The Global Oil Field Drill Bits Market is projected to reach USD 10.62 billion by 2028, at a CAGR of 7.2 % during the forecast period. Drill bits are cutting tools attached to drills for creating a hole by removing the material. Drill bits come in several shapes, sizes, and are made of different materials depending on the dimensions of the hole to be drilled and the material on which the drilling operation is required. Expansion of production activities and explorations, coupled with increasing demand for energy, technological advancements in oil field drill bits, growing demand for oil & gas, and investments in new offshore reserves are factors augmenting the market growth during the forecast period.
Based on type, the oil field drill bits market has been segmented into roller cone and fixed cutter. Among the two, the roller cone segment is expected to lead the demand due to its high performance and relatively low cost. However, the demand for fixed cutter bits is expected to grow due to its efficiency and durability despite its high cost. Based on the application, the market has been segmented into off-shore drilling and on-shore drilling. On-shore drilling is expected to witness the highest demand mainly due to the high investments required in off-shore drilling and also regional regulations on exploration activities.
North America is expected to lead the oil field drill bits market during the forecast period. The US is increasing its exploration and production activities. The oil and natural gas industry in the US spent an estimated USD 122.8 billion in drilling, approximately, 28,809 oil and natural gas wells in 2015, according to API’s 2015 Joint Association Survey on Drilling Costs. Development well expenditures were USD 109.6 billion in 2015, while the exploratory good expenditures were estimated at USD 5.6 billion.
As oil reserves in many regions are depleting, oil and gas companies are exploring unconventional avenues. For instance, decreasing production in established regions such as the Middle East, North Sea, and the Gulf of Mexico has already led energy companies to move out to other areas such as the Andaman Sea in the Indian sub-continent, the Yamal Basin in Russia and several regions in the Arctic and Antarctic. The oil field drilling bits market will witness growth due to these new exploration activities.
Key Factors Impacting Market Growth:
Expansion of production activities and exploration
Growing demand for energy, and technological advancements in oil field drill bits
Increasing investments in new off-shore reserves
In September 2018, Smith Bits (US), a Schlumberger company, launched the HyperBlade hyperbolic diamond element bit, which improves the rate of penetration (ROP), and hence reduces drilling costs, while maintaining directional tracking and steering response in soft and plastic rock formations.
In February 2019, Baker Hughes (US), a GE company and the world’s first full-stream oil and gas company, has signed a Memorandum of Understanding (MoU) with Qatar Petroleum (QP) to explore new opportunities to expand its presence in the country and support the Qatar Petroleum’s Tawteen Program.
In May 2019, Schlumberger (US) introduced the IriSphere look-ahead-while-drilling service at the Offshore Technology Conference. It is the first application of electromagnetic (EM) technology for detecting formation features ahead of drill bits in oil and gas wells.
What This Study Provides:
Global market and submarket forecast covering the period of 2016 to 2028, with accompanying analysis
Regional market and submarket forecast covering the period of 2016 to 2028, with accompanying analysis
National market and submarket forecast covering the period of 2016 to 2028, with accompanying analysis
Extensive details and analysis of contracts, projects, and program
Market dynamics scenario, along with growth opportunities of the market in the years to come
Analysis of game-changing technological trends and how these will shape the industry
Explanation or political, regulatory and technical factors to consider
Barriers to entry analysis for markets around the world
Profiles of leading companies operating within the sector with market share analysis
SWOT analysis of the market, together with the opportunities available and the key threats faced
Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Market conclusions & recommendations
Polycrystalline Diamond Bits
Natural Diamond Bits
By Country (US, Canada, Mexico)
By Country (Germany, UK, France, Spain, Rest of Western Europe)
By Country (Russia, Turkey, Rest of Eastern Europe)
By Country (China, Japan, India, Rest of Asia Pacific)
By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
Rest of the World
By Region (Latin America, Brazil, Rest of the World)
Companies Covered: Baker Hughes Inc., Schlumberger Limited, Drill Bits International, Halliburton, National Oilwell Varco, OTS International, Harvest Tool Company, Kay Rock Bit Company, Rocckpecker Pvt. Ltd., Palmer Bit Co., Tercel Oil Field Products Ltd., Atlas Copco AB, Bellwether Resources International, Bit Brokers International, and Kingdream Public Ltd. Company…
Years Considered In The Study
CAGR % (2019-2028)
Key Questions Answered By This Report:
How is the oil field drill bits market evolving?
What is driving and restraining oil field drill bits dynamics?
How will each oil field drill bits submarket segment grow over the forecast period and how much Sales will these submarkets account for in 2028?
How will market shares of each oil field drill bits submarket develop from 2019-2028?
Which oil field drill bits submarket will be the main driver of the overall market from 2019-2028?
How will political and regulatory factors influence regional oil field drill bits markets and submarkets?
Will leading national oil field drill bits broadly follow macroeconomic dynamics, or will individual country sectors outperform the rest of the economy?
How will market shares of the national markets change by 2028 and which nation will lead the market in 2028?
Who are the leading players and what are their prospects over the forecast period?
How will the sector evolve as alliances form during the period between 2019 and 2028?
Reasons to Buy This Report:
Market size estimation of the global oil field drill bits market on a regional and global basis
The unique research design for market size estimation and forecast
Profiling of major companies operating in the market with key developments
Broad scope to cover all the possible segments helping every stakeholder in the market
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