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Drilling Bits Market in Oil and Gas Industry by Product, Application, and Geography - Forecast and Analysis 2021-2025

Drilling Bits Market in Oil and Gas Industry by Product, Application, and Geography - Forecast and Analysis 2021-2025

Published: Jul 2021 120 Pages SKU: IRTNTR41458

Drilling Bits Market in Oil and Gas Market Report 2021-2025

The drilling bits market in oil and gas market size is forecast to increase by USD 1.32 and is estimated to grow at a CAGR of 6.29% between 2020 and 2025.  The report includes historic market data from 2017 to 2021. The market is witnessing a rising demand for the integration of drill bits and hybrid drill bits in bottom hole assemblies, the development of application-specific bit technology, and advancements in Enhanced Oil Recovery (EOR) technology.

Drilling Bits Market in Oil and Gas Market Overview :

  • The market segmentation by categorized as Products (fixed cutter bits and roller cone cutter bits)
  • The Application segment is categorized as (onshore and offshore)
  • Fixed cutter bits are the fastest-growing segment during the forecast year
  • The Regional Analysis consists of North America, MEA, APAC, Europe, South America, North America, MEA, APAC, Europe, and South America
  • North America is is most dominating region during the forecast period
  •  It also includes an in-depth analysis of drivers (factors influencing market growth), trends (emerging patterns or shifts in consumer behavior), and challenges (barriers or obstacles faced by the industry) 

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Drilling Bits Market In Oil And Gas Market Trends 

The integration of drill bits and hybrid drill bits in bottom hole assemblies is another factor supporting the global drilling bits market in oil and gas market share growth. One of the major trends in the global drilling bits market in oil and gas is the adoption of new bits technologies such as the integration of drill bits in bottom-hole assemblies and others. Currently, many end-users demand packaged solutions for their drilling operations instead of individual drill bits. These packaged drilling solutions for bottom-hole assemblies integrate motors, drilling systems, and bits, thereby reducing the time and energy needed to assemble and calibrate the individual components before use. In addition, the bundled drilling package helps optimize downhole drilling operations because it does not require special training for the operators to use such drilling equipment. Essentially, the adoption of new drill bits in bottom-hole assemblies may contribute to the growth of the market during the forecast period.

Drilling Bits Market in Oil and Gas Market  Largest-Growing Segments 

Fixed Cutter Bits

The drilling bits market in oil and gas market share growth by the fixed cutter bits segment will be significant during the forecast period. The market will remain heavily dominated by fixed cutter bits because of their multiple applications in different formations, such as soft, clay, silt, sand, and shale. They are also highly useful in directional drilling operations because of their high penetration rates and low wear rates. 

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This report provides an accurate prediction of the contribution of all the segments to the growth of the drilling bits market in the oil and gas market size and actionable market insights on post COVID-19 impact on each segment.

Drilling Bits Market In Oil And Gas Market Regional Analysis

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North America is estimated to contribute 46% to the growth of the global market during the forecast period. The US and Canada are the key markets for the drilling bits market in the oil and gas market in North America. Market growth in this region will be faster than the growth of the market in APAC and Europe.

An increase in the E&P activities of crude oil and gas resources and the increasing demand for fuel will facilitate the drilling bits market in oil and gas market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

Drilling Bits Market in Oil and Gas Market Dynamic

Key Driver of Drilling Bits Market in Oil and Gas Market

The migration of drilling into unconventional areas is a major factor driving the global drilling bits market in oil and gas market share growth. The major hydrocarbon-rich regions around the world were identified in the early 20th century, and most of the operations were based out of these areas. However, things have started to change in a significant manner now, and the E&P companies have started looking at unconventional avenues for exploration and production activities. Due to the recovery of crude oil prices, companies have increased their E&P operations in places with large oil reserves, such as GoM and Brazil. The number of deepwater and ultra-deepwater oil and gas projects has been increasing over the past few years. For instance, in August 2019, Murphy Oil Corp. sanctioned the Khaleesi/Mormont, King's Quay floating production system, and Samurai field developments in the deepwater GoM. There are new technologies in the market, which have enabled the monitoring of drilling activities in detail during its operations. Therefore, the market will continue to grow positively during the forecast period.

Significance Challenges of Drilling Bits Market in Oil and Gas Market

The decreasing profitability of upstream petroleum companies will be a major challenge for the global drilling bits market in the oil and gas market during the forecast period. Crude oil has factually been one of the most volatile commodities, regularly proving that even the best forecasting models are incapable of predicting a realistic future price. The rise and fall in crude prices have vaguely followed a trend over the past few years, which is now identified as the crude oil price cycle. However, the correct estimation of the peaks that the crude will rise to or the lows that it will fall to is yet to be seen. The crude prices reached historic highs in the follow-up to the global financial meltdown in 2009. After that, prices crashed sharply owing to weak global economic factors. The recent crash in crude prices, which saw the price fall from highs of USD100 in mid-2014 to around USD28 in early 2016, only reinforces volatility in crude markets. This directly affects a lot of products that are derived from it, such as gasoline and lubricants, and changes the course of the entire market for a product within a short period of time.

This drilling bits market in oil and gas market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Major Drilling Bits Market in Oil and Gas Market Companies

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

  • Atlas Copco AB- The company offers products such as Powerbit.

