The increased demand for oil and gas worldwide is the primary driver for the growth of the market. Technavio’s market research analysts estimate the global gas and oil drill bits market to grow at a rate of 4% during the forecast period.
The fluctuating oil prices due to the systemic demand-supply imbalance in the global crude oil market would prove to be a challenge for the growth of the market. The primary reasons for this imbalance are the oversupply of crude oil owing to the US shale boom, OPEC overproduction, and slower demand in Europe and Asia.The persistent decline in prices during the forecast period is anticipated to reduce investments in drilling and completion activities and negatively impact the global oil and gas drill bits market.
The Oil and Gas Drilling Bits in Global market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022.
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