The global drill bits market is projected to grow at a CAGR of 3.5% during the forecast period, to reach USD 2.2 billion by 2030 from USD 1.8 billion in 2018. The growth of the market can be attributed to the increasing demand for drilling equipment and services in oil and gas exploration activities, which is expected to drive the demand for drill bits globally. The fixed cutter segment accounted for over 50% share of the global drill bits market in 2018, followed by roller cone segment with a share of around 30%. Fixed cutter segment is expected to maintain its dominance throughout the forecast period due to its high penetration rate across various applications such as onshore drilling and offshore drilling. Roller cone segment is expected to witness significant growth during the forecast period owing to its low cost per bit and high penetration rate across various applications such as onshore drilling, offshore drilling, well completion & workover operations, etc, which are anticipated to drive this segment’s demand during this time frame.
Some Of The Growth Factors Of This Market:
- The drilling industry is a major contributor to the global economy, with an annual turnover of $100 billion.
- Drill bits are used in the oil and gas industry for drilling wells into the earth's surface for extracting natural resources such as oil, gas, coal and water.
- Drill bits are also used in mining operations where they are used to drill holes into rock formations.
- Drill bits can be made from different materials such as steel or tungsten carbide.
Industry Growth Insights published a new data on “Drill Bits in Oil and Gas Market”. The research report is titled “Drill Bits in Oil and Gas Market research by Types (Fixed Cutter (Polycrystalline Diamond Bits,Natural Diamond Bits), Roller Cone (Milled-tooth Bits,Tungsten Carbide Inserts)), By Applications (Onshore Drilling, Offshore Drilling), By Players/Companies Schlumberger, Baker Hughes, Halliburton, Varel International, National Oilwell Varco, Atlas Copco, National Oilwell Varco, NewTech Drilling Products, Century Products, Torquato, Drilformance, Drill King International, DRILBITS International (DBI)”.
Scope Of The Report
Report Attributes
Report Details
Report Title
Drill Bits in Oil and Gas Market Research Report
By Type
Fixed Cutter (Polycrystalline Diamond Bits,Natural Diamond Bits), Roller Cone (Milled-tooth Bits,Tungsten Carbide Inserts)
By Application
Onshore Drilling, Offshore Drilling
By Companies
Schlumberger, Baker Hughes, Halliburton, Varel International, National Oilwell Varco, Atlas Copco, National Oilwell Varco, NewTech Drilling Products, Century Products, Torquato, Drilformance, Drill King International, DRILBITS International (DBI)
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 in Oil and Gas Market Report Segments:
The global Drill Bits in Oil and Gas market is segmented on the basis of:
Types
Fixed Cutter (Polycrystalline Diamond Bits,Natural Diamond Bits), Roller Cone (Milled-tooth Bits,Tungsten Carbide Inserts)
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 Drilling, Offshore Drilling
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:
- Schlumberger
- Baker Hughes
- Halliburton
- Varel International
- National Oilwell Varco
- Atlas Copco
- National Oilwell Varco
- NewTech Drilling Products
- Century Products
- Torquato
- Drilformance
- Drill King International
- DRILBITS International (DBI)
Highlights of The Drill Bits in 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:
- Fixed Cutter (Polycrystalline Diamond Bits,Natural Diamond Bits)
- Roller Cone (Milled-tooth Bits,Tungsten Carbide Inserts)
- By Application:
- Onshore Drilling
- Offshore Drilling
- 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 in 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.
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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 are used in oil and gas drilling to create a hole in the ground.
Some of the major players in the drill bits in oil and gas market are Schlumberger, Baker Hughes, Halliburton, Varel International, National Oilwell Varco, Atlas Copco, National Oilwell Varco, NewTech Drilling Products, Century Products, Torquato, Drilformance, Drill King International, DRILBITS International (DBI).
