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The global Drill Bits (Oil and Gas) market size was valued at USD 4735.25 Million in 2022 and will reach USD 6451.58 Million in 2028, with a CAGR of 5.29% during 2022-2028.
An oil and gas drill bit is a tool used in the oil and gas industry which is designed to produce a generally cylindrical hole (wellbore) in the earth’s crust by the rotary drilling method for the discovery and extraction of hydrocarbons such as crude oil and natural gas. Drill bits are an essential component of drilling operations and are generally used to remove large rocks or hard materials to create holes for drilling oil and gas wells. The drill bit is the tool attached at the bottom of the drill string to excavate the rock formations. The rotation of the drill string and weight put on it provides power to the drill, which further carries out the crushing, scraping, or grinding of the bottom rock formation as the drilling goes on. These tools are rotating apparatus that are created from the hardest materials and have sharp textures that can efficiently cut into rocks and sediments. They are commonly known as rock bit or bit and are divided into two main types, roller-cone drill bits and fixed cutter drill bits, based on their cutting mechanism.
Low Oil & Gas Drilling Activities During COVID-19 may influence Drill Bit Market Trends
The dramatic decline in oil prices, coupled with the slightly reduced oil demand from the end-user markets amid the coronavirus pandemic, may have severely impacted the oil & gas activities. The instances of oversupply and subdued demand have also led to a substantial imbalance in oil demand, thus resulting in diminished oil & gas drilling activities, which in turn presented challenges to drill bit market.
Increasing E&P activities
Increasing E&P activities on account of increasing energy demand are expected to remain a key trend for the global oil and gas drill bit market over the forecast period. Increased energy demand across the globe owing to rising population and urbanization has seen the oil and gas demand rise. This has resulted in rising in the number of exploration activities being carried out for oil and unconventional sources of energy. Drilling bits being responsible for cutting through the earth’s crust to reach the underlying sources have also witnessed a hike in the number of sales of units in every region. The shift in trend towards developing unconventional reserves such as tight gas, shale, and CBM is also expected to have a positive influence on the market growth. Hydrocarbon extraction from these reserves requires a highly durable bit with improved performance and rate of penetration (ROP).
Focus on increasing efficiency at challenging locations will drive the growth of the global market
Major factors driving the global oil and gas drill bit market are growth in shale gas exploration activities across the globe and rising demand for customized drilling bits that can handle unconventional rock formation. These drill bits are widely used during shale gas exploration. With the increase of shale gas exploration, demand for these drill bits have also increased. The drilling bit have seen advancements in their structure over the years. The advancements brought in the structure of the drilling bits and the material being used for their manufacturing have helped the drilling efficiency to rise. The operational time required per well has also decreased. The exploration activities in recent years have been carried out at difficult locations and in great depths in the offshore locations. This has increased the scope of the area available for exploration activities. And the increased exploration activities at difficult locations along with increased efficiency will drive the sales of the global oil and gas drill bit market. Besides, advancements in manufacturing technology and application of novel materials in production processes of drill bits is expected to further drive revenue growth of the market over the forecast period.
Region Overview:
Geographically, North America held the largest market share – 53.77% in 2021.
Company Overview:
Schlumberger is one of the major players operating in the Drill Bits (Oil and Gas) market, holding a share of 19.67% in 2022.
Schlumberger
Schlumberger N.V. also known as Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management, and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.
Baker Hughes
Baker Hughe is an energy technology company that has a diverse portfolio of equipment and service capabilities that span the energy and industrial value chain. Baker Hughes, Inc. is a supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. It also provides industrial and other products and services to the downstream refining, and process and pipeline industries. The company’s oilfield products and services are categorized under two heads: Drilling and Evaluation or Completion and Production.
Segmentation Overview:
Among different product types, Roller Cone Bits segment is anticipated to contribute the largest market share in 2027.
Application Overview:
By application, the Onshore segment occupied the biggest share from 2017 to 2022.
