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Global Oil and Gas Drill Bit Market: By Type: Roller Cone, Fixed Cutter; By Application: Offshore, Onshore; Regional Analysis; Historical Market and Forecast (2016-2026); Market Dynamics; Value Chain Analysis; Price Analysis; Competitive Landscape; Industry Events and Developments

Global Oil and Gas Drill Bit Market Outlook

The global oil and gas drill bit market is expected to grow at a CAGR of 10% in the forecast period of 2021-2026.

 

Global Oil and Gas Drill Bit Market

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Increasing Demand for Fixed Cutter to Augment the Oil and Gas Drill Bit Industry Growth

Based on type, the fixed cutter segment is expected to show a significant growth in the oil and gas drill bit industry. This can be attributed to their great resilience to hard surfaces. Moreover, the market for fixed cutter bits is largely untapped as of now and is expected to enjoy high growth over the forecast period. Within the fixed cutter segment, natural or synthetic diamond cutters are anticipated to propel the market owing to their effective penetration rate in complex rock formations as well as their incredible durability. Meanwhile, the increasing demand for PDC in sandstone and shale formations can be attributed to their suitability for varying rock formations as well as high rate of penetration.

 

Increasing Exploration Activities in North America to Boost the Oil and Gas Drill Bit Industry

Region-wise, North America dominates the global market for oil and gas drill bit owing to the increased exploration and production activities and growing shale gas drilling in the region. Within North America, the United States significantly contributes to the industry growth. Meanwhile, the Asia Pacific is expected to witness a significant growth over the forecast period owing to the increasing population as well as rising automotive industry. Further, the increasing demand for oil in emerging countries like India and China is expected to propel the regional market growth.

 

Oil and Gas Drill Bit: Industry Definition and Segmentation

Drill bit is a very important oilfield equipment needed for the extraction of gas and oil. These bits are obtained from high-performance metal composites like polycrystalline diamonds, high-speed steel, and tungsten carbide, among others. Drill bits are also coated with metallic coatings based on titanium and cobalt to ensure their durability and high resistance to wear and tear.

 

Global Oil and Gas Drill Bit Market By Distribution Channel

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By type, the market is divided into:

  • Roller Cone
  • Fixed Cutter

While the roller cone segment is further divided into milled-tooth and tungsten carbide, the fixed cutter segment is subdivided into polycrystalline diamond cutters (PDC) and natural or synthetic diamond cutters. 

Based on application, the industry can be segmented into:

  • Offshore
  • Onshore

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Oil and Gas Drill Bit Market By Region

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Increasing Demand for Energy to Bolster the Growth of the Oil and Gas Drill Bit Industry

The rapidly increasing population and urbanisation worldwide has given rise to an ever-growing demand for energy. This increased demand for energy has enhanced the rate of fossil fuel extraction globally, which, in turn, is driving the growth of the oil and gas drill bit industry. Although, the increasing awareness regarding environmental depletion is leading to a rise in demand for renewable energy sources, they still are relatively new to the scene and cannot entirely replace the conventional fuels currently. Moreover, the continuous discoveries of unexplored regions for gas and oil extraction are expected to further aid the market.

Over the forecast period, the growing attention towards improving the efficiency of the extraction process at tough locations is expected to augment the industry growth.

 

Key Industry Players in the Global Oil and Gas Drill Bit Market

The report gives a detailed analysis of the following key players in the global oil and gas drill bit market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Schlumberger Limited
  • Halliburton Energy Services Inc.
  • Baker Hughes Company
  • NOV Inc.
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Oil and Gas Drill Bit Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Oil and Gas Drill Bit Historical Market (2016-2020) 
    8.3    Global Oil and Gas Drill Bit Market Forecast (2021-2026)
    8.4    Global Oil and Gas Drill Bit Market by Type
        8.4.1    Roller Cone
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2016-2020)
            8.4.1.3    Forecast Trend (2021-2026)
            8.4.1.4    Breakup by Type
                8.4.1.4.1    Milled-Tooth
                    8.4.1.4.1.1    Market Share
                    8.4.1.4.1.2    Historical Trend (2016-2020)
                    8.4.1.4.1.3    Forecast Trend (2021-2026)
                8.4.1.4.2    Tungsten Carbide
                    8.4.1.4.2.1    Market Share
                    8.4.1.4.2.2    Historical Trend (2016-2020)
                    8.4.1.4.2.3    Forecast Trend (2021-2026)
        8.4.2    Fixed Cutter
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2016-2020)
            8.4.2.3    Forecast Trend (2021-2026)
            8.4.2.4    Breakup by Type
                8.4.2.4.1    Polycrystalline Diamond Cutters (PDC)
                    8.4.2.4.1.1    Market Share
                    8.4.2.4.1.2    Historical Trend (2016-2020)
                    8.4.2.4.1.3    Forecast Trend (2021-2026)
                8.4.2.4.2    Natural or Synthetic Diamond Cutters
                    8.4.2.4.2.1    Market Share
                    8.4.2.4.2.2    Historical Trend (2016-2020)
                    8.4.2.4.2.3    Forecast Trend (2021-2026)
    8.5    Global Oil and Gas Drill Bit Market by Application
        8.5.1    Offshore
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2016-2020)
            8.5.1.3    Forecast Trend (2021-2026)
        8.5.2    Onshore
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2016-2020)
            8.5.2.3    Forecast Trend (2021-2026)
    8.6    Global Oil and Gas Drill Bit Market by Region
        8.6.1    Market Share
            8.6.1.1    North America
            8.6.1.2    Europe
            8.6.1.3    Asia Pacific
            8.6.1.4    Latin America
            8.6.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2016-2020)
        9.1.2    Forecast Trend (2021-2026)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2016-2020)
        9.2.2    Forecast Trend (2021-2026)
        9.2.3    Breakup by Country Kingdom
            9.2.3.1    United 
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2016-2020)
        9.3.2    Forecast Trend (2021-2026)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2016-2020)
        9.4.2    Forecast Trend (2021-2026)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2016-2020)
        9.5.2    Forecast Trend (2021-2026)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    Schlumberger Limited
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Halliburton Energy Services, Inc. 
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    Baker Hughes Company
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    NOV Inc. 
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    Others