The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

  • Atlas Copco AB
  • Baker Hughes Co.
  • Bellwether Resources International Inc.
  • Bit Brokers International Ltd.
  • Caterpillar Inc.
  • Drill King International LP
  • Drilling Products Inc.
  • Halliburton Co.
  • National Oilwell Varco Inc.
  • Sandvik AB

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The drilling bits market in oil and gas market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

  • Product Outlook (USD Million, 2017 - 2027)
    • Fixed cutter bits 
    • Roller cone cutter bits
  • Application Outlook (USD Million, 2017 - 2027)
    • Onshore
    • Offshore
  • Region Outlook (USD Million, 2017 - 2027)
    • North America
      • The U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

Drilling Bits Market In Oil And Gas Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Historic period

2017-2021

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 6.29%

Market growth 2021-2025

USD 1.32 billion

Market structure

Fragmented

YoY growth 2020-2021(%)

5.71

Regional analysis

North America, MEA, APAC, Europe, South America, North America, MEA, APAC, Europe, and South America

Performing market contribution

North America at 46%

Key countries

US, Russian Federation, China, Canada, and Saudi Arabia

Competitive landscape

 Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

Atlas Copco AB, Baker Hughes Co., Bellwether Resources International Inc., Bit Brokers International Ltd., Caterpillar Inc., Drill King International LP, Drilling Products Inc., Halliburton Co., National Oilwell Varco Inc., and Sandvik AB

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Drilling Bits Market In Oil And Gas Market Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the market between 2021 and 2025
  • Precise estimation of the size of the market  size and its contribution of the market in focus to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behaviour
  • Growth of the market industry across North America, MEA, APAC, Europe, South America, North America, MEA, APAC, Europe, and South America
  • Thorough analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. 

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Table of Contents not available.

Research Methodology

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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Frequently Asked Questions

Drilling Bitsin Oil and Gas market growth will increase by $ 1.32 bn during 2021-2025.

The Drilling Bitsin Oil and Gas market is expected to grow at a CAGR of 6.29% during 2021-2025.

Drilling Bitsin Oil and Gas market is segmented by Product( fixed cutter bits, roller cone cutter bits) Application( onshore, offshore, Metal fabrication, Consumer goods, Others)

Atlas Copco AB, Baker Hughes Co., Bellwether Resources International Inc., Bit Brokers International Ltd., Caterpillar Inc., Drill King International LP, Drilling Products Inc., Halliburton Co., National Oilwell Varco Inc., Sandvik AB are a few of the key vendors in the Drilling Bitsin Oil and Gas market.

North America will register the highest growth rate of 46% among the other regions. Therefore, the Drilling Bitsin Oil and Gas market in North America is expected to garner significant business opportunities for the vendors during the forecast period.

US, Russian Federation, China, Canada, Saudi Arabia

  • Migration of drilling into unconventional areasOne of the most striking features of the recent generation of oil and gas exploration is the reaffirmation of the fact that the era of easy oil is closer to the end. This has resulted in inflated costs of hydrocarbon acquisition and has also displaced the operations worldwide. Most of the past century has witnessed exploration and drilling operations being carried out at established locations in the world. The major hydrocarbon-rich regions around the world were identified in the early 20th century is the driving factor this market.
  • and most of the operations were based out of these areas. However is the driving factor this market.
  • things have started to change in a significant manner now is the driving factor this market.
  • and the E&P companies have started looking at unconventional avenues for exploration and production activities.Due to the recovery of crude oil prices is the driving factor this market.
  • companies have increased their E&P operations in places with large oil reserves is the driving factor this market.
  • such as GoM and Brazil. The number of deepwater and ultra-deepwater oil and gas projects has been increasing over the past few years. For instance is the driving factor this market.
  • in August 2019 is the driving factor this market.
  • Murphy Oil Corp. sanctioned the Khaleesi/Mormont is the driving factor this market.
  • King's Quay floating production system is the driving factor this market.
  • and Samurai field developments in the deepwater GoM. In April 2019 is the driving factor this market.
  • Aker Energy AS submitted a development plan for its Deepwater Tano Cape Three Points block is the driving factor this market.
  • which is located offshore in Ghana is the driving factor this market.
  • Africa. The project's overall capital expenditure is expected to be $4.4 billion is the driving factor this market.
  • excluding the FPSO charter.The major issue with the shift to these areas lies with the fact that there exists very little data regarding the formation characteristics in these areas. Decades of activities in the older regions meant there were enough data and trends regarding the formation behavior is the driving factor this market.
  • reducing the risks to a large extent. This is what the move to the newer regions lacks on a significant scale. Over the past few years is the driving factor this market.
  • the probability of encountering a high-temperature-high-pressure (HTHP) well has increased significantly. The dependence of the global economy on hydrocarbons is only expected to push these activities to the fringes of the global geotechnical areas and give rise to significant well issues. There are new technologies in the market is the driving factor this market.
  • which have enabled the monitoring of drilling activities in detail during its operations. These systems are expected to capture well behavior while drilling in the permafrost sub-formations in the Arctic and the Yamal regions that might involve deepwater and ultra-deepwater drilling activities. In the absence of these well control estimates in the unconventional regions is the driving factor this market.
  • the importance of real-time control systems of the well parameters is expected to be of utmost importance. Submarine gas hydrates have been recovered in more than 40 regions worldwide is the driving factor this market.
  • with some major regions being the Gulf of Mexico is the driving factor this market.
  • Godavari Basin is the driving factor this market.
  • and Alaskan North Slope.Thus is the driving factor this market.
  • the fact can be reinforced that is the driving factor this market.
  • as the global oil and gas industry looks further in search of hydrocarbon reserves is the driving factor this market.
  • it has to introspect deeper into the drilling bits industry to act as a safeguard. is the driving factor this market.

The Drilling Bitsin Oil and Gas market vendors should focus on grabbing business opportunities from the fixed cutter bits segment as it accounted for the largest market share in the base year.