Market Overview:
The global drill bits for oil and gas market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for oil and gas across the globe. Drill bits are used in various applications such as onshore and offshore drilling. The onshore drilling segment is expected to dominate the global drill bits for oil and gas market during the forecast period, owing to an increase in shale gas exploration activities across North America, Asia Pacific, Latin America, and Europe.
Product Definition:
A drill bit is a tool used to create cylindrical holes, almost always by rotary motion. The drill bit is the cutting part of the drill. There are many different types of drill bits, including flat-bottom, V-shaped, and pointed tips. Drill bits are usually made of tool steel or tungsten carbide.
Roller Cone Bits:
roller cone bits are used to drill through rock and soil without causing significant disruption to the surface topography. The roller cone bit is a hybrid equipment that integrates the functionality of both rotary and auger cones into one device. It is designed for drilling applications in soft soils, such as loam, silt, sand or peat at low penetration rates up to 400 mm/min using a high-speed steel ball with an enclosed metal sleeve at the end of its drill rod.
Fixed Cutter Bits:
Fixed cutter bits are also known as cast iron drill bits. These drill bits are manufactured using high strength and durable material. The body of the bit is made from solid metal whereas, the tip section is normally made from a strong but lightweight material such as steel or titanium. Fixed cutter bit has no replaceable parts and hence it can be used for a longer duration with minimal maintenance requirements.
Application Insights:
Onshore was the dominant application segment in 2017, accounting for over 75% of the revenue share. Onshore drilling involves the use of a rotary drilling rig with multiple stages to penetrate deep into the earth's crust. The primary advantage associated with onshore drilling is that it requires lower capital investment as compared to offshore and can be set up quickly. However, high operational cost and complexity are some of its major disadvantages when compared to offshore drilling methods.
The demand for off-highway diesel equipment has witnessed an upward trend due to rising oil & gas production across various regions including Middle East & Africa, North America and Europe coupled with increasing exploration activities in these regions over recent years. This growth has resulted in increased utilization of such equipment at well sites which is expected to drive product demand over next few years from 2018 through 2030 period.
Regional Analysis:
North America dominated the global market in terms of revenue with a share of over 40.0% in 2017. The region is expected to witness significant growth over the forecast period owing to increasing drilling activities for oil and gas wells across U.S., which is likely to drive product demand during the forecast period from 2018 to 2030.
The Asia Pacific regional market was valued at USD X million in 2017 and is anticipated to register a CAGR of XX% from 2018 to 2030 as several countries including China, India, Indonesia are experiencing strong economic growth along with rising energy demand due high population density.
Growth Factors:
- Increasing demand for oil and gas due to population growth and industrialization in developing countries.
- Rising prices of crude oil which is encouraging the exploration and production of unconventional reserves such as shale gas.
- Technological advancements in drilling equipment that are making the process more efficient and cost effective.
- Growing concerns over energy security and climate change, which is driving investments in renewable energy sources like wind and solar power.
Scope Of The Report
Report Attributes
Report Details
Report Title
Drill Bits for Oil and Gas Market Research Report
By Type
Roller Cone Bits, Fixed Cutter Bits
By Application
Onshore, Offshore
By Companies
Baker Hughes, Inc., Scientific Drilling International, Inc., Ulterra Drilling Technologies, National Oilwell Varco, Inc., Varel international, Inc., Atlas Copco AB
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
248
Number of Tables & Figures
174
Customization Available
Yes, the report can be customized as per your need.
Global Drill Bits for Oil and Gas Market Report Segments:
The global Drill Bits for Oil and Gas market is segmented on the basis of:
Types
Roller Cone Bits, Fixed Cutter Bits
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Onshore, Offshore
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Baker Hughes, Inc.
- Scientific Drilling International, Inc.
- Ulterra Drilling Technologies
- National Oilwell Varco, Inc.
- Varel international, Inc.
- Atlas Copco AB
Highlights of The Drill Bits for Oil and Gas Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Roller Cone Bits
- Fixed Cutter Bits
- By Application:
- Onshore
- Offshore
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Drill Bits for Oil and Gas Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Drill bits for oil and gas are used to create a hole in the ground. The bit is inserted into the ground and rotated, which creates a hole in the ground.
