Market Overview:
The global oil and gas drill bits market is expected to grow at a CAGR of 5.5% from 2018 to 2030. The market growth is attributed to the increasing demand for oil and gas across the globe. Drill bits are used in drilling activities for extracting hydrocarbons such as crude oil and natural gas from underground reservoirs. The roller cone drill bit segment is expected to grow at a higher CAGR than the fixed cutter drill bit segment during the forecast period. This can be attributed to its ability to produce high quality holes with low torque, which makes it suitable for use in difficult terrains.
Product Definition:
Oil and gas drill bits are used to drill through rock formations to extract oil and natural gas. The bits are typically made of hard alloys or diamonds, and they vary in size depending on the type of rock being drilled. Drill bits are an important part of the oil and gas extraction process, as they allow operators to access these resources efficiently.
Roller Cone:
roller cone is a device that is used in the drilling of oil and gas wells. It helps to control the direction, speed and depth of penetration by controlling the rotation of drill string. The roller cone has an outer surface which is generally made up of steel or other alloy materials which are sharpened at one end so as to form a pointy bit.
Fixed Cutter:
Fixed cutter is a machining aid used to remove material from the work piece by shearing or cutting. The working principle of fixed cutters is based on the simple concept of using a sharp edge or point that can penetrate into the workpiece and tear/shear off small pieces until it comes out again at an angle. These types of cutters are mainly used for removing material in smaller sizes such as chips, dust, filings, etc.
Application Insights:
Onshore was the dominant application segment in 2017 and is expected to continue its dominance over the forecast period. Onshore drilling involves extraction of oil & gas from within a defined area on the land surface. The major applications of this technology include conventional, tight and shale plays. Conventional plays involve extraction of resources such as coal, crude oil and natural gas that are currently being extracted using traditional methods.
The growth in unconventional sources including shale reserves is expected to drive demand for advanced technologies such as high-performance computers, 3D imaging systems, artificial intelligence-based navigation systems among others during the forecast period. These technologies help operators extract maximum amount of resources while minimizing environmental impact along with cost savings which further benefits end users including governments worldwide.
Regional Analysis:
North America dominated the global market in 2017. The U.S., being a major oil and gas producing country, has a well-established drilling industry. However, with declining crude oil prices and rising costs associated with shale development, the number of new wells drilled in North America is expected to decline from 2018 to 2030 as compared to previous years.
Asia Pacific is anticipated to be one of the fastest-growing regions over the forecast period owing to increasing demand for exploration activities from countries such as China.
Growth Factors:
- Increasing demand for oil and gas due to population growth and industrialization.
- Rising investment in drilling activities by oil and gas companies to explore new reserves.
- Development of new technologies that improve the performance of drill bits.
- Growing use of directional drilling in challenging terrains for exploration purposes.
Scope Of The Report
Report Attributes
Report Details
Report Title
Oil & Gas Drill Bits Market Research Report
By Type
Roller Cone, Fixed Cutter
By Application
Onshore, Offshore
By Companies
Atlas Copco, Varel International, GE, Schlumberger, National Oilwell Varco, Halliburton, Torquato, Kingdream, Bellwether Resources International, Bit Brokers International, HEBEI CROSSING DRILL BIT MANUFACTURE, DRILBITS International, Drilformance, Drill King International, Harvest Tool, Hole Products, Kay Rock Bit Company, NPICO, PDB Tools
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
189
Number of Tables & Figures
133
Customization Available
Yes, the report can be customized as per your need.
Global Oil & Gas Drill Bits Market Report Segments:
The global Oil & Gas Drill Bits market is segmented on the basis of:
Types
Roller Cone, Fixed Cutter
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:
- Atlas Copco
- Varel International
- GE
- Schlumberger
- National Oilwell Varco
- Halliburton
- Torquato
- Kingdream
- Bellwether Resources International
- Bit Brokers International
- HEBEI CROSSING DRILL BIT MANUFACTURE
- DRILBITS International
- Drilformance
- Drill King International
- Harvest Tool
- Hole Products
- Kay Rock Bit Company
- NPICO
- PDB Tools
Highlights of The Oil & Gas Drill Bits 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
- Fixed Cutter
- 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 Oil & Gas Drill Bits 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
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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?
