Thursday 23 April 2015, Amsterdam
The new report, now available on ASDReports, recognizes the following companies as the key players in the Global Drill Bits in Oil and Gas Industry Market: Baker Hughes Inc., Halliburton Co. and Schlumberger Ltd.
Other Prominent Vendors in the market are: Atlas Copco, Cangzhou Great Drill, Champion Cutting Tool, Driltec, Guizhou Sinodrills Equipment, Irwin Industrial Tool, NewTech Drilling Products, Rock River Tool, Varel International and Weatherford International.
Commenting on the report, an analyst from the report's team said: “One key trend upcoming in this market is the integration of drill bits in bottom-hole assemblies. The integrated drill bits package reduces the time and energy needed for calibrating and assembling the individual drill bits, thereby making them easy to use during the cumbersome drilling operation.”
According to the report, the demand for energy worldwide has increased significantly. Most of the demand for energy is expected to come from China, India, and other developing countries in the APAC region, mainly because of the increased level of industrialization and construction activities.
Further, the report states that the adoption of the rental model for drill bits remains a key challenge that will hinder the growth of the market. Drill bits are expensive equipment because they require a high level of design expertise for operations and advanced technology to meet the industry's safety norms.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.