Which region accounted for the largest share in Global Drilling Bits Market?

Extensive investments in oil & gas drilling operations allow North America to account for a dominant share of the global drilling bits demand outlook. Rapid adoption of advanced drilling technologies and the use of advanced materials for manufacturing drilling bits also contribute to the high market share of North America in the global landscape. Canada and the United States are slated to be the leading markets in this region for drilling bits companies in the future. The rise of DIY (Do it Yourself) trend in the countries is also a key factor that is slated to boost the demand for power tools and thereby drilling bits as well.

Drilling Bits Market Size, Share, Growth Analysis, By Type(Fixed Cutter Bits, and Roller Cone Cutter Bits), By Application(Onshore, and Offshore), By Region - Industry Forecast 2024-2031

Q: What is the global market size of Drilling Bits Market?

Global drilling bits market size was valued at USD 7 billion in 2022 and is poised to grow from USD 7.41 billion in 2023 to USD 11.73 billion by 2031, growing at a CAGR of 5.9% in the forecast period (2024-2031).

Report ID: SQMIG20G2045 | Region: Global | Published Date: March, 2024
Pages: 157 | Tables: 61 | Figures: 71

Drilling Bits Market News

In April 2023, Sandvik, a renowned Swedish engineering company known for its industrial expertise, announced the launch of a new drill bit. The Sandvik RR340 is a single seal roller bearing rotary drill bit designed to provide 45% more service life to customers as compared to other alternatives.

Epiroc, a leading supplier of drilling products, announced the launch of its new drill bit back in May 2022. The new product is called Powerbit X and is protected with diamonds.

In January 2023, toolant, a supplier of high-quality tools at affordable prices, announced the launch of its new drill bits. The new four-step drill bits could increase the drilling efficiency up to 4 times.

Drilling Bits Market Report Snapshots

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drilling bits market size was valued at USD 7 billion in 2022 and is poised to grow from USD 7.41 billion in 2023 to USD 11.73 billion by 2031, growing at a CAGR of 5.9% in the forecast period (2024-2031).

Drilling bit manufacturers can focus on utilizing advanced materials to improve the integrity and capability of their products. drilling bits market players can also emphasize the development of rental services to amplify their business reach and bolster revenue generation potential as well. Companies can also partner and collaborate with organizations working in the mining, construction, and oil & gas industries to maximize their sales in the future. Market players should also focus on the optimization of their manufacturing capabilities to maximize their profit margins. 'Scientific Drilling International Inc (US)', 'Torquato Drilling Accessories Inc. (US)', 'Cangzhou Great Drill Bits Co. Ltd. (China)', 'Halliburton Company (US)', 'OTS International', 'Atlas Copco (Sweden)', 'Kingdream Public Limited Company (China)', 'Ulterra Drilling Technologies (US)', 'Varel International Inc (US)', 'ESCO Corporation (US)', 'Drilformance', 'Baker Hughes Inc. (US)', 'National Oilwell Varco Inc (US)', 'Century Products', 'Weatherford International plc', 'Bellwether Resource International'

Rapidly increasing world population has catalyzed the demand for energy, and this has resulted in increased oil & gas exploration activities, which in turn is forecasted to augment drilling bits market growth in the future.

Adoption of Automation: Increasing proliferation of technology and adoption of advanced manufacturing practices has led to growing automation in the drilling industry. Companies need to come up with drilling bits that can be used with automated systems and are advanced enough for unconventional drilling operations. Moreover, drilling bit manufacturers can also integrate automation in their manufacturing process to increase profitability and precision.

Extensive investments in oil & gas drilling operations allow North America to account for a dominant share of the drilling bits demand outlook. Rapid adoption of advanced drilling technologies and the use of advanced materials for manufacturing drilling bits also contribute to the high market share of North America in the landscape. Canada and the United States are slated to be the leading markets in this region for drilling bits companies in the future. The rise of DIY (Do it Yourself) trend in the countries is also a key factor that is slated to boost the demand for power tools and thereby drilling bits as well.

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Drilling Bits Market Size, Share, Growth Analysis, By Type(Fixed Cutter Bits, and Roller Cone Cutter Bits), By Application(Onshore, and Offshore), By Region - Industry Forecast 2024-2031

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