. Gulf of Mexico is expected to drive the demand for drill bits market over the forecast period (2016-2023). Moreover, increasing rig count for offshore drilling also anticipated to fuel the demand for drill bits over the forecast period. However, decline in oil prices in recent past has adversely affected the profit margin of oil producers. Thus, oil producers are concentrating on improving oil production with the use of technologies. Leading drill bits manufacturers are providing drill bits endowed with technology that offers better rate of penetration at low cost, making drilling operations more efficient. Moreover, increasing offshore drilling activities coupled with increasing production of shale gas is expected to augment the growth of drill bits market over the forecast period 2016-2023.
Keyresearch study highlights comprise:
- Exhaustiveresearch and analysis of the global Drill Bits industry
- The key market segments along have been explained in the report thoroughly along with their existing and estimated market size
- Major elements of market dynamics such as drivers, challenges and opportunities and their effect on Drill Bits market is also covered in the report
- Key players operating in the market are profiled and accompanied with the competitive landscape evaluated on the basis of product offering& business strength
- Cross sectional analysis of each regioncovering individual segments for the forecast period 2016 – 2018 in terms of value (US$Mn)
Research methodologyapplied for this study:
Methodology of this research study includes primary and secondary research for defining the market size, shares and forecast for global Drill Bits market specific to key segments, and regional segmentation.
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- Secondary Research
Secondary research was initiated with data collected through sources such aspress releases,company annual reports, and relevant documents focusing on the current developments in the global Drill Bits market. Authentic sources such as university research papers, scientific journals, and government websites were similarlyscreened for identifying business opportunities in several geographical markets and penetration of various products/services in these geographies. Paid databases were excavated to assemble information beneficial for broad commercial study of the key players operating in Drill Bits market. In case lack of data availability on the public domain, we used estimation models to arrive at comprehensive data sets. Secondary research helped to create a firm base to build market size, analyze trends, and understand the dynamics of Drill Bits market study.
- Primary Research
The exhaustive secondary research practiced was supported & validated by extensive primary research. Primary research was carried out with the help ofe-mail interactions,telephonic interviews, as well as face-to-face interviews with the leading industry stakeholders.
The participants tracked for primary interviews include:
- Marketing/product managers
- Vice President/ CEOs
- National sales managers
- Market intelligence managers
- Purchasing managers
- Other stakeholders
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