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The Research Report is Updated with 2020 Base Year, 2021 Estimated year and Forecast till 2030 with Market Insights.
With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2020 as base year, 2021 as estimated year and forecast to 2030. This will have market drivers, recovery rate in the market, insights and competitive analysis.
The rapid growth in industrial and residential sector leading to huge demand for electricity is driving the growth of the global Gas and Oil Drill Bits market. According to International Energy Agency (IEA), the energy consumption around the globe grew by 2.3% in 2018, which was almost twice the average growth rate observed since 2010. This can be attributed to growing global economy along with rising demand of cooling and heating due to climate change across the world. The highest amount of energy is consumed by the industrial segment around the globe. 8945 TWh of energy was consumed by the industry segment in 2017 as compared to 8699 TWh during 2016. The second major sector to consume highest amount of electricity is the residential sector with 5775 TWh of energy consumption in 2017 to that of 5680 TWh in 2016. Similarly, commercial and public services consumed 4637 TWh, transport segment with 364 TWh, whereas, the other sectors consumed 1651 TWh collectively during 2017. With growing amount of energy consumption, the CO2 emissions pertaining to energy production grew by 1.7% to 33 Gigatonnes during 2018. The majority of the emissions were emitted by coal power generation plants, contributing to 30% of the total energy-related CO2 emissions. This has driven many regulatory authorities to induce numerous policies and regulations in order to reduce carbon emissions. Our report on the global Gas and Oil Drill Bits market includes energy trends assessing the overall energy system amidst rising uncertainties and implementation of renewables owing to increasing demand for clean, sustainable and environment-friendly form of energy generation across all regions of the world. The global Gas and Oil Drill Bits market is estimated to observe significant Y-O-Y growth rate in 2027 as compared to this year.
Our report on the global Gas and Oil Drill Bits market comprises of in-depth assessment of market size (both by value and volume) and segmentation along with quantitative and qualitative analysis to identify future market position in the next 6-7 years. Apart from laying down notable business opportunities, the report includes recent trends, competitive analysis to understand market strategies adopted by different manufacturers, and growth drivers and challenges that are impacting the growth of the market. Moreover, multi-dimensional analysis of the Gas and Oil Drill Bits market is carried out by implementing PESTEL and SWOT analysis.
In 2018, around 70% of the total energy demand was driven by China, United States and India altogether. Changing weather conditions leading to growing need for cooling and heating in some regions has resulted in an increase of 2.3% in overall energy demand across the world in the same year. With 10% of increase in gas consumption from 2017, the United States witnessed highest demand of oil and gas around the globe during 2018. The total electricity consumption in the United States was 3738 TWh, whereas, the highest was recorded in China with 5537 TWh in 2017. Since 2010, the global demand for gas observed Y-O-Y growth rate of 4.6%, whereas, demand for oil grew 1.3% and coal consumption witnessed 0.7% growth.
The contribution of natural gas and renewables in transforming the worldwide energy sector is impacting the growth of the global Gas and Oil Drill Bits market. Additionally, the electricity trade between the neighbouring countries is becoming common since past few years. The notable trade is witnessed in OECD Europe, where electricity imports grew from 406 TWh in 2016 to 408 TWh in 2017. In the same year, China, India, Russia and Brazil were the four leading electricity consumers in non-OECD category with a total contribution of 37.2%, out of which, China recorded the highest share of 46.7% of the overall non-OECD consumption. The total electricity consumption in non-OECD countries was 4.6% higher (11854 TWh), whereas, OECD countries witnessed an increase of 0.2% (9518 TWh) in 2017 as compared to 2016.
A separate section in the report highlights regional scenario in market which includes North America (further segregated into U.S. and Canada).
The report further includes a section on European region which is further segmented on a country/regional level including Germany, U.K., France, Italy, Spain, BENELUX, Netherlands, NORDIC, Poland, Hungary, Russia, Turkey, and Rest of Europe.
In the Asia Pacific Gas and Oil Drill Bits market, the report studies China, India, South Korea, Indonesia, Malaysia, Japan, Australia, New Zealand and Rest of Asia Pacific. In the Latin America section, an in-depth analysis on Mexico, Brazil, Argentina and Rest of Latin America is covered. Middle East and Africa region have been further identified for the Gas and Oil Drill Bits market demand and segregated into Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East and Africa.
A complete section on competitive landscape provides an understanding of the companies in current strategic report based upon various parameters which includes overview of the company, business strategy, major product offerings, key performance indicators, risk analysis, recent development, regional presence and SWOT analysis. There is a separate section which has been provided on the market share of key players in this market, as well as the competitive positioning of the players.
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