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Oilfield Drill Bits-Global Market Insights and Sales Trends 2024
Synopsis
Oilfield drill bits are important tools used in the drilling of boreholes in the exploration of oil and gas activities. The drill bits are selected depending on the type of formation that is being drilled. Drill bits produce drill cuttings which can be removed later using drilling mud. Irrespective of type of drill bit, these bits need to suffice two main conditions that include maximizing the formations rate of penetration (ROP) while providing a long and sturdy service life.
The global Oilfield Drill Bits market size is expected to reach US$ 29230 million by 2029, growing at a CAGR of 3.1% from 2023 to 2029. The market is mainly driven by the significant applications of Oilfield Drill Bits in various end use industries. The expanding demands from the Onshore and Offshore, are propelling Oilfield Drill Bits market. Roller Cone Bits, one of the segments analysed in this report, is projected to record % CAGR and reach US$ million by the end of the analysis period. Growth in the Fixed Cutter Bits segment is estimated at % CAGR for the next seven-year period.
The high rate of fossil fuel extraction to meet the surging global energy demand has been a major factor driving the market growth over the past few years. Large-scale drilling and E&P in both onshore as well as offshore oilfields particularly in the Middle East and the U.S. in the past five years have led to the significant requirements for drill bits. Depleting conventional oil & gas wells has led E&P companies to extract hydrocarbons from unconventional reserves such as shale, CBM, and tight blocks. Hydrocarbon extraction from these unconventional reserves requires special techniques and equipment that have enhanced longevity and durability.
Report Objectives
This report provides market insight on the different segments, by players, by Type, by Application. Market size and forecast (2018-2029) has been provided in the report. The primary objectives of this report are to provide 1) global market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends; 2) global market share and ranking by company; 3) comprehensive presentation of the global market for Oilfield Drill Bits, with both quantitative and qualitative analysis through detailed segmentation; 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants; 5) emerging opportunities in the market and the future impact of major drivers and restraints of the market.
Key Features of The Study:
This report provides in-depth analysis of the global Oilfield Drill Bits market, and provides market size (US$ million) and CAGR for the forecast period (2023-2029), considering 2022 as the base year.
This report profiles key players in the global Oilfield Drill Bits market based on the following parameters - company details (found date, headquarters, manufacturing bases), products portfolio, Oilfield Drill Bits sales data, market share and ranking.
This report elucidates potential market opportunities across different segments and explains attractive investment proposition matrices for this market.
This report illustrates key insights about market drivers, restraints, opportunities, market trends, regional outlook.
Key companies of Oilfield Drill Bits covered in this report include Baker Hughes Inc, Drill Master Inc., Schlumberger, Halliburton Inc., National Oilwell Varco Inc, Ulterra Drilling Technologies, Atlas Copco AB, Scientific Drilling International Inc and Varel International, Inc, etc.
The global Oilfield Drill Bits market report caters to various stakeholders in this industry including investors, suppliers, product players, distributors, new entrants, and financial analysts.
Market Segmentation
Company Profiles:
Baker Hughes Inc
Drill Master Inc.
Schlumberger
Halliburton Inc.
National Oilwell Varco Inc
Ulterra Drilling Technologies
Atlas Copco AB
Scientific Drilling International Inc
Varel International, Inc
Rockpecker
Tercel Oilfield Products Limited
Palmer Bit Co.
Rubicon Oilfield International
Century Products
Bit Brokers International
OTS International
Nile Petroleum Industrial Company
Drilformance
Global Oilfield Drill Bits market, by region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, etc.)
Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)
South America (Brazil, etc.)
Middle East and Africa (Turkey, GCC Countries, Africa, etc.)
Global Oilfield Drill Bits market, Segment by Type:
Roller Cone Bits
Fixed Cutter Bits
Global Oilfield Drill Bits market, by Application
Onshore
Offshore
Core Chapters
Chapter One: Introduces the report scope of the report, executive summary of global and regional market size and CAGR for the history and forecast period (2018-2023, 2024-2029). It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter Two: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter Three: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter Four: Detailed analysis of Oilfield Drill Bits companies’ competitive landscape, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter Five: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product introduction, revenue, recent development, etc.
Chapter Six, Seven, Eight, Nine and Ten: North America, Europe, Asia Pacific, Latin America, Middle East & Africa, revenue by country.
Chapter Eleven: this section also introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by companies in the industry, and the analysis of relevant policies in the industry.
Chapter Twelve: Research Finding/Conclusion
Oilfield drill bits are important tools used in the drilling of boreholes in the exploration of oil and gas activities. The drill bits are selected depending on the type of formation that is being drilled. Drill bits produce drill cuttings which can be removed later using drilling mud. Irrespective of type of drill bit, these bits need to suffice two main conditions that include maximizing the formations rate of penetration (ROP) while providing a long and sturdy service life.
