Drill bits for Oil and Gas industry application market volume was 2,597 hundred units in 2012 and is expected to see a growth at 4.9% CAGR during 2013 - 2019. With continuous developments in materials, designs and technology for drill bits and rising worldwide exploration activities, drill bit market is expected to experience steady growth in the coming years.
There are two major types of drill bits used for oil and gas drilling activities, namely roller cone bits and fixed cutter bits. Rolling cone bits are further classified as tungsten carbide inserts and milled-tooth bits. The cutters in the fixed cutter bits that are available in the market are PDC (polycrystalline diamond cutters) and natural diamond cutters. Drill bits market by volume was dominated by the rollers cone bits in 2012. However, due to higher efficiency and durability, fixed cutter bits such as PDC bits are gaining popularity in market. PDC cutters significantly improve the drilling operation and penetration rate in abrasive formations. However, cost of such technologically advanced product is very high.
Small scale miners find it challenging to adopt such advanced product as it increases the total cost of operation. Moreover, use of drill bits is determined by its actual cost to benefit ratio. Commonly drilling activities for higher depths (3000 and above meter) or for hard/abrasive surfaces, PDC drill bits are recommended, as they help in reducing total time of drilling activity by minimizing frequent stops required for repair/replacement of drill bits.
Geographically, North America is expected to remain the largest market for drill bits due to the growth of exploration and production activities in this region. Oil rig counts in the U.S is rising continuously, reflecting enhanced oil drilling activities in the region. North America’s share was estimated to be 35.7% of the global drill bits volume share in 2012.
Worldwide, a large number of companies offer drilling equipment for deepwater, unconventional, conventional oil and gas explorations. Companies providing restoration (repair and replacement) services hold strong growth potential considering cost of new drill bit replacement. Some of the major participants in the drill bit industry include Baker Hughes, Inc., Tercel Bits, Ulterra Drilling Technologies, National Oilwell Varco, Inc., Halliburton, Inc., Varel international, Inc., Scientific Drilling International, Inc., and Atlas Copco AB, among others.
This report covers the market analysis for drill bits such as roller cone and fixed cutters used in oil and gas industry. The stakeholders for this study include drill bits manufacturers, players involved in Exploration and Production (E&P) activities.
The market overview section of the report demonstrates the market dynamics and trends such as the drivers, restraints and opportunities that influence the current nature and future status of this field. Impact factors such as market attractiveness analysis and Porter’s five forces analysis have also been explained in the market overview section of the report, in order to give a thorough analysis of the overall competitive scenario in the global drill bits for oil and gas industry application market.
Few years back, advancements in drill bit technology moved at an accelerating pace as drilling engineers are continuously designing bits to drill efficiently with improved rates of penetration in terms of speed and durability. The growth of the drill bits market for oil and gas industry is primarily driven by technological advancements in drill bit designs and rising exploration activities worldwide. Rising demand for energy from both developed and developing economies is the major factor driving the global market for oilfield equipment such as field production machinery, drilling equipment and others. This increased world energy demand along with high oil and natural gas prices are fuelling investment in drilling across the globe. Moreover, offshore drilling activity is expected to encourage offshore exploration & production (E&P) activities in across the world. Thus, rising exploration and drilling activities worldwide are expected to create substantial demand for drill bits in the coming years.
The global drill bits for oil and gas industry application market is categorized on the basis of drill bits type. Drill bits for oil and gas industry application are broadly classified as roller cone and fixed cutters. The roller cone type further includes milled-tooth bits and tungsten carbide inserts (insert bits). The types of fixed cutters studied in the report include polycrystalline diamond bits (PDC) and natural diamond bits. The market revenue and forecast for each product type has been provided for the period 2011 to 2019 in terms of USD million, along with the CAGR for the forecast period 2013 to 2019.
In terms of geographical distribution, the global drill bits market has been classified into four regions, namely, North America, Europe, Asia-Pacific and Rest of the World (RoW). This section includes market revenue and forecast for the drill bits for oil and gas industry application market in each regional market, in terms of USD million.
This report concludes with the company profiles section which includes key information about the major players in this market. The competitive profiling of these players includes company and financial overview, business strategies adopted by them, and recent developments which can help in assessing competition in the market. Some of the major companies included in this report are NewTech Drilling Products LLC, Varel international, Inc., Baker Hughes, Inc., National-Oilwell Varco, Inc., Halliburton, Inc., Scientific Drilling International, Inc., Torquato Drilling Accessories, Inc., Atlas Copco AB and Kingdream Public Limited Company.
This report analyzes the drill bits for oil and gas industry application market in terms of volume (hundred units). The market has been segmented as follows:
Drill Bits for Oil and Gas Industry Application Market, By Product
Roller cone bits
- Milled-tooth bits
- Tungsten carbide inserts (insert bits)
Fixed cutter bits
- Polycrystalline diamond bits (PDC)
- Natural diamond bits
Drill Bits for Oil and Gas Industry Application Market, By Geography
- North America
- Rest of the World (RoW)