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Oilfield drill bits are cutting tools used in drilling operations in oil and gas wells. There are a variety of drill bits used for different wellbore types and drilling conditions. Roller cone bits are used for drilling through most rock formations and are durable enough to drill extended depths. Fixed cutter bits or polycrystalline diamond compact (PDC) bits are used for drilling through soft and medium rock formations and provide smoother drilling. The global oilfield drilling activity has been rising steadily over the past few years owing to the increase in oil and gas exploration projects driven by rising energy demands. The global Oilfield Drill Bits Market size is estimated to be valued at Us$ 9.17 Bn in 2023 and is expected to exhibit a CAGR Of 5.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
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