LONDON--(BUSINESS WIRE)--Aug 6, 2018--The global PDC drill bits market in the oil and gas industry is expected to post a CAGR of over 4% during the period 2018-2022, according to the latest market research report by .

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Technavio has published a new market research report on the global PDC drill bits market in the oil and gas industry from 2018-2022. (Graphic: Business Wire)

A key factor driving the growth of the market is the increased use of horizontal and multilateral wells. PDC bits are generally used for conventional and unconventional drilling operations, particularly in the oil and gas drilling projects. In the initial oil exploration stages, most drilling projects were for vertical wells.

This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

This report is available at a USD 1,000 discount for a limited time only:

In this report, Technavio highlights the rising investments in renewable energy as one of the key emerging trends in the global PDC drill bits market in the oil and gas industry:

Global PDC drill bits market in the oil and gas industry: Rising investments in renewable energy

The share of renewable energy in the energy mix is growing rapidly across the world because of the depletion of fossil fuel reserves and increasing focus on the environment. Solar energy and wind energy hold a high share of the renewable energy mix. Countries such as China, the US, India, Japan, the UK, and Germany drive the growth of the global renewable energy market.

“Many countries are concentrating on generating energy from renewable sources to address their energy needs. For instance, Germany and the UK hold major shares in the global wind energy market. Most counties in Europe have also reduced their use of non-renewable sources of energy,” says a senior analyst at Technavio for research on tools and components.

Global PDC drill bits market in the oil and gas industry: Segmentation analysis

This market research report segments the global PDC drill bits market in oil and gas industry by product (matrix body and steel body), application (onshore and offshore), and geography (APAC, EMEA, and the Americas).

The onshore segment held the largest market share in 2017, accounting for over 63% of the market. This application segment is expected to dominate the global market throughout the forecast period.

The Americas led the market in 2017 with approximately 60% of the market share, followed by EMEA and APAC respectively. The Americas will witness the fastest growth during the forecast period.

Looking for more information on this market?

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market sizing Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

About 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 10,000 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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CONTACT: Technavio Research

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KEYWORD:

INDUSTRY KEYWORD: ENERGY OIL/GAS MANUFACTURING OTHER MANUFACTURING

SOURCE: Technavio Research

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PUB: 08/06/2018 03:39 AM/DISC: 08/06/2018 03:39 AM

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