The global oil and gas drill bit market is expected to reach USD 7.62 billion by 2022, according to a new report by Grand View Research, Inc. Increasing E&P activities on account of increasing energy demand is expected to remain a key driving factor for global oil and gas drill bit market over the forecast period.
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Shift in trend towards developing unconventional reserves such as tight gas, shale and CBM is also expected to have a positive influence on the market growth. Hydrocarbon extraction from these reserves requires highly durable bit with improved performance and rate of penetration (ROP).
Roller-cone bit were the largest product segment accounted for over 70% of total market volume in 2014. Roller-cone downhole components particularly those fabricated from tungsten carbide inserts are designed to operate in conventional formations and offer excellent rate of penetration (ROP) in initial stage of drilling.