PDF Drill Bits Market Is Expected to Witness A Significant CAGR In the Period 2018-2023 | MarketsandMarkets Blog - 0 views
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Almira Coyne on 10 Sep 20The PDC drill bits market is estimated to grow at a CAGR of 4.41% from 2018 to 2023, to reach a projected market size of USD 4.54 billion by 2023. This growth can be attributed to the increasing demand for production & exploration activities in the world, leading to an efficient oil & gas drilling. The PDC drill bits market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the PDC drill bits market include Schlumberger (US), BHGE (US), Halliburton (US), NOV (US), and Varel (US). The North American region is projected to account for the largest market share during the forecast period because of a higher rate of drilling activities owing to shale gas exploration & production. The North American region is estimated to be the fastest-growing market as well during the forecast period. Vast hydrocarbon resources in the US shale basins and continuous offshore drilling in the Gulf of Mexico are driving the demand for the market.