- Geothermal drill bits are cutting tools that are used to drill geothermal wells. These wells are then used to generate geothermal power. Geothermal drill bits are used in flash steams, dry steam power plants, and binary cycle power plants.
- Investment in geothermal energy has increased significantly over the last few years. This trend is expected to continue in the near future. Thus, companies are increasingly investing in R&D to develop heat, and wear & tear resistant drilling bits.
Key Drivers & Restraints of Global Geothermal Drill Bits Market
- Rise in awareness about green energy and implementation of stringent government rules and regulations on emission of greenhouse gases and carbon are compelling companies to introduce highly effective and pollution-free energy generation methods. Geothermal energy is a prominent alternative for fissile fuel. Thus, increase in production of geothermal energy across the globe is expected to drive the global geothermal drill bits market during the forecast period
- Innovation and technological advancement in the geothermal energy industry is another driver of the geothermal drilling bits market. Companies are increasingly developing energy efficient systems and enhanced geothermal systems. These advancements are anticipated to drive the global geothermal drilling bits market during the forecast period.
- Geothermal drill bits are used in hash environmental conditions such as extreme heat and pressure, as the drilling of well can go up to 3000 meters deep. This leads to utilization of advance technologies and heavy and highly specialized equipment. Thus, companies need to invest significantly to purchase the highly specialized equipment. High initial investment is anticipated to restrain the global geothermal drill bits market in the near future.
Global Geothermal Drill Bits Market: Segmentation
- The global geothermal drill bits market can be segmented based on type and location
- Based on type, the geothermal drill bits market can be classified into tricone drill bits, polycrystalline diamond compact, and others. The tricone drill bits segment is estimated to expand at a high CAGR during the forecast period, as these bits provide high performance and high resistance to wear and tear.
- Based on application, the geothermal drill bits market can be bifurcated into offshore and onshore. The onshore segment is estimated to expand at a significant CAGR, owing to the rise in investment in onshore drilling activities across the globe.
Global Geothermal Drill Bits Market: Regional Segmentation
- Based on region, the global geothermal drill bits market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Europe dominated the global geothermal drill bits market in 2019. The market in the region is expected to expand during the forecast period, owing to significant rise in investment in the market in the region. Turkey is a dominating country in the region in terms of number of geothermal projects. It is expected to continue its dominance in the near future.
- Asia Pacific was another vital region of the global geothermal drill bits market in 2019. The market in the region is expected to expand at high CAGR during the forecast period, owing to significant increase in geothermal projects. Indonesia is the leading country in the region in terms of number of geothermal projects.
- The market in Latin America and Middle East & Africa is also projected to expand at a steady pace during the forecast period due to steady increase in investment in geothermal projects in these regions
COVID Impact on Global Geothermal Drill Bits Market
- Demand for geothermal energy has been declining to COVID-19 related restrictions enforced by governments across the globe. The pandemic has disrupted the supply chain as well as affected availability of manpower due to lockdowns in various countries. It has also affected the timelines of geothermal projects as some projects have been delayed, while some have been put on the hold due to lack of funds.
Key Players Operating in Market
- National Oilwell Varco
- Schlumberger Limited
- Torquato Drilling Accessories
- Varel International Energy Services, Inc.
- America West Drilling Supply Inc.
- Baker Hughes Company
- Bit Brokers International, Ltd.
- Blast Hole Bit Company, LLC
- Epiroc AB
Global Geothermal Drill Bits Market: Research Scope
Global Geothermal Drill Bits Market, by Type
- Tricone Drill Bits
- Polycrystalline Diamond Compact
Global Geothermal Drill Bits Market, by Location
The Global Geothermal Drill Bits Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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