The global geothermal drill bits market size for power generation will grow by USD 20.38 million during 2019-2023. This market report provides a detailed analysis of the market by type (tricone, PDC, and others) and geography (Americas, APAC, and EMEA). Also, the report analyzes the market’s competitive landscape and offers information on many geothermal drill bit manufacturers, including America West Drilling Supply Inc., Baker Hughes, a GE Co. LLC, Bit Brokers International Ltd., Blast Hole Bit Co. LLC, Epiroc AB, Halliburton Co., National Oilwell Varco Inc., Schlumberger Ltd., Torquato Drilling Accessories, and Varel International Energy Services Inc.
Key Insight on Geothermal Drill Bits Market for Power Generation – Global Forecast 2019-2023
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The rise in adoption of renewables is attracting significant investments in renewable energy across the world. Over the recent years, geothermal energy projects have received significant funds and investments compared to other renewable power generation technologies. The US DOE recently announced to fund nearly USD 11.4 million for seven projects to boost geothermal energy production. These projects are focused on supporting the R&D efforts on innovative geothermal technologies in the US. Similarly, in 2018, under the European funding program, ERA-NET, nine transitional geothermal energy projects were chosen for funding of nearly USD 59 million. Such funds and investments are increasing the number of geothermal projects across the world, which is rising the demand for geothermal drill bits. This is expected to drive geothermal drill bits market growth for power generation over the forecast period.
Many vendors are consistently making advancements to improve the performance of drill bits. Drill bit manufacturers are creating three-dimensional bit designs using the latest dynamics modeling to integrate features such as depth of cut control, rock interaction analysis, cutter technology for increased longevity and ROP, and advanced material usage. Certain vendors are introducing drill bits that feature a diamond-impregnated matrix in the nose, cone, shoulder, and gauge areas to improve bit life. Such advancements in drill bits will increase the efficiency of drilling operations, thereby fueling the growth of the global geothermal drill bits market size for power generation. As a result of these factors, the market will register a CAGR of nearly 9% during 2019-2023.
Top Companies in Geothermal drill bits Market
The global market is fragmented. To help clients improve their market positions, this geothermal drill bits market forecast provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. This report also includes information on the upcoming geothermal drill bits market trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
The report offers a detailed analysis of several leading geothermal drill bit manufacturers, including:
America West Drilling Supply Inc.
Baker Hughes, a GE Co. LLC
Bit Brokers International Ltd.
Blast Hole Bit Co. LLC
National Oilwell Varco Inc.
Torquato Drilling Accessories
Varel International Energy Services Inc.
Geothermal Drill Bits Market for Power Generation by Type
Tricone drill bits
PDC drill bits
The tricone drill bits market segment held the largest market share in 2018. It will account for the highest geothermal drill bits market share over the forecast period. Tricone bits are available in different varieties that can be used for a wide range of rock formations. Moreover, they are increasingly adopted because of their good performance in soft and medium rock formations. This report provides an accurate prediction of the contribution of all the segments to the growth of the geothermal drill bits market size for power generation.
Geothermal Drill Bits Market for Power Generation by Region
With a complete study of the growth opportunities for companies, it has been identified that EMEA will account for the highest share of the geothermal drill bits market for power generation throughout the forecast period. The energy policy in Turkey is focusing on reducing the country’s dependence on fossil fuels by emphasizing the adoption of renewable energy. In 2018, the country added over 200 megawatts of new geothermal capacity. Turkey has more than 50 geothermal plants in operation and many such geothermal power plants are under construction in the country. These are some of the major factors driving the growth of geothermal drill bits market for power generation in EMEA.
Major Highlights of the Geothermal Drill Bits Market for Power Generation - Global Forecast 2019-2023
CAGR of the market during the forecast period 2019-2023
Detailed information on factors that will accelerate the growth of the global geothermal drill bits market for power generation during the next five years
Precise estimation of the global geothermal drill bits market for power generation and its contribution to the parent market
Accurate geothermal drill bits market forecast on upcoming trends and changes in consumer behavior
The growth of the geothermal drill bits industry across the Americas, APAC, and EMEA
A thorough analysis of the market’s competitive landscape and detailed information on several vendors
Comprehensive details of factors that will challenge the growth of geothermal drill bit manufacturers
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