The global Oilfield Drill Bits market size is expected to reach US$ 29230 million by 2029, growing at a CAGR of 3.1% from 2023 to 2029. The market is mainly driven by the significant applications of Oilfield Drill Bits in various end use industries. The expanding demands from the Onshore and Offshore, are propelling Oilfield Drill Bits market. Roller Cone Bits, one of the segments analysed in this report, is projected to record % CAGR and reach US$ million by the end of the analysis period. Growth in the Fixed Cutter Bits segment is estimated at % CAGR for the next seven-year period.
The high rate of fossil fuel extraction to meet the surging global energy demand has been a major factor driving the market growth over the past few years. Large-scale drilling and E&P in both onshore as well as offshore oilfields particularly in the Middle East and the U.S. in the past five years have led to the significant requirements for drill bits. Depleting conventional oil & gas wells has led E&P companies to extract hydrocarbons from unconventional reserves such as shale, CBM, and tight blocks. Hydrocarbon extraction from these unconventional reserves requires special techniques and equipment that have enhanced longevity and durability.
Report Objectives
This report provides market insight on the different segments, by players, by Type, by Application. Market size and forecast (2018-2029) has been provided in the report. The primary objectives of this report are to provide 1) global market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends; 2) global market share and ranking by company; 3) comprehensive presentation of the global market for Oilfield Drill Bits, with both quantitative and qualitative analysis through detailed segmentation; 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants; 5) emerging opportunities in the market and the future impact of major drivers and restraints of the market.
Key Features of The Study:
This report provides in-depth analysis of the global Oilfield Drill Bits market, and provides market size (US$ million) and CAGR for the forecast period (2023-2029), considering 2022 as the base year.
This report profiles key players in the global Oilfield Drill Bits market based on the following parameters - company details (found date, headquarters, manufacturing bases), products portfolio, Oilfield Drill Bits sales data, market share and ranking.
This report elucidates potential market opportunities across different segments and explains attractive investment proposition matrices for this market.
This report illustrates key insights about market drivers, restraints, opportunities, market trends, regional outlook.
Key companies of Oilfield Drill Bits covered in this report include Baker Hughes Inc, Drill Master Inc., Schlumberger, Halliburton Inc., National Oilwell Varco Inc, Ulterra Drilling Technologies, Atlas Copco AB, Scientific Drilling International Inc and Varel International, Inc, etc.
The global Oilfield Drill Bits market report caters to various stakeholders in this industry including investors, suppliers, product players, distributors, new entrants, and financial analysts.
Market Segmentation
Company Profiles:
Baker Hughes Inc
Drill Master Inc.
Schlumberger
Halliburton Inc.
National Oilwell Varco Inc
Ulterra Drilling Technologies
Atlas Copco AB
Scientific Drilling International Inc
Varel International, Inc
Rockpecker
Tercel Oilfield Products Limited
Palmer Bit Co.
Rubicon Oilfield International
Century Products
Bit Brokers International
OTS International
Nile Petroleum Industrial Company
Drilformance
Global Oilfield Drill Bits market, by region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, etc.)
Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)
South America (Brazil, etc.)
Middle East and Africa (Turkey, GCC Countries, Africa, etc.)
Global Oilfield Drill Bits market, Segment by Type:
Roller Cone Bits
Fixed Cutter Bits
Global Oilfield Drill Bits market, by Application
Onshore
Offshore
Core Chapters
Chapter One: Introduces the report scope of the report, executive summary of global and regional market size and CAGR for the history and forecast period (2018-2023, 2024-2029). It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter Two: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter Three: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter Four: Detailed analysis of Oilfield Drill Bits companies’ competitive landscape, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter Five: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product introduction, revenue, recent development, etc.
Chapter Six, Seven, Eight, Nine and Ten: North America, Europe, Asia Pacific, Latin America, Middle East & Africa, revenue by country.
Chapter Eleven: this section also introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by companies in the industry, and the analysis of relevant policies in the industry.
