Drill Bit Market Forecasts to 2028 – Global Analysis By Application (Offshore Drilling, Onshore Drilling), End User (Automotive Industry, Construction Industry, Aerospace Industry, Oil and Gas Industry), and By Geography
According to Stratistics MRC, the Global Drill Bit market is accounted for $5.51 billion in 2020 and is expected to reach $11.48 billion by 2028 growing at a CAGR of 9.6% during the forecast period. Some of the key factors propelling the market growth include rapidly increasing global population and urbanization, rapid shift towards natural gas and renewable energy resources, and growing unconventional field development activities. However, the volatile nature of crude oil prices is anticipated to hinder the growth of the market.
Drill bits are used in oil and gas operation to drill and make holes for oil and gas withdrawal. The bits are revolving equipment that is made up of the hardest materials and spiky texture to incise a rock and sediments. The major function of the drill bits is to cut, grind, scratch and squash the rock at the base of the well. Usually drill bits are selected based on the type of formation encountered by the drilling operators, and based on the type of drilling activity as well.
By type, fixed cutter bit is anticipated to grow at a significant rate through the forecast period, due to its high frequency & speed of rotations, rising fabrication of non conventional shale gas exploration and deep water drilling activities, the strong consciousness of consumers about the efficiency of this drill bit uses in carving both hard & soft rock formations.
On the basis of geography, North America region is projected to have considerable market growth during the forecast years, owing to the advent of shale gas, rising crude oil and natural gas demand and large proven resources in Canada and the Gulf of Mexico, growing E&P activities in shale plays, the introduction of horizontal drilling technology, and increasing expenditure on drilling of shale deposits on account of deployment of enhanced oil recovery in the U.S.
Some of the key players in Drill Bit market include Varel International Energy Services Inc., National-Oilwell Varco Inc., Sandvik AB, Rockpecker Limited, Atlas Copco AB, Halliburton Company, Landrill Oil Tools Co., Ltd., Xi'an Landrill Oil Tools Co. Ltd, Scientific Drilling International Inc, Schlumberger Limited, Weatherford International plc, Kingdream Public Ltd, ESCO Corporation, Baker Hughes Company, Torquato Drilling Accessories, Inc., Palmer Bit Co., Ulterra Drilling Technologies LP, and NewTech Drilling Products LLC.
Estimated Market Size in 2020:
USD 5.51 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 11.48 billion
Tables, Graphs & Figures
Type, Technology, Application, and End User.
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• Fixed Cutter Bit
• Roller Cone Bit
• Cobalt Drill Bits
• Concrete Drill Bits
• High-Speed Steel (HSS) Drill Bits
• Carbide-Tipped Drill Bits
• Diamond Core Drill Bits
• Composite Drill Bits
• Plastic Drill Bits
• Offshore Drilling
• Onshore Drilling
End Users Covered:
• Automotive Industry
• Construction Industry
• Aerospace Industry
• Oil and Gas Industry
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Drill Bit Market is majorly driven by increasing exploration and development activities, growing unconventional field development activities, and rising directional drilling.
The onshore drilling segment is growing at a highest CAGR owing to increasing onshore drilling activities across various regions, around the globe and stringent government regulations surrounding the onshore drilling activities.
North America dominated with a significant market share due to the introduction of horizontal drilling technology, improvement in the rate of production of crude oil and natural gas at the domestic level, and increasing expenditure on drilling of shale deposits on account of deployment of enhanced oil recovery in the U.S.
Asia pacific market is growing at a highest CAGR owing to the presence of crude oil in its deep water exploration campaign in Malaysia and increasing oil and gas discovery activities in countries such as Indonesia, Australia, and Philippines.
Some of the key players in Drill Bit Market include Varel International Energy Services Inc., National-Oilwell Varco Inc., Sandvik AB, Rockpecker Limited, Atlas Copco AB, Halliburton Company, Landrill Oil Tools Co., Ltd., Xi'an Landrill Oil Tools Co. Ltd, Scientific Drilling International Inc, Schlumberger Limited, Weatherford International plc, Kingdream Public Ltd, ESCO Corporation, Baker Hughes Company, Torquato Drilling Accessories, Inc., Palmer Bit Co., Ulterra Drilling Technologies LP, and NewTech Drilling Products LLC.
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