Drilling Bits Market in Oil and Gas Industry by Product, Application, and Geography - Forecast and Analysis 2021-2025

Drilling Bits Market in Oil and Gas Market Report 2021-2025

The drilling bits market in oil and gas market size is forecast to increase by USD 1.32 and is estimated to grow at a CAGR of 6.29% between 2020 and 2025.  The report includes historic market data from 2017 to 2021. The market is witnessing a rising demand for the integration of drill bits and hybrid drill bits in bottom hole assemblies, the development of application-specific bit technology, and advancements in Enhanced Oil Recovery (EOR) technology.

Drilling Bits Market in Oil and Gas Market Overview :

• The market segmentation by categorized as Products (fixed cutter bits and roller cone cutter bits)
• The Application segment is categorized as (onshore and offshore)
• Fixed cutter bits are the fastest-growing segment during the forecast year
• The Regional Analysis consists of North America, MEA, APAC, Europe, South America, North America, MEA, APAC, Europe, and South America
• North America is is most dominating region during the forecast period
•  It also includes an in-depth analysis of drivers (factors influencing market growth), trends (emerging patterns or shifts in consumer behavior), and challenges (barriers or obstacles faced by the industry) 

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Drilling Bits Market In Oil And Gas Market Trends 

The integration of drill bits and hybrid drill bits in bottom hole assemblies is another factor supporting the global drilling bits market in oil and gas market share growth. One of the major trends in the global drilling bits market in oil and gas is the adoption of new bits technologies such as the integration of drill bits in bottom-hole assemblies and others. Currently, many end-users demand packaged solutions for their drilling operations instead of individual drill bits. These packaged drilling solutions for bottom-hole assemblies integrate motors, drilling systems, and bits, thereby reducing the time and energy needed to assemble and calibrate the individual components before use. In addition, the bundled drilling package helps optimize downhole drilling operations because it does not require special training for the operators to use such drilling equipment. Essentially, the adoption of new drill bits in bottom-hole assemblies may contribute to the growth of the market during the forecast period.

Drilling Bits Market in Oil and Gas Market  Largest-Growing Segments 

Fixed Cutter Bits

The drilling bits market in oil and gas market share growth by the fixed cutter bits segment will be significant during the forecast period. The market will remain heavily dominated by fixed cutter bits because of their multiple applications in different formations, such as soft, clay, silt, sand, and shale. They are also highly useful in directional drilling operations because of their high penetration rates and low wear rates. 

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This report provides an accurate prediction of the contribution of all the segments to the growth of the drilling bits market in the oil and gas market size and actionable market insights on post COVID-19 impact on each segment.

Drilling Bits Market In Oil And Gas Market Regional Analysis

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North America is estimated to contribute 46% to the growth of the global market during the forecast period. The US and Canada are the key markets for the drilling bits market in the oil and gas market in North America. Market growth in this region will be faster than the growth of the market in APAC and Europe.

An increase in the E&P activities of crude oil and gas resources and the increasing demand for fuel will facilitate the drilling bits market in oil and gas market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

Drilling Bits Market in Oil and Gas Market Dynamic

Key Driver of Drilling Bits Market in Oil and Gas Market

The migration of drilling into unconventional areas is a major factor driving the global drilling bits market in oil and gas market share growth. The major hydrocarbon-rich regions around the world were identified in the early 20th century, and most of the operations were based out of these areas. However, things have started to change in a significant manner now, and the E&P companies have started looking at unconventional avenues for exploration and production activities. Due to the recovery of crude oil prices, companies have increased their E&P operations in places with large oil reserves, such as GoM and Brazil. The number of deepwater and ultra-deepwater oil and gas projects has been increasing over the past few years. For instance, in August 2019, Murphy Oil Corp. sanctioned the Khaleesi/Mormont, King's Quay floating production system, and Samurai field developments in the deepwater GoM. There are new technologies in the market, which have enabled the monitoring of drilling activities in detail during its operations. Therefore, the market will continue to grow positively during the forecast period.

Significance Challenges of Drilling Bits Market in Oil and Gas Market

The decreasing profitability of upstream petroleum companies will be a major challenge for the global drilling bits market in the oil and gas market during the forecast period. Crude oil has factually been one of the most volatile commodities, regularly proving that even the best forecasting models are incapable of predicting a realistic future price. The rise and fall in crude prices have vaguely followed a trend over the past few years, which is now identified as the crude oil price cycle. However, the correct estimation of the peaks that the crude will rise to or the lows that it will fall to is yet to be seen. The crude prices reached historic highs in the follow-up to the global financial meltdown in 2009. After that, prices crashed sharply owing to weak global economic factors. The recent crash in crude prices, which saw the price fall from highs of USD100 in mid-2014 to around USD28 in early 2016, only reinforces volatility in crude markets. This directly affects a lot of products that are derived from it, such as gasoline and lubricants, and changes the course of the entire market for a product within a short period of time.

This drilling bits market in oil and gas market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Major Drilling Bits Market in Oil and Gas Market Companies

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

• Atlas Copco AB- The company offers products such as Powerbit.

The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• Atlas Copco AB
• Baker Hughes Co.
• Bellwether Resources International Inc.
• Bit Brokers International Ltd.
• Caterpillar Inc.
• Drill King International LP
• Drilling Products Inc.
• Halliburton Co.
• National Oilwell Varco Inc.
• Sandvik AB

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The drilling bits market in oil and gas market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook (USD Million, 2017 - 2027)
  • Fixed cutter bits 
  • Roller cone cutter bits

• Application Outlook (USD Million, 2017 - 2027)
  • Onshore
  • Offshore

• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Drilling Bits Market In Oil And Gas Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Historic period	2017-2021
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 6.29%
Market growth 2021-2025	USD 1.32 billion
Market structure	Fragmented
YoY growth 2020-2021(%)	5.71
Regional analysis	North America, MEA, APAC, Europe, South America, North America, MEA, APAC, Europe, and South America
Performing market contribution	North America at 46%
Key countries	US, Russian Federation, China, Canada, and Saudi Arabia
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Atlas Copco AB, Baker Hughes Co., Bellwether Resources International Inc., Bit Brokers International Ltd., Caterpillar Inc., Drill King International LP, Drilling Products Inc., Halliburton Co., National Oilwell Varco Inc., and Sandvik AB
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Drilling Bits Market In Oil And Gas Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2021 and 2025
• Precise estimation of the size of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the market industry across North America, MEA, APAC, Europe, South America, North America, MEA, APAC, Europe, and South America
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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