Polycrystalline Diamond Compact (PDC) Drill Bit Market - Growth, Trends, and Forecasts (2020 - 2025)
|出版商||Mordor Intelligence LLP||商品編碼||938246|
|出版日期||內容資訊||英文 125 Pages
|PDC鑽頭市場-成長，趨勢，預測(2020年∼2025年) Polycrystalline Diamond Compact (PDC) Drill Bit Market - Growth, Trends, and Forecasts (2020 - 2025)|
|出版日期: 2020年05月01日||內容資訊: 英文 125 Pages||
The polycrystalline diamond compact (PDC) drill bit market is expected to register a CAGR of over 4% during 2020-2025. Factors, such as increased exploration activity and focus on development of new oil and gas fields, are expected to drive the market for PDC drill bits. Drilling activity, especially footage drilled, are expected to drive the demand for PDC drill bits. However, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics, and several other factors have been restraining the growth of the PDC drill bit market.
The onshore segment accounted for the maximum market share in 2018. Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of the global oil production.
The increasing oil and gas discoveries, coupled with the liberalization in the industry, have been providing new opportunities for the market players. The new emerging markets are several developing nations of Middle East & Africa, Asia-Pacific, and South America.
North America accounted for the maximum market share in 2018. The growth rate of the South American region is expected to be the highest during the forecast period, primarily due to the rapidly increasing oil and gas activities in the region.
The Onshore Segment to Dominate the Market
Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of the global oil production. Onshore drilling is similar to offshore drilling but without the difficulty of deep water between the platform and the oil.
The global crude oil prices witnessed signs of recovery and are improving at a good pace and the onshore projects are easier to kick start than offshore projects. Therefore, riding on the optimism associated with the recovery of crude oil prices, onshore projects are expected to record significant growth over the forecast period. This, in turn, is expected to drive the demand for PDC drill bits.
In August 2018, Baker Hughes was awarded a development contract by Cairn, Vedanta Limited, to construct approx. 300 new wells and deploy a chemical enhanced oil recovery program aimed at increasing production from the Rajasthan area. The project marks the largest integrated project for BHGE in India, expanding its presence in the country and supporting the government's mission of reducing dependency on imports.
In 2019, ONGC announced that it allotted INR 6,000 crore for drilling 200 wells in Assam over the next seven years, to increase the output from the state. The wells are expected to be drilled during the next seven years.
Hence, with the new investment in the onshore oil and gas industry, increasing exploration of unconventional resources, and the crude oil price stability, the demand for PDC drill bits is expected to increase during the forecast period.
North America to Dominate the Market Growth
North America is expected to be the largest market for PDC drill bits, owing to the large chunk of activities for shale gas exploration in the region. Over the past decade, the lateral lengths of the unconventional wells drilled in the United States, increased by 180%.
The United States, as of 2019, is the largest producer of oil and gas. In the United States, there are more than 900,000 active oil and gas wells, and more than 130,000 have been drilled since 2010. In 2018, the United States witnessed three significant oil discoveries, including two in the Gulf of Mexico, at Ballymore (545 Mb) at a depth of 2,000 m underwater, and at Appomattox (140 Mb) under 2,300 m of water.
According to the Canadian Government, in 2018, oil production from Canada is anticipated to reach 4.5 mmbpd by 2020, and the production is expected to increase from an offshore well situated in the West Orphan Basin, offshore Newfoundland, and Labrador, which is estimated to hold 25.5 bbl of oil and 20.6 tcf of gas.
The annual oil output of Mexico has been declining over the years, due to drying up of the giant Cantrell field in the shallow waters of the Gulf of Mexico. However, the Mexican government is trying to increase private investments in its controlled areas of the Gulf of Mexico.
Therefore, increasing oil and gas exploration and production activities and the increasing unconventional development activities in the region are expected to increase the demand for PDC drill bits over the forecast period in the North American region.
The PDC drill bit market is partially fragmented due to the presence of, both, major players and small players. Some of the major players include National Oilwell Varco (NOV), Schlumberger Limited, Sandvik AB, Weatherford International PLC, and Baker Hughes Company.