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.
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.
The global oil & gas corrosion protection market is expected to reach USD 12.2 billion by 2025, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth over the forecast period owing to rising demand from the North America region. Corrosion protection products are widely consumed in various applications sectors such as upstream, midstream and downstream.
Growing need for transportation or supply infrastructure coupled with increasing energy demand worldwide is propelling the demand for advanced products, which will prevent the atmospheric corrosion. North America is expected to experience higher growth rates primarily owing to the presence of upstream sector and presence of number of rigs, coupled with the availability of shale and other tight resources. Coating type dominated the market globally. The other key protection types include paints, inhibitors, and others.
The global enhanced oil recovery (EOR) market is expected to reach USD 89.22 billion by 2025, according to a new report by Grand View Research, Inc. Increasing number of aged wells coupled with the rising oil demand globally are the key factors for market growth.
The rising oil demand and declining oil production rates in existing wells is resulting in the development of advanced technologies to extract hydrocarbons from the reservoirs. EOR is one such technology that has gained significance in the industry over the last few decades. The increasing number of mature wells and huge investment in R&D activities for new technology development by various market players to improve the petroleum liquids recovery process are expected to result in remarkable growth of the industry.
EOR techniques are deployed when primary and secondary recovery techniques become ineffective. The implementation of the tertiary extraction technology results in the alteration of the properties of oil as well as the formation rock and the flow patterns in the reservoir.