13    Industry Events and Development


List of Figures and Tables

1.    Global Oil and Gas Drill Bit Market: Key Industry Highlights, 2016 and 2026
2.    Global Oil and Gas Drill Bit Historical Market: Breakup by Type (USD Billion), 2016-2020
3.    Global Oil and Gas Drill Bit Market Forecast: Breakup by Type (USD Billion), 2021-2026
4.    Global Oil and Gas Drill Bit Historical Market: Breakup by Application (USD Billion), 2016-2020
5.    Global Oil and Gas Drill Bit Market Forecast: Breakup by Application (USD Billion), 2021-2026
6.    Global Oil and Gas Drill Bit Historical Market: Breakup by Region (USD Billion), 2016-2020
7.    Global Oil and Gas Drill Bit Market Forecast: Breakup by Region (USD Billion), 2021-2026
8.    North America Oil and Gas Drill Bit Historical Market: Breakup by Country (USD Billion), 2016-2020
9.    North America Oil and Gas Drill Bit Market Forecast: Breakup by Country (USD Billion), 2021-2026
10.    Europe Oil and Gas Drill Bit Historical Market: Breakup by Country (USD Billion), 2016-2020
11.    Europe Oil and Gas Drill Bit Market Forecast: Breakup by Country (USD Billion), 2021-2026
12.    Asia Pacific Oil and Gas Drill Bit Historical Market: Breakup by Country (USD Billion), 2016-2020
13.    Asia Pacific Oil and Gas Drill Bit Market Forecast: Breakup by Country (USD Billion), 2021-2026
14.    Latin America Oil and Gas Drill Bit Historical Market: Breakup by Country (USD Billion), 2016-2020
15.    Latin America Oil and Gas Drill Bit Market Forecast: Breakup by Country (USD Billion), 2021-2026
16.    Middle East and Africa Oil and Gas Drill Bit Historical Market: Breakup by Country (USD Billion), 2016-2020
17.    Middle East and Africa Oil and Gas Drill Bit Market Forecast: Breakup by Country (USD Billion), 2021-2026
18.    Global Oil and Gas Drill Bit Market Structure

Key Questions Answered in the Report

The global oil and gas drill bit market is projected to grow at a CAGR of 10% between 2021 and 2026.

The major drivers of the industry, such as the increasing activities for exploration and production of gas and oil, rapid urbanisation and industrialisation, increasing population, and growing demand for energy, are expected to aid the market growth.

The key market trends guiding the growth of the industry include the growing technological advancements and R&D activities to increase the efficiency of the extraction process.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The leading types of oil and gas drill bit in the market are roller cone (milled-tooth and tungsten carbide) and fixed cutter (polycrystalline diamond cutters (PDC) and natural or synthetic diamond cutters).

The major application segments in the industry are offshore and onshore.

The major players in the industry are Schlumberger Limited, Halliburton Energy Services Inc., Baker Hughes Company, and NOV Inc., among others.

Analyst Review

The global oil and gas drill bit market is being driven by the rising activities for exploration and production of gas and oil. Aided by the growing R&D activities, the market is expected to witness a healthy growth in the forecast period of 2021-2026, growing at a CAGR of 10%.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on type, the market is bifurcated into roller cone (milled-tooth and tungsten carbide) and fixed cutter (polycrystalline diamond cutters (PDC) and natural or synthetic diamond cutters). On the basis of application, the industry is divided into offshore and onshore. The major regional markets for oil and gas drill bit are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Schlumberger Limited, Halliburton Energy Services Inc., Baker Hughes Company, and NOV Inc., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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