Global Drilling Bits Market

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


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

Drilling Bits Market Insights

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).

Drilling bits are cutting tools that are used to drill or remove materials. Rapidly increasing mining and construction activity around the world is forecasted to bolster the demand for drilling bits over the coming years. Increasing investments in the oil & gas industry to satisfy the surging demand for energy around the world has resulted in increased exploration activity thereby driving drilling bit sales as well. Advancements in drilling technologies and growing advancements in material technology are also slated to create new opportunities for drilling bit manufacturers across the forecast period and beyond. High use of drilling machines in construction applications will also create new growth potential for drilling bit suppliers in the long run.

Increasing interest of the general population in DIY projects and growing availability of DIY plans are also forecasted to benefit the sales of drilling bits over the coming years. The Asia Pacific region is estimated to emerge as the most opportune space for drilling bit suppliers in the long run on the back of growing urbanization and rising infrastructure development activity.

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FAQs

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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Global Drilling Bits Market

Report ID: SQMIG20G2045

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