LONDON--(BUSINESS WIRE)--#Bits--The new PDC drill bits in oil and gas industry market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.

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"One of the primary growth drivers for this market is the increased use of horizontal and multilateral wells,” says a senior analyst for the industrials industry at Technavio. Vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the PDC drill bits in oil and gas industry market size to grow by USD 31.70 million during the period 2020-2024.

PDC Drill Bits in Oil and Gas Industry Market Segment Highlights for 2020

• The PDC drill bits in the oil and gas industry market is expected to post a year-over-year growth rate of -11.50%.
• Based on the application, the onshore segment saw maximum growth in 2019. Factors such as the increased use of horizontal and multilateral wells and the growing consumption of oil and natural gas are driving the growth of the segment.
• The market growth in the segment will be significant during the forecast period.

Regional Analysis

• 42% of the growth will originate from the MEA region.
• MEA will offer several growth opportunities to market vendors during the forecast period.
• Saudi Arabia is a key market for PDC drill bits in the oil and gas industry in MEA.

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Notes:

• The PDC drill bits in the oil and gas industry market size is expected to accelerate at a CAGR of about 1% during the forecast period.
• The PDC drill bits in the oil and gas industry market are segmented by application (Onshore and Offshore) and geography (North America, MEA, APAC, Europe, and South America).
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report offers information on several market vendors, including Atlas Copco AB, General Electric Co., Halliburton Co., National Oilwell Varco Inc., Sandvik AB, Schlumberger Ltd., SHEAR BITS, Sichuan Chuanshi Diamond Bit Co. Ltd., Ulterra Drilling Technologies L.P., and Varel International Ind. LLC

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