PUNE, India, Feb 7, 2023 (GLOBE NEWSWIRE) — The global oil and gas drill bit market is expected to reach US$7.68 billion by 2026, implying a CAGR of 10.04% over the forecast period. period. However, in 2018 the global market was valued at US$3.62 billion. The growth in exploration activity due to the stabilization of the gas and oil industry is expected to drive the growth of the global oil and gas drill bit market during the forecast period. This information will be published in a forthcoming Fortune Business Insights report titled Oil & Gas Drill Bits Market Size, Share and Industry Analysis by Type compact, impregnated diamond}), by application (onshore, offshore) and regional forecast, 2019-2026”. According to the report, the report provides forecast and size analysis of the global oil and gas drill bits market.
In November 2018, Halliburton released a new smart drill bit to improve productivity during drilling campaigns. The new Cerebro drill bit sensor package is a new technology that collects and analyzes performance data directly from the drill bit. This will help streamline tool management, reduce uncertainty, and improve efficiency.
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By type, the global oil and gas drill bit market is divided into fixed bits and rotary bits. Under the fixed segment, there are two types, namely impregnated diamond and compact polycrystalline diamond (PDC). Among them, PDC is expected to dominate the global oil and gas drill bit market in the coming years. This is because diamonds are one of the hardest materials found on earth. It can be used against any rock to pierce it and extract the desired product. Due to this characteristic, the demand for PDC drill bits is increasing day by day.
In addition, tiny cheap diamond grains easily turn into massive crystals, which are then shaped into a shape called diamond flakes. These diamond sheets are then contacted with the formation for the cutting process.
In November 2018, Halliburton, a leading US oilfield services company, announced the release of a new Cerebro sensor suite for stationary sensors. It incorporates advanced technology that takes performance data directly from the drill bit and analyzes it to improve drilling performance, reduce uncertainty and optimize tool interaction. Ultimately, the new service will improve drilling productivity and overall data measurement, the company said.
Cerebro provides a unique view of the entire operation by continuously capturing downhole motion and vibration data. It also helps the operator pinpoint damaged areas. In addition, it notifies when the above performance is not achieved due to operating parameters or a changing design. Cerebro helps identify many of the common drill bit factors, namely rotation and stick-slip, torsional resistance, lateral and axial vibrations, that can negatively impact reliability and drilling speed.
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The Blackstone Group, a multinational private equity, alternative asset management and financial services company, announced in October that it signed an agreement to acquire Ulterra Drilling Technologies, a technology-focused manufacturer of PDC drill bits in Texas. lump sum The deal is valued at $700 million. Blackstone acquired Ulterra from American Securities, a privately held company. This acquisition was aided by a debt program that was pre-sold prior to its official launch.
Fortune Business Insights highlights some of the most prominent players in the global oil and gas drill bit market. they are:
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Post time: May-16-2023