NEW YORK, Aug. 25, 2021 /PRNewswire/ — The drilling bits market in the oil and gas industry is expected to grow by USD 1.32 billion during 2021-2025, according to Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the drilling bits market in the oil and gas industry in optimistic, probable, and pessimistic forecast scenarios.
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The pandemic-focused report highlights the impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior during 2020. Technavio analysts have curated the reports extensively through both qualitative and quantitative research methodologies to derive the most industry-relevant and business-relevant outcomes.
Companies across the globe are focusing on creating a Resilient Business Model in the Face of COVID-19. Vendors are continuing their ongoing operations while building resilient business models as the path to recovery from the pandemic is being carved out.
This post-pandemic business planning research will aid clients to:
- Adjust their strategic planning to move ahead once business stability kicks in.
- Focusing on agile execution of proposed and approved changes.
- Conceptualize scenario-based planning to mitigate future crisis situations.
Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
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Top 3 Drilling Bits Market In Oil And Gas Industry Participants:
Atlas Copco AB
The company operates in key business segments including, Compressor Technique, Vaccum Technique, Industrial Technique, and Power Technique. The company offers drilling bits products such as Tricone bits, Dirt digger bits, and Pilot drill bits.
Baker Hughes Co.
The company offers key products and services through various operating systems including Oilfield Services, Oilfield Equipment, Turbomachinery & Process Solutions, and Digital Solutions. The company offers drilling bits products brands such as EZReam, GX roller cone drill bits, and Kymera Mach 5 hybrid drill bit.
Bit Brokers International Ltd.
The company operates in key business segments offering Products and Services. The company offers drilling bits products sush as Drag Bits, Hammer Bits, and Tricone Bits.
Get report snapshot here to get detailed market share analysis of market participants during COVID-19 lockdown:
Drilling Bits Market In Oil And Gas Industry 2021-2025: Segmentation
Drilling bits market in the oil and gas industry is segmented as below:
o Fixed Cutter Bits
o Roller Cone Cutter Bits
o North America
o South America
The drilling bits market in the oil and gas industry is driven by the migration of drilling into unconventional areas. In addition, other factors such as increased use of horizontal and multilateral wells, and surging focus on reduction of non-productive time (NPT) are expected to trigger the drilling bits market in the oil and gas industry toward witnessing a CAGR of 6.29% during the forecast period. Fixed cutter bits will remain the largest revenue-generating product segment of this market. In terms of Geography, 46% of the market’s growth will originate from North America due to the increase in the E&P activities of crude oil and gas resources in the US and Canada.
Find more insights about the global trends impacting the future of the drilling bits market in the oil and gas industry,
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- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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