Some of the key players operating in the drill bits for oil and gas market are Baker Hughes, Inc., Scientific Drilling International, Inc., Ulterra Drilling Technologies, National Oilwell Varco, Inc., Varel international, Inc., Atlas Copco AB.
The drill bits for oil and gas market is expected to grow at a compound annual growth rate of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Drill Bits for Oil and Gas Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Drill Bits for Oil and Gas Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Drill Bits for Oil and Gas Market - Supply Chain
4.5. Global Drill Bits for Oil and Gas Market Forecast
4.5.1. Drill Bits for Oil and Gas Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Drill Bits for Oil and Gas Market Size (000 Units) and Y-o-Y Growth
4.5.3. Drill Bits for Oil and Gas Market Absolute $ Opportunity
5. Global Drill Bits for Oil and Gas Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Drill Bits for Oil and Gas Market Size and Volume Forecast by Type
5.3.1. Roller Cone Bits
5.3.2. Fixed Cutter Bits
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Drill Bits for Oil and Gas Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Drill Bits for Oil and Gas Market Size and Volume Forecast by Application
6.3.1. Onshore
6.3.2. Offshore
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Drill Bits for Oil and Gas Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Drill Bits for Oil and Gas Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Drill Bits for Oil and Gas Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Drill Bits for Oil and Gas Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Drill Bits for Oil and Gas Demand Share Forecast, 2019-2026
9. North America Drill Bits for Oil and Gas Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Drill Bits for Oil and Gas Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Drill Bits for Oil and Gas Market Size and Volume Forecast by Application
9.4.1. Onshore
9.4.2. Offshore
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Drill Bits for Oil and Gas Market Size and Volume Forecast by Type
9.7.1. Roller Cone Bits
9.7.2. Fixed Cutter Bits
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Drill Bits for Oil and Gas Demand Share Forecast, 2019-2026
10. Latin America Drill Bits for Oil and Gas Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Drill Bits for Oil and Gas Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Drill Bits for Oil and Gas Market Size and Volume Forecast by Application
10.4.1. Onshore
10.4.2. Offshore
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Drill Bits for Oil and Gas Market Size and Volume Forecast by Type
10.7.1. Roller Cone Bits
10.7.2. Fixed Cutter Bits
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Drill Bits for Oil and Gas Demand Share Forecast, 2019-2026
11. Europe Drill Bits for Oil and Gas Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Drill Bits for Oil and Gas Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Drill Bits for Oil and Gas Market Size and Volume Forecast by Application
11.4.1. Onshore
11.4.2. Offshore
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Drill Bits for Oil and Gas Market Size and Volume Forecast by Type
11.7.1. Roller Cone Bits
11.7.2. Fixed Cutter Bits
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractieness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Drill Bits for Oil and Gas Demand Share, 2019-2026
12. Asia Pacific Drill Bits for Oil and Gas Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Drill Bits for Oil and Gas Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Drill Bits for Oil and Gas Market Size and Volume Forecast by Application
12.4.1. Onshore
12.4.2. Offshore
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Drill Bits for Oil and Gas Market Size and Volume Forecast by Type
12.7.1. Roller Cone Bits
12.7.2. Fixed Cutter Bits
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Drill Bits for Oil and Gas Demand Share, 2019-2026
13. Middle East & Africa Drill Bits for Oil and Gas Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Drill Bits for Oil and Gas Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Drill Bits for Oil and Gas Market Size and Volume Forecast by Application
13.4.1. Onshore
13.4.2. Offshore
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Drill Bits for Oil and Gas Market Size and Volume Forecast by Type
13.7.1. Roller Cone Bits
13.7.2. Fixed Cutter Bits
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Drill Bits for Oil and Gas Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Drill Bits for Oil and Gas Market: Market Share Analysis
14.2. Drill Bits for Oil and Gas Distributors and Customers
14.3. Drill Bits for Oil and Gas Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Baker Hughes, Inc.
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Scientific Drilling International, Inc.
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Ulterra Drilling Technologies
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. National Oilwell Varco, Inc.
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Varel international, Inc.
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Atlas Copco AB
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. COMPANY7
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. COMPANY8
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. COMPANY9
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. COMPANY 10
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. COMPANY 11
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
