USD 5.31 billion
Oil and Gas Drill Bit Market Size, Share, Growth Analysis, By Type(Roller cone cutter bits, and fixed cutter bits), By Application(Onshore, and offshore), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10A2007 |
Region:
Global |
Published Date: April, 2024
Pages:
178
|Tables:
61
|Figures:
76
Oil and Gas Drill Bit Market Insights
Global Oil and Gas Drill Bit Market was valued at USD 5.31 billion in 2022, and is expected to rise from USD 5.84 billion in 2023 to reach a value of USD 12.56 billion by 2031, at a CAGR of 10.04% during the forecast period (2024–2031).
The drill bit tool is located at the lower portion of the drill string for digging the rock formations. The rotation of the drill string gives it energy to the drill, which also does crush and scrapping the rock formation during the process of drilling. This tool can be used as a component for making a hole in earth's crust for the extraction of crude oil and natural gas. It facilitates accuracy in drilling, easy drilling process, and enhancement of the service life of the hole. The decline in oil production in most of the countries has slowed down the demand for these drill bits.
The growing demand for energy along with the increasing urbanization can boost the demand of oil and gas drilling bit market over the forecast period (2023 – 2030).
US Oil and Gas Drill Bit Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Offshore
Fastest Growth
Onshore
Growth Rate
10.04% CAGR
Global Oil and Gas Drill Bit Marke ($ Bn)
Country Share for North America Region (%)
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Oil and Gas Drill Bit Market Segmental Analysis
The global oil and gas drill bit market is segmented based on type, application, and region. Based on type, oil and gas drill bit market is segmented into roller cone cutter bits, and fixed cutter bits. Based on application, the Reading glasses market is segmented into onshore, and offshore. Based on region, Oil and Gas Drill Bit Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Oil and Gas Drill Bit Market Analysis by Type
Based on type, the oil and gas drill bit market is segmented into roller cone cutter bits, and fixed cutter bits. The roller cone cutter bits are bifurcated into milled-tooth bits, and tungsten carbide inserts.
The roller cone drill bit was the largest segment in the oil & gas drill bit market. It accounted for 70.4% market share in 2022 attributing to their cost-efficiency and ability to drill in soft and traditional formations, roller cone segments are expected to capture the market. Tungsten carbide inserts design is made for cutting proportional to hard rocks that cannot be drilled by using a general roller-cone component.
The fixed cutter bits are bifurcated into diamond impregnated, and Polycrystalline Diamond Compact (PDC). Fixed cutter drill bit segment is also predicted to witness moderate revenue growth due to the increasing use in exploration and production activities in unconventional reserves and to drill through hard rocks at greater depths.
Oil and Gas Drill Bit Market Analysis by Application
Based on application, the oil and gas drill bit market is segmented into onshore, and offshore. Offshore segment earned the dominant share in 2022 but the onshore segment can significantly generate more revenue and emerge as the fastest growing region during the forecast period. This is because of a quick rise in onshore exploration and production activities over the past records. An ideal shift towards natural gas, shale gas, and renewable energy resources is further expected to boost onshore E&P activities and in result propel the revenue growth of the segment.
Global Oil and Gas Drill Bit Market By Application
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Oil and Gas Drill Bit Market Regional Insights
North America holds the dominant position among all the regions in the oil and gas drill bit market, accounting for more than 38.6% of the total market volume share. The increased shale gas exploration activities in the region are responsible for the growth of the market. The United States is the prominent country in the region in terms of market share.
The Italian government in the year 2022, lifted the ban on offshore drilling and exploration activities. This is expected to have a positive effect on the market growth in Europe. The green energy of various countries in the region such as renewable energy sources (solar, and wind). Hence, the exploration activities will enhance the regional growth with increasing product sales.
Asia Pacific region will significantly grow at the fastest rate due to the increasing demand for oil products, development of oil refineries is growing, availability of the key manufacturers, and the need for energy due to continuous rise of population in the region. The exploration and development of reserves are also expected to grow and this market growth is all because of India and China’s increasing demand for oil products. China made some investments in new oil refineries in partnership with companies from the Middle East and Africa, and this is predicted to propel the growth of the oil product trade balance by being commissioned in the Asia Pacific region and the Middle East.
