During oil and gas operations, drill bits are used for drilling and creating holes for oil and gas extraction. Market Research Future (MRFR) has published a research report about the global drill bits market that weighs increase for this market at 9.67% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023.
The key factor driving the Global Drill Bits Market growth is an increase in unconventional drilling techniques like horizontal and vertical drilling activities. Via directionless drilling, new oil & gas sources are drilled in previously unexplored and unconventional regions. This is contributing to market growth. However, stringent government regulations regulating onshore drilling activities can restrain market growth.
Latest Industry News
Sandvik Mining & Rock Technology has upgraded its automation package for the DD422i and DD422iE underground drilling jumbos. It has enabled 24/7 drilling and therefore, has boosted overall operational productivity.
WORX® has released three new items for drilling activities. They are known as 67-Piece Drill Bit Accessory Kit, Flexible Shaft for Cordless Screw Drivers, and Large Zippered Tool Tote with Interior & Exterior Pockets.
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Key Players
The key players in the global drill bits market include
- Atlas Copco (Sweden)
- Baker Hughes Inc. (USA)
- Cangzhou Great Drill Bits Co. Ltd. (China)
- ESCO Corporation (USA)
- Halliburton Company (USA)
- Irwin Industrial Tool Company (USA)
- Kingdream Public Limited Company (China)
- National Oilwell Varco Inc (USA)
- NewTech Drilling Products LLC (Russia)
- Scientific Drilling International Inc (USA)
- Torquato Drilling Accessories Inc. (USA)
- Ulterra Drilling Technologies (USA)
- Varel International Inc (USA)
Segmentation
The Global Drill Bits Market has been segmented on the basis of Applications, Type of Drill, and lastly, Region.
The Application-based segmentation segments this market into onshore applications and offshore applications. During the forecast period, the onshore drilling application is expected to contribute the most to the global market with increasing onshore drilling activities across various regions.
By Types of the drill, the market has been segmented into fixed cutter bits and roller cone cutter bits. The fixed cutter bits have been sub-segmented into natural diamond bits and polycrystalline diamond bits. The roller cone cutter bits have been sub-segmented into milled-tooth bits and tungsten carbide inserts.
The Regional- segmentation of the global drill bits market segments the market into the regional markets known North America, Europe, Asia Pacific, and the Middle East & Africa (MEA). North America is expected to be the largest market during the forecast period due to increased horizontal drilling and unconventional drilling activities. In this region, the USA is a major crude oil producing nation with increased onshore drilling activities for extraction of shale oil & gas. In the Gulf of Mexico, the increased number of oil & gas enhanced recovery projects can extend the operating life of the maturing oil wells. Canada is the second most important country-specific market in this region.
In the Asia Pacific region, shale gas development projects have increased in China, leading to market growth. Oil & gas discovery activities are also increasing in Australia, Indonesia, and the Philippines, leading to steady market growth in remaining countries of Asia Pacific region as buyers.
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In Europe, the market is growing due to the availability of infrastructure and technology. Although here the market is limited due to limited extraction fields. However, as a buyer, Europe is a very important market. In some European countries, limited oil extraction activities do happen. In this region, the primary country-specific markets are Norway, Russia, and the UK, followed by the remaining countries of Europe.
The Middle East & Africa (MEA) has a lot of oil fields. However, in this region, the market is limited, primarily due to lack of technology and infrastructure in most parts to extract oil & gas. Here, the factors that hinder the market growth are poor countries, lack of awareness, lack of infrastructure, lack of advanced facilities, lack of skilled professionals, and lack of education.
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