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

  • Published: Jul 2021
  • Pages: 120
  • SKU: IRTNTR41458
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The drilling bits market in oil and gas industry has the potential to grow by USD 1.32 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 6.29%.

This drilling bits market research report of oil and gas industry provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (fixed cutter bits and roller cone cutter bits), application (onshore and offshore), and geography (North America, MEA, APAC, Europe, and South America). The drilling bits market in oil and gas industry report also offers information on several market vendors, including Atlas Copco AB, Baker Hughes Co., Bit Brokers International Ltd., Caterpillar Inc., Drill King International LP, Drilling Products Inc., Halliburton Co., NOV Inc., Sandvik AB, and Ulterra Drilling Technologies L.P. among others.

What will the Drilling Bits Market Size in Oil and Gas Industry be in 2021?

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Drilling Bits Market in Oil and Gas Industry: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The migration of drilling into unconventional areas is notably driving the drilling bits market growth in oil and gas industry, although factors such as decreasing profitability of upstream petroleum companies may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the drilling bits market in oil and gas industry get your FREE report sample now.

  • The migration of drilling into unconventional areas is one of the major factors that will have a positive impact on the growth of this market.
  • Conventional crude oil will account for only about 60% of the liquid fuel supply by 2040.
  • With the era of easy oil nearing the end, oil and gas companies will start looking out for unconventional avenues around the globe for exploration and production activities.
  • This increase in new exploration and production activities will result in the rising demand for drilling equipment, in turn, driving drilling bits market growth in the oil and gas industry.
  • The increased use of horizontal and multilateral wells will fuel the growth of the drilling bits market size in oil and gas industry.
  • The use of drilling bits has been established as significant in conventional as well as unconventional drilling operations.
  • The use of multilateral technology is very beneficial for unconventional applications.
  • It can increase the production by 70% by use of a single horizontal well reason being that the multilaterals provide reservoir contact in low productivity reservoirs.
  • As the use of horizontal and multilateral wells increase in the oil industry and in new avenues, more drill bits will be required.

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

Who are the Major Drilling Bits Market Vendors in Oil and Gas Industry?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Atlas Copco AB
  • Baker Hughes Co.
  • Bit Brokers International Ltd.
  • Caterpillar Inc.
  • Drill King International LP
  • Drilling Products Inc.
  • Halliburton Co.
  • NOV Inc.
  • Sandvik AB
  • Ulterra Drilling Technologies L.P.

 

The drilling bits market in the oil and gas industry is fragmented and the vendors are deploying growth strategies such as increasing their R&D investments to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the drilling bits market in oil and gas industry forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Drilling Bits Market in Oil and Gas Industry?

Drilling-Bits-Market-In-Oil-And-Gas-Industry-Market-Share-by-Region-2020-2025

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46% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for drilling bits in the oil and gas industry 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 growth in oil and gas industry in North America over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Product Segments in the Drilling Bits Market in Oil and Gas Industry?

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The drilling bits market share growth in oil and gas industry 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. 

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

 

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What are the Key Factors Covered in this Drilling Bits Market Report of Oil and Gas Industry?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive drilling bits market growth in the oil and gas industry during the next five years
  • Precise estimation of the drilling bits market size in oil and gas industry and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the drilling bits market in oil and gas industry across North America, MEA, APAC, Europe, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of drilling bits market vendors in oil and gas industry 

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Drilling Bits Market In Oil And Gas Industry Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 6.29%

Market growth 2021-2025

$ 1.32 billion

Market structure

Fragmented

YoY growth (%)

5.71

Regional analysis

North America, MEA, APAC, Europe, and South America

Performing market contribution

North America at 46%

Key consumer countries

US, Russian Federation, China, Saudi Arabia, and Canada

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Atlas Copco AB, Baker Hughes Co., Bit Brokers International Ltd., Caterpillar Inc., Drill King International LP, Drilling Products Inc., Halliburton Co., NOV Inc., Sandvik AB, and Ulterra Drilling Technologies L.P.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact 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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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The drilling bits market in oil and gas market growth will increase by $1382.30 million during 2019-2024.
The drilling bits market in oil and gas market is expected to grow at a CAGR of 6.96% during 2019-2024.
Technavio has segmented the drilling bits market in oil and gas market by product (Fixed cutter bits and Roller cone cutter bits) ,application (Transportation, Machinery, Metal fabrication, Consumer goods, and Others) , and geographic (North America, MEA, APAC, Europe, and South America).
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 are a few of the key vendors in the drilling bits market in oil and gas market.
North America will register the highest growth rate of 46.90% among the other regions. Therefore, the drilling bits market in oil and gas market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • Russian Federation
  • China
  • Canada
  • Saudi Arabia
The key factors driving the drilling bits market in oil and gas market growth are:
  • Migration of drilling into unconventional areas
  • Use of biomass as a fuel in boiler
The drilling bits market in oil and gas market vendors should focus on grabbing business opportunities from the fixed cutter bits segment as it accounted for the largest market share in the base year.
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