The drill bits in oil and gas market is expected to grow at a compound annual growth rate of 3.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Drill Bits in 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 in 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 in Oil and Gas Market - Supply Chain
4.5. Global Drill Bits in Oil and Gas Market Forecast
4.5.1. Drill Bits in Oil and Gas Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Drill Bits in Oil and Gas Market Size (000 Units) and Y-o-Y Growth
4.5.3. Drill Bits in Oil and Gas Market Absolute $ Opportunity
5. Global Drill Bits in 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 in Oil and Gas Market Size and Volume Forecast by Type
5.3.1. Fixed Cutter (Polycrystalline Diamond Bits,Natural Diamond Bits)
5.3.2. Roller Cone (Milled-tooth Bits,Tungsten Carbide Inserts)
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Drill Bits in 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 in Oil and Gas Market Size and Volume Forecast by Application
6.3.1. Onshore Drilling
6.3.2. Offshore Drilling
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Drill Bits in 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 in 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 in 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 in 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 in Oil and Gas Demand Share Forecast, 2019-2026
9. North America Drill Bits in 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 in 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 in Oil and Gas Market Size and Volume Forecast by Application
9.4.1. Onshore Drilling
9.4.2. Offshore Drilling
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Drill Bits in Oil and Gas Market Size and Volume Forecast by Type
9.7.1. Fixed Cutter (Polycrystalline Diamond Bits,Natural Diamond Bits)
9.7.2. Roller Cone (Milled-tooth Bits,Tungsten Carbide Inserts)
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 in Oil and Gas Demand Share Forecast, 2019-2026
10. Latin America Drill Bits in 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 in 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 in Oil and Gas Market Size and Volume Forecast by Application
10.4.1. Onshore Drilling
10.4.2. Offshore Drilling
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Drill Bits in Oil and Gas Market Size and Volume Forecast by Type
10.7.1. Fixed Cutter (Polycrystalline Diamond Bits,Natural Diamond Bits)
10.7.2. Roller Cone (Milled-tooth Bits,Tungsten Carbide Inserts)
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 in Oil and Gas Demand Share Forecast, 2019-2026
11. Europe Drill Bits in 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 in 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 in Oil and Gas Market Size and Volume Forecast by Application
11.4.1. Onshore Drilling
11.4.2. Offshore Drilling
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Drill Bits in Oil and Gas Market Size and Volume Forecast by Type
11.7.1. Fixed Cutter (Polycrystalline Diamond Bits,Natural Diamond Bits)
11.7.2. Roller Cone (Milled-tooth Bits,Tungsten Carbide Inserts)
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/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 in Oil and Gas Demand Share, 2019-2026
12. Asia Pacific Drill Bits in 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 in 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 in Oil and Gas Market Size and Volume Forecast by Application
12.4.1. Onshore Drilling
12.4.2. Offshore Drilling
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Drill Bits in Oil and Gas Market Size and Volume Forecast by Type
12.7.1. Fixed Cutter (Polycrystalline Diamond Bits,Natural Diamond Bits)
12.7.2. Roller Cone (Milled-tooth Bits,Tungsten Carbide Inserts)
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 in Oil and Gas Demand Share, 2019-2026
13. Middle East & Africa Drill Bits in 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 in 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 in Oil and Gas Market Size and Volume Forecast by Application
13.4.1. Onshore Drilling
13.4.2. Offshore Drilling
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 in Oil and Gas Market Size and Volume Forecast by Type
13.7.1. Fixed Cutter (Polycrystalline Diamond Bits,Natural Diamond Bits)
13.7.2. Roller Cone (Milled-tooth Bits,Tungsten Carbide Inserts)
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 in Oil and Gas Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Drill Bits in Oil and Gas Market: Market Share Analysis
14.2. Drill Bits in Oil and Gas Distributors and Customers
14.3. Drill Bits in Oil and Gas Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Schlumberger
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Baker Hughes
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Halliburton
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Varel International
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. National Oilwell Varco
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
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. National Oilwell Varco
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. NewTech Drilling Products
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Century Products
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Torquato
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Drilformance
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. Drill King International
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. DRILBITS International (DBI)
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