At the Offshore Technology Conference, Schlumberger unveiled the IriSphere look-ahead-while-drilling service. The new service offers the first application of electromagnetic (EM) technology for locating formation features in oil and gas wells before the drill bit.
The Middle East and North Africa (MENA) and Asia regions' largest provider of integrated energy services, National Energy Services Reunited Corp., and Ulterra have announced their partnership. According to this deal, NESR would deploy and use Ulterra's PDC bits in a number of MENA and Asian nations.
Author Credits: Payel Roy, Dhruv Bhatia
Report ID: 5056
Published Date: Jun 22, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
The major factor driving the growth of the market are the growing extraction of undiscovered oil, the rising adoption of vehicles, and reduce the price of oil.
The market size of oil field drill bits is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 â€“ 2035.
The major players in the market are Schlumberger, International Diamond Services, Baker Hughes Company, Atlas Copco AB, and more.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by types, application, and by region.
The roller cone cutter bits segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
The surge in demand for renewable sources of energy, strict government regulations for the extraction of oil, and the high cost of drill bits are estimated to be the growth hindering factors for the market expansion.
The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.