The Drill Bits (Oil and Gas) market report covers sufficient and comprehensive data on market introduction, segmentations, status and trends, opportunities and challenges, industry chain, competitive analysis, company profiles, and trade statistics, etc. It provides in-depth and all-scale analysis of each segment of types, applications, players, 5 major regions and sub-division of major countries, and sometimes end user, channel, technology, as well as other information individually tailored before order confirmation.
Meticulous research and analysis were conducted during the preparation process of the report. The qualitative and quantitative data were gained and verified through primary and secondary sources, which include but not limited to Magazines, Press Releases, Paid Databases, Maia Data Center, National Customs, Annual Reports, Public Databases, Expert interviews, etc. Besides, primary sources include extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs, and marketing executives, downstream distributors, as well as end-clients.
In this report, the historical period starts from 2018 to 2022, and the forecast period ranges from 2023 to 2028. The facts and data are demonstrated by tables, graphs, pie charts, and other pictorial representations, which enhances the effective visual representation and decision-making capabilities for business strategy.
Key Companies in the global Drill Bits (Oil and Gas) market covered in Chapter 4:
Drilformance
Torquato Drilling Accessories
National Oilwell Varco
Shear bits
Volgaburmash
Halliburton
Sinopec Oilfield Equipment Corporation
Western Drilling Tools Inc
Rockpecker Limited
Schlumberger
MICON-Drilling
Ulterra
Varel International
Palmer Bit Company
Baker Hughes
Epiroc(Atlas Copco)
C&H Bit
In Chapter 12 and Chapter 14.1, on the basis of types, the Drill Bits (Oil and Gas) market from 2018 to 2028 is primarily split into:
Fixed Cutter Bits
Roller Cone Bits
In Chapter 13 and Chapter 14.2, on the basis of the Downstream Industry, the Drill Bits (Oil and Gas) market from 2018 to 2028 covers:
Offshore
Onshore
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, history and forecast (2018-2028) of the following regions are covered in Chapters 6, 7, 8, 9, 10, 11, 15:
North America (United States, Canada, Mexico)
Europe (Germany, United Kingdom, France, Italy, Spain)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina)
Middle East & Africa (Saudi Arabia, UAE, South Africa)
Outline:
Chapter 1 begins with the Drill Bits (Oil and Gas) market scope and definition, product segment introduction, global overall market size, as well as market dynamics scenarios such as opportunities, challenges, and industry development trends under inflation. It offers a high-level view of the current state of the Drill Bits (Oil and Gas) market and its likely evolution in the short to mid-term and long term.
Chapter 2 provides Drill Bits (Oil and Gas) industry chain analysis, covering raw materials analysis, cost structure, price estimate, and forecast, along with price-impacting factors, downstream channels, and major customers. It aims to help readers to grab insights into product upstream, midstream, and downstream fields.
Chapter 3 depicts Drill Bits (Oil and Gas) industry competitive analysis regarding market concentration rate, saturation rate, feasibility analysis from new entrants, as well as substitute's status and trends. It indicates the developing space and prospects of the current industry.
Chapter 4 analyzes extensive company profiles, comprising company basic info, product or service profiles, and sales, price, value, gross, and gross margin 2018-2023. It incorporates the Drill Bits (Oil and Gas) market ranking, benchmarks, and company business portfolio.
Chapter 5 presents trade statistics of import and export volume from 2018-2023, demonstrating domestic and international market comparisons in specific countries.
Chapters 6-10 highlight Drill Bits (Oil and Gas) market status at the regional and country levels, including 5 major regions of North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The region and country list in the sample is only for reference, and it can be adjusted as required.
Chapter 11 involves geographical market figures of sales, value, market share, and growth rate. Economic, social, environmental, technological, and political factors have been taken into consideration while assessing the growth of each specific region.
Chapters 12-13 evaluate the Drill Bits (Oil and Gas) market based on different types and applications. It focuses on sales and value of 2018-2023 from both vertical and horizontal perspectives.
Chapters 14-15 elaborate on the Drill Bits (Oil and Gas) market forecast data from 2023-2028, segmented by types and applications, regions, and major countries, helping readers to know future aspects and growth trends.
