Oil and Gas Drill Bit Market Size, Research and Future Prospects Details By 2022

Industry Insight:

Felton, California , USA, Apr 22, 2021 — /EPR Network/ — The global oil and gas drill bit market was valued at more than USD 4.9 billion in 2014. Increasing global demand for energy is expected to drive the demand for drill bit as exploration and production especially for shale gas are anticipated to rise over the forecast period. Increasing offshore drilling activities in the U.S. and the Middle East is anticipated to augment product demand over the forecast period.

They are cutting tools used to create holes onshore and offshore as well. They are available in various shapes and sizes made of different materials such as diamond, carbide, and tungsten.

As exploration of unconventional sources such as CBM, shale gas has been increasing owing to rapid increase in global energy demand and several initiatives from various governments production from these reserves is expected to rise in the near future, hence driving substantial demand for drill bits.

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Various technological developments and product launches such as TerrAdapt adaptive drill bit and hybrid drill bits that combines the characteristics of technologies such as polycrystalline diamond bits (PDC) some of the new products in the market. Application of these new products has been increasing in directional drilling and large diameter drilling operation. Effective selection of drill bit type and in-depth testing of material has proven in cost saving and hence escalated overall profit.

The dip in the oil prices in the last few years has tremendously affected the E&P in oil and gas sector, hence restricting the development of new technologies in the drill bit industry. Growing concern of E&P companies to reduce operating costs along with rising requirement for optimized drilling performance have enforced OEM manufacturers to improvise bit design and performance. Changing customer preference for cost-effective equipment owing to of technological advancements have created opportunities for future development. Also, sustainability of the market depends on the supply of raw materials, product development and majorly on the prices.

Regional Insights:

On regional basis segmentation, North America drill bit dominates the global market with around 35% of global volume in 2014. Tremendous upsurge in shale gas production is expected to be yet another major driving factor in the current low crude oil price scenario.

Large reserves at Canada &Gulf of Mexico of shale gas are expected to witness increasing exploration & production activitieswhich in turn, will boost product demand in these regions. The Asia Pacificregion is estimated to grow firmlyand is projectedto reach the net demand of more than 800 units by 2022. Owing to rapid industrialization and urbanization in emerging countries such as China, India influences the oil producers to increase the supply, this, in turn, steers the growth of the market.

Competitive Insights:

The global market is highly consolidated with prominent market leaders such as Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger, and Varel International. Increased funds for R&D activities and customized product development for different types of earth formations are some of the current trends among the industry players. Schlumberger offers a wide range of application-specific bits and continuous involvement in innovation it helped the company to dominate globally generating total market revenue of more than 22% in 2014. These companies were accounted for more than 70% market share globally in 2014. The main strategy for these companies includes strategic collaboration with smaller regional companies and increase their market share to sustain the market.

Other prominent leaders in the market includes, Atlas Copco AB, Bellwether Resources International, Bit Brokers International, Century Products, DRILLBITS International (DBI), Drilformance, Drill King International, Drilling Products (DPI), Harvest Tool Company, Hole Products, Kay Rock Bit Company, Master Oil Tool, Nile Petroleum Industrial Company (NPICO), OTS International, PDB Tools and Kingdream Public Limited Company.

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