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.

Global Oil Field Drill Bits Market
Global Oil Field Drill Bits Market

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 on new off-shore reserves are factors augmenting the market growth during the forecast period.

Global Oilfield Drill Bits Market
Global Oilfield Drill Bits Market

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 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 on new off-shore reserves

Key Developments:

  • 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 Does This Report Provide?

This report provides a detailed understanding of the global oil field drill bits market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Type:

  • Roller Cone
    • Milled Tooth
    • Tungsten Carbide
  • Fixed Cutter
    • Polycrystalline Diamond Bits
    • Natural Diamond Bits

By Application:

  • Off-Shore Drilling
  • On-Shore Drilling

By Region:

  • North America
    • By Country (US, Canada, Mexico)
    • By Type
    • By Application
  • Western Europe:
    • By Country (Germany, UK, France, Spain, Rest of Western Europe)
    • By Type
    • By Application
  • Eastern Europe:
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Type
    • By Application
  • Asia Pacific
    • By Country (China, Japan, India, Rest of Asia Pacific)
    • By Type
    • By Application
  • Middle East:
    • By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
    • By Type
    • By Application
  • Rest of the World
    • By Region (Latin America, Brazil, Rest of the World)
    • By Type
    • By Application

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… 

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

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

For more information, contact: [email protected]

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