Global Oil and Gas Drill Bit Market By Region
- Largest
- Fastest
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Oil and Gas Drill Bit Market Dynamics
Oil and Gas Drill Bit Market Driver
Rise in Shale Gas Exploration Activities
- Major factors driving the global oil and gas drill bit market are growth in shale gas exploration activities across the globe and rising demand for customized drilling bits that can handle unconventional rock formation. These drill bits are widely used during shale gas exploration. With the increase of shale gas exploration, demand for these drill bits have also increased. According to data published by the U.S. Energy Information Administration, natural gas production globally is projected to increase from 342 billion cubic feet per day (Bcf/d) in 2015 to 554 Bcf/d by 2040. This growth in natural gas production is also expected to augment the global oil and gas drill bit market.
Oil and Gas Drill Bit Market Restraint
Demand for Wind and Solar Energy may Restrict Growth
- Rising demand for various unconventional energies including solar, wind, and hydro adversely affected the petroleum demand. Oil sector sluggish growth rate is another factor negatively affecting the oil and gas drill bit market.
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Oil and Gas Drill Bit Market Competitive Landscape
The global oil and gas drill bit market is highly competitive in nature on account of the presence of many players worldwide. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Oil and Gas Drill Bit Market Top Player's Company Profiles
- Baker Hughes
- Halliburton Company (USA)
- Baker Hughes Company (USA)
- National Oilwell Varco, Inc. (USA)
- Varel International, Inc. (USA)
- Tricone Drill Bits, LLC (USA)
- Smith Bits - A Schlumberger Company (USA)
- Sandvik AB (Sweden)
- Torquato Drilling Accessories, Inc. (USA)
- Ulterra Drilling Technologies, LP (USA)
- Kingdream Public Limited Company (China)
- Scientific Drilling International (USA)
- Western Drilling Tools Inc. (Canada)
- NOV Downhole (USA)
- Rubicon Oilfield International Holdings, L.P. (USA)
- Hengli Machinery Co., Ltd. (China)
- Drillco National Group Inc. (USA)
- Drill King International, L.P. (USA)
- NewTech Drilling Products LLC (USA)
Oil and Gas Drill Bit Market Recent Developments
- In December 2023, Epiroc launched Grey line drill bits – specifically developed for European quarrying and surface construction drilling conditions. Manufactured with high-quality steel, it adds that they help increase rock drilling efficiency and are ideal for less demanding rock conditions.
- In December 2023, Epiroc agreed to acquire the business of Weco Proprietary Ltd, a South African manufacturer of precision-engineered rock drilling parts and provider of related repairs and services. plus acquires SA rock drilling parts company Weco.
- In October 2023, Swedish tool manufacturer Husqvarna agreed to acquire Total Diamond Products. Based in Basildon, Total Diamond Products is a family run business set up by Kim and Terry Girt in 2010, specialising in bespoke diamond core drill bits and blades.
Oil and Gas Drill Bit Key Market Trends
- One of the key trends is that the major companies are showing interest to develop the equipment with good durability and the cost effective to meet the industry standards by maintaining customer needs. Tungsten carbide inserts provide gauge and hard-facing protection to avert bottomhole equipment breakdown from abrasion. It also increases the bottomhole equipment’s overall shelf-life against very hard formations.
Oil and Gas Drill Bit Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global oil and gas drill bit market analysis, Europe is currently in its developing stage in terms of shale gas exploration; and it will thus, benefit in upcoming years in the countries from this region. This growth in shale gas exploration is anticipated to provide opportunity for the oil and gas drill bit market over the forecast timeline.
With the changing consumer preferences for more technological upgradation of the equipment at an affordable cost, the manufacturers are continually working on improving the shelf-life of drill bits and designing hybrid extraction equipment. The rising exploration activities at challenging locations coupled with the increased efficiency will augment the oil and gas drill bit sales over the aforementioned forecast period.
Losses can happen at the time of well cementing is a big issue faced during drilling process and hence, can lead to different problems including pipe stuck, formation damage, and others.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.31 billion |
| Market size value in 2031 | USD 12.56 billion |
| Growth Rate | 10.04% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Oil and Gas Drill Bit Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Oil and Gas Drill Bit Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Oil and Gas Drill Bit Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Oil and Gas Drill Bit Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Oil and Gas Drill Bit Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Oil and Gas Drill Bit Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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