Chapter 16 ends with an elaboration of data sources and research methodology. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
An oil and gas drill bit is a tool used in the oil and gas industry which is designed to produce a generally cylindrical hole (wellbore) in the earth’s crust by the rotary drilling method for the discovery and extraction of hydrocarbons such as crude oil and natural gas. Drill bits are an essential component of drilling operations and are generally used to remove large rocks or hard materials to create holes for drilling oil and gas wells. The drill bit is the tool attached at the bottom of the drill string to excavate the rock formations. The rotation of the drill string and weight put on it provides power to the drill, which further carries out the crushing, scraping, or grinding of the bottom rock formation as the drilling goes on. These tools are rotating apparatus that are created from the hardest materials and have sharp textures that can efficiently cut into rocks and sediments. They are commonly known as rock bit or bit and are divided into two main types, roller-cone drill bits and fixed cutter drill bits, based on their cutting mechanism.
Low Oil & Gas Drilling Activities During COVID-19 may influence Drill Bit Market Trends
The dramatic decline in oil prices, coupled with the slightly reduced oil demand from the end-user markets amid the coronavirus pandemic, may have severely impacted the oil & gas activities. The instances of oversupply and subdued demand have also led to a substantial imbalance in oil demand, thus resulting in diminished oil & gas drilling activities, which in turn presented challenges to drill bit market.
Increasing E&P activities
Increasing E&P activities on account of increasing energy demand are expected to remain a key trend for the global oil and gas drill bit market over the forecast period. Increased energy demand across the globe owing to rising population and urbanization has seen the oil and gas demand rise. This has resulted in rising in the number of exploration activities being carried out for oil and unconventional sources of energy. Drilling bits being responsible for cutting through the earth’s crust to reach the underlying sources have also witnessed a hike in the number of sales of units in every region. The shift in trend towards developing unconventional reserves such as tight gas, shale, and CBM is also expected to have a positive influence on the market growth. Hydrocarbon extraction from these reserves requires a highly durable bit with improved performance and rate of penetration (ROP).
Focus on increasing efficiency at challenging locations will drive the growth of the global market
Major factors driving the global oil and gas drill bit market are growth in shale gas exploration activities across the globe and rising demand for customized drilling bits that can handle unconventional rock formation. These drill bits are widely used during shale gas exploration. With the increase of shale gas exploration, demand for these drill bits have also increased. The drilling bit have seen advancements in their structure over the years. The advancements brought in the structure of the drilling bits and the material being used for their manufacturing have helped the drilling efficiency to rise. The operational time required per well has also decreased. The exploration activities in recent years have been carried out at difficult locations and in great depths in the offshore locations. This has increased the scope of the area available for exploration activities. And the increased exploration activities at difficult locations along with increased efficiency will drive the sales of the global oil and gas drill bit market. Besides, advancements in manufacturing technology and application of novel materials in production processes of drill bits is expected to further drive revenue growth of the market over the forecast period.
Region Overview:
Geographically, North America held the largest market share – 53.77% in 2021.
Company Overview:
Schlumberger is one of the major players operating in the Drill Bits (Oil and Gas) market, holding a share of 19.67% in 2022.
Schlumberger
Schlumberger N.V. also known as Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management, and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.
Baker Hughes
Baker Hughe is an energy technology company that has a diverse portfolio of equipment and service capabilities that span the energy and industrial value chain. Baker Hughes, Inc. is a supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. It also provides industrial and other products and services to the downstream refining, and process and pipeline industries. The company’s oilfield products and services are categorized under two heads: Drilling and Evaluation or Completion and Production.
Segmentation Overview:
Among different product types, Roller Cone Bits segment is anticipated to contribute the largest market share in 2027.
Application Overview:
By application, the Onshore segment occupied the biggest share from 2017 to 2022.
The Drill Bits (Oil and Gas) market report covers sufficient and comprehensive data on market introduction, segmentations, status and trends, opportunities and challenges, industry chain, competitive analysis, company profiles, and trade statistics, etc. It provides in-depth and all-scale analysis of each segment of types, applications, players, 5 major regions and sub-division of major countries, and sometimes end user, channel, technology, as well as other information individually tailored before order confirmation.
