LONDON–(BUSINESS WIRE)–The new PDC drill bits in oil and gas industry market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the PDC drill bits in the oil and gas industry market.
Get FREE report sample within MINUTES
“One of the primary growth drivers for this market is the increased use of horizontal and multilateral wells,” says a senior analyst for the industrials industry at Technavio. Vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the PDC drill bits in oil and gas industry market size to grow by USD 31.70 million during the period 2020-2024.
PDC Drill Bits in Oil and Gas Industry Market Segment Highlights for 2020
- The PDC drill bits in the oil and gas industry market is expected to post a year-over-year growth rate of -11.50%.
- Based on the application, the onshore segment saw maximum growth in 2019. Factors such as the increased use of horizontal and multilateral wells and the growing consumption of oil and natural gas are driving the growth of the segment.
- The market growth in the segment will be significant during the forecast period.
Regional Analysis
- 42% of the growth will originate from the MEA region.
- MEA will offer several growth opportunities to market vendors during the forecast period.
- Saudi Arabia is a key market for PDC drill bits in the oil and gas industry in MEA.
Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.
Related Reports on Industrials Include:
Global AC Electric Motor Sales in Oil and Gas Market– The AC electric motor sales in the oil and gas market is segmented by type (induction motor and synchronous motor) and geography (APAC, MEA, North America, Europe, and South America). Click Here to Get an Exclusive Free Sample Report
Global Air Particle Monitor System Market– The air particle monitor system market is segmented by application (indoor and outdoor), end-user (government, commercial and residential, and others), and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
Notes:
- The PDC drill bits in the oil and gas industry market size is expected to accelerate at a CAGR of about 1% during the forecast period.
- The PDC drill bits in the oil and gas industry market are segmented by application (Onshore and Offshore) and geography (North America, MEA, APAC, Europe, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Atlas Copco AB,…
Read More: New PDC Drill Bits in Oil and Gas Industry Market Research 2020-2024 |