Drill Bits Market to surge at 9.37% CAGR and reach remarkable value by 2023, according to Global Drill Bits Market Analysis Report published by Market Research Future. Drill bits are machinery used in oil & gas operations to drill and create holes in oil & gas extraction. The drill bits are rotating apparatus which are made from the hardest material and have a sharp texture to cut into sediments and rocks. Global Drill Bits Industry Report analyzes Market for Drill Bits by Type (Fixed cutter bits (Natural diamond and Polycrystalline diamond), roller cone cutter (Milled-tooth Bits and Tungsten Carbide Inserts), Application (Onshore and Offshore) and Region with Forecast to 2023.
Key Players Profiled in the latest report by Market Research Future include:
Copco (Sweden), Cangzhou Great Drill Bits Co., Ltd. (China), Baker Hughes Inc. (U.S), ESCO Corporation (U.S), Halliburton Company (U.S.), and NewTech Drilling Products LLC (Russia), Irwin Industrial Tool Company (U.S.), National Oilwell Varco Inc (U.S.), Kingdream Public Limited Company (China), Torquato Drilling Accessories, Inc. (U.S.), Scientific Drilling International Inc (U.S.), Varel International, Inc (U.S.), and Ulterra Drilling Technologies (U.S).
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Drill Bits Market 2019 Highlights:
Drill bits are machinery used in oil & gas operations to drill and create holes in oil & gas extraction. The drill bits are rotating apparatus which are made from the hardest material and have a sharp texture to cut into sediments and rocks. The primary purpose of drill bits is to grind, scrape, cut, and crush the rock at the bottom of the well.
The Market Research Future (MRFR) report that was published recently stated that the global drill bits market is predicted to upscale at a 9.67% CAGR over the forecast period. As per the MRFR analysis, the global market for drill bits is changing rapidly, owing to introduction of new manufacturing technology and rising use of new materials in the process of drill bits production. Currently, oil & gas are the primary products sufficing the global demand for energy, which is ascending the demand for drill bits for the oil and gas extraction processes. Moreover, increasing incorporation of advanced technologies for optimization of drilling processes is expected to push the research and development activities for the creation of efficient drill bits.
Market Segmentation
The global drill bits market is studied for different segments which are defined based on type, application, and region. Based on type, the global drill bits market is segmented into roller cone cutter bits and fixed cutter bits. The cone cutter bits are studied for the sub-segments of milled-tooth bits and tungsten carbide inserts. The fixed cutter bits segment is further segmented into natural diamond bits and polycrystalline diamond bits.
Based on application, the global drill bits industry is segmented into onshore drilling and offshore drilling. The onshore drilling segment is expected to witness the highest growth owing to the proliferation of onshore drilling activities. Further, advancements in unconventional drilling techniques like horizontal and vertical drilling activities are bound to contribute to the ascension seen in drilling techniques which would, in turn, driving the global drill bits market.
Detailed Regional Analysis
Based on regions, the global drill bits market is segmented into North America, Asia Pacific, Europe, and the Middle East & Africa. North America is anticipated to hold the largest share of the global drill bits industry. This can be owed to the presence of many onshore wells in the region. Further, with regulatory support and new drilling activities carried out across the region, North America’s drilling activities market is likely to witnessed impressive ascension over the assessment period.
Asia Pacific is bound to garner substantial growth in the global drill bits market owing to the presence of China which is fostering new drilling activities in the region are proliferating the growth of the regional market. Asia Pacific is assessed to follow North America and garner the second-largest share in the market owing to the growth observed in the onshore drilling activities. Europe is expected to be driven by the enhanced oil recovery projects in the North Sea region.
Competitive Analysis:
The global Drill Bits market is noted to be consolidated with limited key players holding significant shares in the market. Further, acquisitions, collaborations, and the introduction of new products are some other major strategies undertaken by market vendors to capture larger share in the market.
Industry Update:
August 2019: The Oil & Gas Innovation Centre (OGIC) announced that is cofounding seven projects for the development of new technologies for offshore drilling. The Centre of Applied Dynamics Research (CADR) is working on this development and is focusing on using new technology to increase the rate of penetration, and reduction of drilling for conventional drill bits.
Report Scope:
Study Period: 2019 to 2023.
Base Year: 2019.
Key Table of Content:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Dynamics
3.1 Introduction
3.2 Market Drivers
3.3 Market Restraints
3.4 Market Opportunities
3.5 Market Trends
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Bargaining Power Of Suppliers
4.1.4 Threat Of Substitutes
4.1.5 Segment Rivalry
4.2 Value Chain/Supply Chain Analysis
5 Global Drill Bits Market, By Type
5.1 Introduction
5.2 Fixed Cutter Bits
5.2.1 Market Estimates & Forecast, 2017-2023
5.2.2 Market Estimates & Forecast By Region, 2017-2023
5.2.3 Polycrystalline Diamond Bits
5.2.3.1 Market Estimates & Forecast, 2017-2023
5.2.3.2 Market Estimates & Forecast By Region, 2017-2023
5.2.4 Natural Diamond Bits
5.2.4.1 Market Estimates & Forecast, 2017-2023
5.2.4.2 Market Estimates & Forecast By Region, 2017-2023
5.3 Roller Cone Cutter Bits
5.3.1 Market Estimates & Forecast, 2017-2023
5.3.2 Market Estimates & Forecast By Region, 2017-2023
5.3.3 Milled-Tooth Bits
5.3.3.1 Market Estimates & Forecast, 2017-2023
5.3.3.2 Market Estimates & Forecast By Region, 2017-2023
5.3.4 Tungsten Carbide Inserts
5.3.4.1 Market Estimates & Forecast, 2017-2023
5.3.4.2 Market Estimates & Forecast By Region, 2017-2023
6 Global Drill Bits Market, By Application
6.1 Introduction
6.2 On Shore Drilling
6.2.1 Market Estimates & Forecast, 2017-2023
6.2.2 Market Estimates & Forecast By Region, 2017-2023
6.3 Offshore Drilling
6.3.1 Market Estimates & Forecast, 2017-2023
6.3.2 Market Estimates & Forecast By Region, 2017-2023
7 Global Drill Bits Market, By Region
Continued…
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