New Product Launches have been the Key Strategies Adopted by Major Market Players in the PDC Drill Bits Market From 2015 to 2018.
The global PDC drill bits market is projected to grow at a CAGR of 4.41% from 2018 to 2023, to reach USD 4.54 Billion by 2023. This growth is primarily driven by the increasing rate of oil & gas drilling activities across the world and need for advanced techniques for faster and efficient drilling. The North American region is estimated to hold the largest share of the PDC drill bits market. The Asia Pacific region held the second-largest market share in 2017.
The PDC drill bits market is dominated by a few global players. These include Schlumberger (US), BHGE (US), Halliburton (US), NOV (US), Varel (US), Atlas Copco (Sweden), and Ulterra (US). Contracts & agreements and new product launches have been the key strategies adopted by major market players from 2015 to 2018.
Schlumberger, a leading player in the PDC drill bits market for the oil & gas sector, offers different oil & gas upstream services and products. SHARC High-Abrasion-Resistance PDC Bit, Spear Shale-Optimized Steel-Body PDC Bit, Direct XCD Drillable Alloy Casing Bit, Quad-D Dual-Diameter Bits, Lyng PDC, Viking Drill Bits, and Staged Hole Opener (SHO) are some of the different kinds of PDC drill bits offered by Schlumberger. In July 2017, Schlumberger signed an agreement to acquire a majority (51%) equity interest in Eurasia Drilling Company Limited. The company has also signed a contract for the supply of PDC drill bits, which is used for providing drilling services to ADNOC for its onshore and offshore oil & gas drilling activities.
Baker Hughes, a GE company (BHGE), is a renowned organization that provides reliable oil & gas services and products to increase the efficiency of oil production on rigs. Recently, Baker Hughes merged with GE's oil & gas business to form the second-biggest oil field services group in the world. Baker Hughes has a strong product portfolio and has developed 11 types of PDC drill bits for different drilling applications. Their drill bits can drill extreme hard to soft formations with less downtime. The company has also entered into an agreement with Twinza Oil Limited to provide fullstream support for an offshore project in the Gulf of Papua.
Related Reports:
PDC Drill Bits Market by Type (Matrix Body and Steel Body), Size of PDC Cutter (Less than 9 mm, 9–14 mm, 15–24 mm, and Above 24 mm), Number of Blades (Less than 6, 6–10, and Above 10), and Region (North America, Asia Pacific, and Europe) - Global Forecast to 2023
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