GITNUX MARKETDATA REPORT 2024
Drilling Bits Industry Statistics
The drilling bits industry is projected to grow steadily over the next few years, driven by increasing demand for oil and gas exploration and production activities.
In this post, we delve into key statistics and insights surrounding the global drilling bits industry in the oil and gas sector. From market values and growth projections to regional dominance and segment trends, this data-driven analysis sheds light on the significant factors shaping the industry landscape.
Statistic 1
"The Global Drilling Bits Market in Oil and Gas was valued at $4.9 billion in 2019,"
Statistic 2
"The said market is expected to grow at a CAGR of 3.5% over 2020-2025,"
Statistic 3
"North America dominated the Drilling Bits Market in Oil and Gas in 2019,"
Statistic 4
"The U.S. accounted for the largest market share of more than 40% in 2018,"
Statistic 5
"China and Russia are the next large markets for drilling bits after the US,"
Statistic 6
"Global demand for the Oilfield Drilling Bits market was valued at USD 4.8 billion in 2018,"
Statistic 7
"Matrix drill bits segment is anticipated to register a CAGR of 6.5% from 2019 to 2025,"
Statistic 8
"In 2018, tooth bits accounted for 31.4% of the total market share,"
Statistic 9
"Onshore applications dominated the market with a share of 80.2% in 2018,"
Statistic 10
"The Middle East & Africa region occupied approximately 19.7% of the global market in 2018,"
Statistic 11
"Oil & gas segment dominated the industry with a share of 85.5% in 2017,"
Statistic 12
"Market for fixed cutter Drill Bits is expected to grow at the highest CAGR of 6% during forecast period,"
Statistic 13
"Asia-Pacific region is likely to experience the fastest growth in the Drill Bit market during 2020-2025,"
Statistic 14
"The global drilling bit market in oil and gas is highly consolidated with top 5 companies holding more than 80% of the market share,"
Statistic 15
"The roller cone segment held the largest market share of 76.4% in the global oilfield drilling bits industry in 2018,"
Statistic 16
"The global drilling bits market size in Oil and Gas industry is expected to reach USD 8.6 billion by 2027,"
Jannik Lindner
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The statistics are checked by us and then entered into the database. Our market data reports have been linked to by some of the largest publishers and companies on the Internet.
