The global drilling bits market size is projected to reach USD 41.0 million by 2026, with ~72% CAGR during the forecast period.
Drilling bits are made up materials such as tungsten carbide, diamond for increasing the steel bits strength. Based on specific drilling requirements, different drilling bits are employed for desired results. It is possible that, for single well construction, different drilling bits would be used to overcome any challenges in well drilling. On the other hand, drilling bits have to be changed on the basis of wear and tear as well. Usually drilling bits are selected based on the type of formation encountered by the drilling operators, and based on the type of drilling activity as well. With increased oil and gas exploration activities in recent time, the market for drilling bits is expected to witness significant growth during the forecast period.
Global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the drill bits market. Moreover, new oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. However, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.
- In September 2017, Halliburton has launched GeoTech HE, a robust drill bit that incorporates new features and materials to deliver enhanced performance and increased reliability in high energy drilling systems characterized by very high weight-on-bit and drilling torque.
- In April 2017, BP Oman and Modus Oman Drilling Systems signing a two-year supply contract of Modus ALMAS PDC drill bits for BP Oman. The signing marks the outcome of 6 months of successful field trials and outstanding performance of ALMAS PDC drill bits with BP Oman.
- In July 2016, American Securities LLC, a leading U.S. private equity firm, Completes Acquisition of Ulterra Drilling Technologies, L.P. Ulterra is a leading manufacturer of polycrystalline diamond compact (“PDC”) drill bits for the oil and gas industry. The Company was owned by ESCO Corporation.
In 2020, the automatic cleaning segment is expected to dominate the market during the forecast period
On the basis of Type, the market is segmented into fixed cutter bits, and roller cone cutter bits. The fixed cutter bits are further sub segmented into polycrystalline diamond bits, and natural diamond bits. The roller cone cutter bits are further divided into milled-tooth bits, and tungsten carbide inserts. Among these, the fixed cutter bits segment is expected to grow with the highest CAGR during the forecast period. With advancement in unconventional drilling techniques such as horizontal and vertical drilling activities, drilling activities are expected to witness further increase, which in turn would drive the market for drilling bits.
Based on application, the market is segmented into on-shore drilling, and offshore drilling. Among these, the onshore drilling application is expected to contribute the most with increasing onshore drilling activities across various regions, around the globe. With directionless drilling, new oil and gas sources are drilled in previous unexplored and unconventional regions. This is expected to drive the market for drilling bits. However, stringent government regulations surrounding the onshore drilling activities are expected to act as a restraint for the drilling bits market.
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The major players operating in the global Drilling Bits market are Atlas Copco (Sweden), Baker Hughes Inc. (U.S),Cangzhou Great Drilling bits Co., Ltd. (China), ESCO Corporation (U.S), Halliburton Company (U.S.), and Irwin Industrial Tool Company (U.S.).NewTech Drilling Products LLC (Russia) National Oilwell Varco Inc (U.S.), Scientific Drilling International Inc (U.S.), Kingdream Public Limited Company (China), Varel International, Inc (U.S.), Torquato Drilling Accessories, Inc. (U.S.), and Ulterra Drilling Technologies (U.S) are among others.
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This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global drilling bits market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing and cost analysis.