Drill Bits Market Analysis, opportunities Trends And Industry Strategies 2017 - 2025 - Credence Research
According to a new market report published by Credence Research “Global Drill Bits Market - Growth, Future Prospects, Competitive Analysis, and Forecast 2016 - 2023,” the global drill bits market for oil & gas industry is expected to reach US$ 8.2 Bn by 2023, expanding at a CAGR of 6.1% over the forecast period 2016 to 2023. Market Insights Growing energy demand due to increase in number of automobiles due to rapid urbanization especially in emerging economies of Asia Pacific such as India and China are expected to drive the demand for fossil fuel which is influencing which oil producer to increase oil production, this in turn is expected to spur the growth of global drill bits market for oil & gas industry. Increase in exploration and production of sand formation coupled with new drilling techniques such as hydraulic fracturing or fracking is anticipated to impel the demand for polycrystalline diamond bits (PCD). Browse the full Global Drill Bits Market by Services