Global Drill Bits (Oil and Gas) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Drill Bits (Oil and Gas) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

An oil and gas drill bit is a tool used in the oil and gas industry which is designed to produce a generally cylindrical hole (wellbore) in the earth’s crust by the rotary drilling method for the discovery and extraction of hydrocarbons such as crude oil and natural gas. Drill bits are an essential component of drilling operations and are generally used to remove large rocks or hard materials to create holes for drilling oil and gas wells. The drill bit is the tool attached at the bottom of the drill string to excavate the rock formations. The rotation of the drill string and weight put on it provides power to the drill, which further carries out the crushing, scraping, or grinding of the bottom rock formation as the drilling goes on. These tools are rotating apparatus that are created from the hardest materials and have sharp textures that can efficiently cut into rocks and sediments. They are commonly known as rock bit or bit and are divided into two main types, roller-cone drill bits and fixed cutter drill bits, based on their cutting mechanism.

Market Overview:

The latest research study on the global Drill Bits (Oil and Gas) market finds that the global Drill Bits (Oil and Gas) market reached a value of USD 4735.25 million in 2022. It’s expected that the market will achieve USD 6451.58 million by 2028, exhibiting a CAGR of 5.29% during the forecast period.

Low Oil & Gas Drilling Activities During COVID-19 may influence Drill Bit Market Trends

The dramatic decline in oil prices, coupled with the slightly reduced oil demand from the end-user markets amid the coronavirus pandemic, may have severely impacted the oil & gas activities. The instances of oversupply and subdued demand have also led to a substantial imbalance in oil demand, thus resulting in diminished oil & gas drilling activities, which in turn presented challenges to drill bit market.

Increasing E&P activities

Increasing E&P activities on account of increasing energy demand are expected to remain a key trend for the global oil and gas drill bit market over the forecast period. Increased energy demand across the globe owing to rising population and urbanization has seen the oil and gas demand rise. This has resulted in rising in the number of exploration activities being carried out for oil and unconventional sources of energy. Drilling bits being responsible for cutting through the earth’s crust to reach the underlying sources have also witnessed a hike in the number of sales of units in every region. The shift in trend towards developing unconventional reserves such as tight gas, shale, and CBM is also expected to have a positive influence on the market growth. Hydrocarbon extraction from these reserves requires a highly durable bit with improved performance and rate of penetration (ROP).

Focus on increasing efficiency at challenging locations will drive the growth of the global market

Major factors driving the global oil and gas drill bit market are growth in shale gas exploration activities across the globe and rising demand for customized drilling bits that can handle unconventional rock formation. These drill bits are widely used during shale gas exploration. With the increase of shale gas exploration, demand for these drill bits have also increased. The drilling bit have seen advancements in their structure over the years. The advancements brought in the structure of the drilling bits and the material being used for their manufacturing have helped the drilling efficiency to rise. The operational time required per well has also decreased. The exploration activities in recent years have been carried out at difficult locations and in great depths in the offshore locations. This has increased the scope of the area available for exploration activities. And the increased exploration activities at difficult locations along with increased efficiency will drive the sales of the global oil and gas drill bit market. Besides, advancements in manufacturing technology and application of novel materials in production processes of drill bits is expected to further drive revenue growth of the market over the forecast period.

Region Overview:

Geographically, North America held the largest market share – 53.77% in 2021.

Company Overview:

Schlumberger is one of the major players operating in the Drill Bits (Oil and Gas) market, holding a share of 19.67% in 2022.

Schlumberger

Schlumberger N.V. also known as Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management, and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

Baker Hughes

Baker Hughe is an energy technology company that has a diverse portfolio of equipment and service capabilities that span the energy and industrial value chain. Baker Hughes, Inc. is a supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. It also provides industrial and other products and services to the downstream refining, and process and pipeline industries. The company’s oilfield products and services are categorized under two heads: Drilling and Evaluation or Completion and Production.

Segmentation Overview:

Among different product types, Roller Cone Bits segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Onshore segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Drill Bits (Oil and Gas) market covered in Chapter 3:

Halliburton
Sinopec Oilfield Equipment Corporation
Baker Hughes
Rockpecker Limited
Shear bits
Drilformance
Palmer Bit Company
MICON-Drilling
Western Drilling Tools Inc
National Oilwell Varco
Epiroc(Atlas Copco)
Torquato Drilling Accessories
C&H Bit
Schlumberger
Ulterra
Varel International
Volgaburmash

In Chapter 4 and Chapter 14.2, on the basis of types, the Drill Bits (Oil and Gas) market from 2018 to 2029 is primarily split into:

Fixed Cutter Bits
Roller Cone Bits

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Drill Bits (Oil and Gas) market from 2018 to 2029 covers:

Offshore
Onshore

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)