Oil and gas drill bits are the cutting tools used in oil and gas drilling. They are made from a variety of materials, including steel, titanium, and copper.
Some of the major players in the oil & gas drill bits market are Atlas Copco, Varel International, GE, Schlumberger, National Oilwell Varco, Halliburton, Torquato, Kingdream, Bellwether Resources International, Bit Brokers International, HEBEI CROSSING DRILL BIT MANUFACTURE, DRILBITS International, Drilformance, Drill King International, Harvest Tool, Hole Products, Kay Rock Bit Company, NPICO, PDB Tools.
The oil & gas drill bits market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Oil & Gas Drill Bits Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Oil & Gas Drill Bits Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Oil & Gas Drill Bits Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Oil & Gas Drill Bits Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Oil & Gas Drill Bits Market Size & Forecast, 2018-2028
4.5.1 Oil & Gas Drill Bits Market Size and Y-o-Y Growth
4.5.2 Oil & Gas Drill Bits Market Absolute $ Opportunity
Chapter 5 Global Oil & Gas Drill Bits Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Oil & Gas Drill Bits Market Size Forecast by Type
5.2.1 Roller Cone
5.2.2 Fixed Cutter
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Oil & Gas Drill Bits Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Oil & Gas Drill Bits Market Size Forecast by Applications
6.2.1 Onshore
6.2.2 Offshore
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Oil & Gas Drill Bits Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Oil & Gas Drill Bits Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Oil & Gas Drill Bits Analysis and Forecast
9.1 Introduction
9.2 North America Oil & Gas Drill Bits Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Oil & Gas Drill Bits Market Size Forecast by Type
9.6.1 Roller Cone
9.6.2 Fixed Cutter
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Oil & Gas Drill Bits Market Size Forecast by Applications
9.10.1 Onshore
9.10.2 Offshore
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Oil & Gas Drill Bits Analysis and Forecast
10.1 Introduction
10.2 Europe Oil & Gas Drill Bits Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Oil & Gas Drill Bits Market Size Forecast by Type
10.6.1 Roller Cone
10.6.2 Fixed Cutter
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Oil & Gas Drill Bits Market Size Forecast by Applications
10.10.1 Onshore
10.10.2 Offshore
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Oil & Gas Drill Bits Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Oil & Gas Drill Bits Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Oil & Gas Drill Bits Market Size Forecast by Type
11.6.1 Roller Cone
11.6.2 Fixed Cutter
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Oil & Gas Drill Bits Market Size Forecast by Applications
11.10.1 Onshore
11.10.2 Offshore
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Oil & Gas Drill Bits Analysis and Forecast
12.1 Introduction
12.2 Latin America Oil & Gas Drill Bits Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Oil & Gas Drill Bits Market Size Forecast by Type
12.6.1 Roller Cone
12.6.2 Fixed Cutter
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Oil & Gas Drill Bits Market Size Forecast by Applications
12.10.1 Onshore
12.10.2 Offshore
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Oil & Gas Drill Bits Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Oil & Gas Drill Bits Market Size 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 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Oil & Gas Drill Bits Market Size Forecast by Type
13.6.1 Roller Cone
13.6.2 Fixed Cutter
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Oil & Gas Drill Bits Market Size Forecast by Applications
13.10.1 Onshore
13.10.2 Offshore
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Oil & Gas Drill Bits Market: Competitive Dashboard
14.2 Global Oil & Gas Drill Bits Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Atlas Copco
14.3.2 Varel International
14.3.3 GE
14.3.4 Schlumberger
14.3.5 National Oilwell Varco
14.3.6 Halliburton
14.3.7 Torquato
14.3.8 Kingdream
14.3.9 Bellwether Resources International
14.3.10 Bit Brokers International
14.3.11 HEBEI CROSSING DRILL BIT MANUFACTURE
14.3.12 DRILBITS International
14.3.13 Drilformance
14.3.14 Drill King International
14.3.15 Harvest Tool
14.3.16 Hole Products
14.3.17 Kay Rock Bit Company
14.3.18 NPICO
14.3.19 PDB Tools
