Global PDC Drill Bits Market: Overview
PDC drill bits stands for polycrystalline diamond compact drill bits. Synthetic diamond cutters either in a matrix or steel body material are used to manufacture PDC drill bits. Continuous advancements with respect to PDC bits and an increase in the use of PDC drill bits across the globe are expected to further expand the market for PDC drill bits.
Global PDC Drill Bits Market: Growth Factors
In the global PDC drill bits market, the major growth driver is the characteristics that PDC drill bits possess. These characteristics include the product’s durability and superior performance for a diverse range of conventional drilling applications. This, in turn, increases the PDC drill bits’ popularity in the drilling industry. The increasing number of activities in the oil and gas sector all over the world also powers the growth of the global PDC drill bits market.
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Furthermore, increased demand for speedy drilling with minimum wear and tear in terms of hard and medium-hard formations is contributing to the expansion of the global PDC drill bits market. Thus, the matrix body PDC drill bits are anticipated to show a steady growth rate in the upcoming years.
Global PDC Drill Bits Market: Segmentation
The global PDC drill bits market can be divided based on product type, number of blades, the size of the PDC cutter, and deployment location. Based on the product type, the PDC drill bits market is divided into steel body and matrix body. On the basis of the number of blades, the PDC drill bits market is segmented into less than 6, between 6 and 10, and more than 10. Based on the size of the PDC cutter, the PDC drill bits market is divided into less than 9mm, between 9 and 14mm, between 15 and 24mm, and more than 24mm. On the basis of the location of deployment, the market can be segmented into offshore and onshore.
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Global PDC Drill Bits Market: Regional Analysis
Based on regions, the market for PDC drill bits can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North American region is anticipated to lead the global PDC drill bits market. This growth is due to the rising exploration and production of shale gas in North America. In the Middle East, countries, such as Oman and Saudi Arabia, are increasingly adopting the PDC drill bits with 6 to 10 blades. This is due to the recent rise in oil drilling activities and the production of shale gas. The 6 to 10 blade PDC drill bits shows the maximum growth potential as they are primarily used in medium-hard formulations to achieve a better rate of penetration (ROP). In the Asia Pacific region, developing economies, like China, are also expected to have growth potential in the market for PDC drill bits.
Global PDC Drill Bits Market: Competitive Players
The key market players of the global PDC drill bits market include Ultera, Volgaburmash, Schlumberger, Shear Bits, Halliburton, Varel, NOV, Atlas Copco, Sichuan Chuanshi Diamond Bit, Drill Master International, Rubicon Oilfield International, Torquato, Western Drilling tools, and BHGE, among several others.
Global PDC Drill Bits Market: Regional Segment Analysis
- North America
- The U.S.
- The UK
- The Asia Pacific
- Latin America
- The Middle East and Africa
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