The global oil and gas drill bit market size is expected to reach USD 10.52 Billion by 2028 at a CAGR of 5.4%, according to the latest report by Reports and Data. Steady market revenue growth can be attributed to rapid increase in shale gas exploration and production activities and increasing demand for more efficient and suitable drilling bits that can operate on unconventional rock formations. In addition, increasing drilling and exploration activities across onshore and offshore oilfields has been boosting demand for drill bits and this is expected to further fuel revenue growth of the market over the forecast period. Increasing global demand for energy due to rapidly increasing global population and fast-paced industrialization and urbanization have further increased need for oil and gas exploration and production activities and this is expected to boost market revenue growth going ahead.
Drill bits are an essential component of drilling operations and are generally used to remove large rocks or hard materials to create holes for drilling oil and gas wells. These tools are rotating apparatus that are created from hardest materials and have sharp textures that can efficiently cut into rocks and sediments. They are commonly known as rock bit or bit and are divided into two main types, roller-cone drill bits and fixed cutter drill bits, based on their cutting mechanism. Advancements in manufacturing technology and application of novel materials in production processes of drill bits is expected to further drive revenue growth of the market over the forecast period.
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Increasing directional drilling activities and increasing shift towards natural gas and renewable energy sources have boosted E&P activities from unconventional resources and this is expected to drive growth of the market over the forecast period. However, increasing volatility in prices in oil and gas industry and increasing incidence of hole deviation and loss of circulation are expected to hamper market growth to a certain extent over the forecast period.
Major companies operating in the market include:
Schlumberger, Baker Hughes, Halliburton, National Oilwell Varco, Atlas Copco, Varel International, Inc., Torquado Drilling Accessories Inc., Tercel Oilfield Products, Scientific Drilling, Palmer Bit Company, International Diamond Services, Inc., and C&H Bit Company.
Some Key Highlights From the Report:
- Roller-cone drill bit segment is expected to account for significant revenue share in the global market over the forecast period owing to their cost-efficiency and suitability for soft and conventional rock formations as compared to other downhole tools.
- Onshore application segment revenue is expected to expand significantly over the forecast period owing to rapid increase in onshore exploration and production activities on onshore oilfields. In addition, rising shale gas exploration to cater to growing demand for energy and clean fuel is expected to further boost revenue growth of this segment.
- North America is expected to register a CAGR of 5.6% during the forecast period owing to increasing E&P activities, the advent of shale gas and tight oil, and increasing demand for crude oil and natural gas.
- In March 2021, a South African multi-sector consulting firm, Taye Consulting joined forces with NIUW Glinik, which is a Poland-based supplier of drill bits and mining equipment. Under the partnership, the former is expected to expand its presence across the African continent.
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For the purpose of this report, Reports and Data has segmented the global oil and gas drill bit market on the basis of type, application, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Milled-tooth Bits
- Tungsten Carbide Inserts
- Fixed Cutter
- Natural/synthetic Diamond Cutters
Application Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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