Meticulous research and analysis were conducted during the preparation process of the report. The qualitative and quantitative data were gained and verified through primary and secondary sources, which include but not limited to Magazines, Press Releases, Paid Databases, Maia Data Center, National Customs, Annual Reports, Public Databases, Expert interviews, etc. Besides, primary sources include extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs, and marketing executives, downstream distributors, as well as end-clients.
In this report, the historical period starts from 2018 to 2022, and the forecast period ranges from 2023 to 2028. The facts and data are demonstrated by tables, graphs, pie charts, and other pictorial representations, which enhances the effective visual representation and decision-making capabilities for business strategy.
Key Companies in the global Drill Bits (Oil and Gas) market covered in Chapter 4:
Drilformance
Torquato Drilling Accessories
National Oilwell Varco
Shear bits
Volgaburmash
Halliburton
Sinopec Oilfield Equipment Corporation
Western Drilling Tools Inc
Rockpecker Limited
Schlumberger
MICON-Drilling
Ulterra
Varel International
Palmer Bit Company
Baker Hughes
Epiroc(Atlas Copco)
C&H Bit
In Chapter 12 and Chapter 14.1, on the basis of types, the Drill Bits (Oil and Gas) market from 2018 to 2028 is primarily split into:
Fixed Cutter Bits
Roller Cone Bits
In Chapter 13 and Chapter 14.2, on the basis of the Downstream Industry, the Drill Bits (Oil and Gas) market from 2018 to 2028 covers:
Offshore
Onshore
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, history and forecast (2018-2028) of the following regions are covered in Chapters 6, 7, 8, 9, 10, 11, 15:
North America (United States, Canada, Mexico)
Europe (Germany, United Kingdom, France, Italy, Spain)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina)
Middle East & Africa (Saudi Arabia, UAE, South Africa)
Outline:
Chapter 1 begins with the Drill Bits (Oil and Gas) market scope and definition, product segment introduction, global overall market size, as well as market dynamics scenarios such as opportunities, challenges, and industry development trends under inflation. It offers a high-level view of the current state of the Drill Bits (Oil and Gas) market and its likely evolution in the short to mid-term and long term.
Chapter 2 provides Drill Bits (Oil and Gas) industry chain analysis, covering raw materials analysis, cost structure, price estimate, and forecast, along with price-impacting factors, downstream channels, and major customers. It aims to help readers to grab insights into product upstream, midstream, and downstream fields.
Chapter 3 depicts Drill Bits (Oil and Gas) industry competitive analysis regarding market concentration rate, saturation rate, feasibility analysis from new entrants, as well as substitute's status and trends. It indicates the developing space and prospects of the current industry.
Chapter 4 analyzes extensive company profiles, comprising company basic info, product or service profiles, and sales, price, value, gross, and gross margin 2018-2023. It incorporates the Drill Bits (Oil and Gas) market ranking, benchmarks, and company business portfolio.
Chapter 5 presents trade statistics of import and export volume from 2018-2023, demonstrating domestic and international market comparisons in specific countries.
Chapters 6-10 highlight Drill Bits (Oil and Gas) market status at the regional and country levels, including 5 major regions of North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The region and country list in the sample is only for reference, and it can be adjusted as required.
Chapter 11 involves geographical market figures of sales, value, market share, and growth rate. Economic, social, environmental, technological, and political factors have been taken into consideration while assessing the growth of each specific region.
Chapters 12-13 evaluate the Drill Bits (Oil and Gas) market based on different types and applications. It focuses on sales and value of 2018-2023 from both vertical and horizontal perspectives.
Chapters 14-15 elaborate on the Drill Bits (Oil and Gas) market forecast data from 2023-2028, segmented by types and applications, regions, and major countries, helping readers to know future aspects and growth trends.
Chapter 16 ends with an elaboration of data sources and research methodology. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
