Global drill bit market is anticipated to grow at a CAGR of 5.8% during the forecast period (2024-2031). A major factor supporting the growth of the market is the increase in demand for oil and gas in growing nations as a result of industrialization, urbanization, and population growth. Global upstream investments in the production, extraction, and exploration of oil and gas are expected to reach $ 528 billion in 2023, an 11% annual growth, the highest level since 2015. Global gas demand is expected to increase by 100 billion cubic meters (bcm) or 2.5% by 2024. Given the exceptionally mild temperatures in 2023, it is anticipated that winter weather in 2024 will be colder, which will increase demand for space heating in both the residential and commercial sectors.
Browse the full report description of “Drill Bit Market Size, Share & Trends Analysis Report by Type (Roller Cone Bit and Fixed Cutter Bit), and by Location of Deployment (Onshore and Offshore) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/drill-bit-market
Various exploration and production companies launch drilling campaign which aims to explore and exploit more oil and gas resources. Many developing countries, rich in natural resources, have allowed private investment in their oil, gas, and mining industries. For instance, in February 2024, Morgan E&P, LLC, a wholly-owned subsidiary of Equus, completed its first two wells in Billings County, North Dakota, the Baranko 1-28H and the Obrigewitch 1-33H. With the Baranko reaching a total depth of 19,920 feet and the Obrigewitch reaching a total depth of 21,356 feet, Morgan drilled both wells into their target zones in the Middle Bakken. To finish the wells, 60-stage fracture stimulations were used. On December 3, 2023, flowback processes for the wells started. Electronic Submersible Pumps (ESPs) were inserted in the wells to quicken the flowback process. January 2024 marked the completion of the installation.
In February 2024, EOG Resources announced its 2024 operational plans, indicating increased investment in exploration and drilling at its Delaware basin assets. Total expenditures for 2024 are expected to range from $6.0 to $6.4 billion, including exploration and development drilling. The disciplined capital program allocates approximately $4.3 billion to drill and complete 600 net wells in EOG’s domestic premium areas.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Type
o By Location of Deployment
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes Baker Hughes, Caterpillar, Halliburton Energy Services, Inc., and Schlumberger Ltd., among others.
Key questions addressed by the report.
Global Drill Bit Market Report Segment
By Type
By Location of Deployment
Global Drill Bit Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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