Market Overview:
Oilfield drill bits are used during the drilling operations of oil and gas wells. They help in breaking and removing the rock formations during the drilling process. There are various types of drill bits like roller cone bits, diamond bits, and natural diamond bits used in the oilfield drilling depending on the hardness of formation. Oilfield drill bits provide advantages like maximizing rate of penetration, reducing non-productive time, and improving overall drilling efficiency.
Market key trends:
One of the key trends in the oilfield drill bits market is the increasing adoption of PDC (polycrystalline diamond compact) drill bits. PDC drill bits are more efficient than conventional roller cone bits as they can drill harder formations faster and last longer. PDC drill bits have diamond/cubic boron nitride cutting surfaces which provide better penetration rate in abrasive formations compared to tungsten carbide. As oil & gas exploration moves to unconventional resources like tight oil & gas which require drilling harder formations, demand for such advanced drill bits is growing. This is positively impacting the market growth of oilfield drill bits.
Segment Analysis
The Global Oilfield Drill Bits Market is segmented based on type, end-user, and region. Based on type, the market is segmented into roller cone bits, fixed cutter bits, polycrystalline diamond compact (PDC) bits and others. The PDC bits segment is dominating the market owing to its ability to drill in harder formations. PDC bits have ultra-hard diamond cutters that enhance drilling performance in both soft and hard formations.
Key Takeaways
The global oilfield drill bits market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing drilling activities around the world for oil exploration and production.
Regional analysis
North America is dominating the oilfield drill bits market holding around 35% share of the global market due to high shale drilling activities in the US. The Asia Pacific region is expected to exhibit the fastest CAGR during the forecast period due to increasing downstream and upstream oil and gas activities in countries such as China and India.
Key players
Key players operating in the oilfield drill bits market are Baker Hughes Inc., Drill Master Inc, Ulterra Drilling Technologies, National Oilwell Varco Inc., Halliburton Inc., Schlumberger, Atlas Copco AB and Scientific Drilling International Inc. Baker Hughes is one of the leading players in oilfield drill bits owing to its comprehensive portfolio of roller cone bits, PDC bits, and hybrid bits. The company also offers drill bit repair and manufacturing services.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it