Chapter Twelve: Research Finding/Conclusion
Index1 Market Overview of Oilfield Drill Bits
1.1 Oilfield Drill Bits Market Overview
1.1.1 Oilfield Drill Bits Product Scope
1.1.2 Oilfield Drill Bits Market Status and Outlook
1.2 Global Oilfield Drill Bits Market Size Overview by Region 2018 VS 2022 VS 2029
1.3 Global Oilfield Drill Bits Market Size by Region (2018-2029)
1.4 Global Oilfield Drill Bits Historic Market Size by Region (2018-2023)
1.5 Global Oilfield Drill Bits Market Size Forecast by Region (2024-2029)
1.6 Key Regions, Oilfield Drill Bits Market Size (2018-2029)
1.6.1 North America Oilfield Drill Bits Market Size (2018-2029)
1.6.2 Europe Oilfield Drill Bits Market Size (2018-2029)
1.6.3 Asia-Pacific Oilfield Drill Bits Market Size (2018-2029)
1.6.4 Latin America Oilfield Drill Bits Market Size (2018-2029)
1.6.5 Middle East & Africa Oilfield Drill Bits Market Size (2018-2029)
2 Oilfield Drill Bits Market by Type
2.1 Introduction
2.1.1 Roller Cone Bits
2.1.2 Fixed Cutter Bits
2.2 Global Oilfield Drill Bits Market Size by Type: 2018 VS 2022 VS 2029
2.2.1 Global Oilfield Drill Bits Historic Market Size by Type (2018-2023)
2.2.2 Global Oilfield Drill Bits Forecasted Market Size by Type (2024-2029)
2.3 Key Regions Market Size by Type
2.3.1 North America Oilfield Drill Bits Revenue Breakdown by Type (2018-2029)
2.3.2 Europe Oilfield Drill Bits Revenue Breakdown by Type (2018-2029)
2.3.3 Asia-Pacific Oilfield Drill Bits Revenue Breakdown by Type (2018-2029)
2.3.4 Latin America Oilfield Drill Bits Revenue Breakdown by Type (2018-2029)
2.3.5 Middle East and Africa Oilfield Drill Bits Revenue Breakdown by Type (2018-2029)
3 Oilfield Drill Bits Market Overview by Application
3.1 Introduction
3.1.1 Onshore
3.1.2 Offshore
3.2 Global Oilfield Drill Bits Market Size by Application: 2018 VS 2022 VS 2029
3.2.1 Global Oilfield Drill Bits Historic Market Size by Application (2018-2023)
3.2.2 Global Oilfield Drill Bits Forecasted Market Size by Application (2024-2029)
3.3 Key Regions Market Size by Application
3.3.1 North America Oilfield Drill Bits Revenue Breakdown by Application (2018-2029)
3.3.2 Europe Oilfield Drill Bits Revenue Breakdown by Application (2018-2029)
3.3.3 Asia-Pacific Oilfield Drill Bits Revenue Breakdown by Application (2018-2029)
3.3.4 Latin America Oilfield Drill Bits Revenue Breakdown by Application (2018-2029)
3.3.5 Middle East and Africa Oilfield Drill Bits Revenue Breakdown by Application (2018-2029)
4 Oilfield Drill Bits Competition Analysis by Players
4.1 Global Oilfield Drill Bits Market Size by Players (2018-2023)
4.2 Global Top Players by Company Type (Tier 1, Tier 2 and Tier 3) & (based on the Revenue in Oilfield Drill Bits as of 2022)
4.3 Date of Key Players Enter into Oilfield Drill Bits Market
4.4 Global Top Players Oilfield Drill Bits Headquarters and Area Served
4.5 Key Players Oilfield Drill Bits Product Solution and Service
4.6 Competitive Status
4.6.1 Oilfield Drill Bits Market Concentration Rate
4.6.2 Mergers & Acquisitions, Expansion Plans
5 Company (Top Players) Profiles
5.1 Baker Hughes Inc
5.1.1 Baker Hughes Inc Profile
5.1.2 Baker Hughes Inc Main Business
5.1.3 Baker Hughes Inc Oilfield Drill Bits Products, Services and Solutions
5.1.4 Baker Hughes Inc Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.1.5 Baker Hughes Inc Recent Developments
5.2 Drill Master Inc.
5.2.1 Drill Master Inc. Profile
5.2.2 Drill Master Inc. Main Business
5.2.3 Drill Master Inc. Oilfield Drill Bits Products, Services and Solutions
5.2.4 Drill Master Inc. Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.2.5 Drill Master Inc. Recent Developments
5.3 Schlumberger
5.3.1 Schlumberger Profile
5.3.2 Schlumberger Main Business
5.3.3 Schlumberger Oilfield Drill Bits Products, Services and Solutions
5.3.4 Schlumberger Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.3.5 Halliburton Inc. Recent Developments
5.4 Halliburton Inc.
5.4.1 Halliburton Inc. Profile
5.4.2 Halliburton Inc. Main Business
5.4.3 Halliburton Inc. Oilfield Drill Bits Products, Services and Solutions
5.4.4 Halliburton Inc. Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.4.5 Halliburton Inc. Recent Developments
5.5 National Oilwell Varco Inc
5.5.1 National Oilwell Varco Inc Profile
5.5.2 National Oilwell Varco Inc Main Business
5.5.3 National Oilwell Varco Inc Oilfield Drill Bits Products, Services and Solutions
5.5.4 National Oilwell Varco Inc Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.5.5 National Oilwell Varco Inc Recent Developments
5.6 Ulterra Drilling Technologies
5.6.1 Ulterra Drilling Technologies Profile
5.6.2 Ulterra Drilling Technologies Main Business
5.6.3 Ulterra Drilling Technologies Oilfield Drill Bits Products, Services and Solutions
5.6.4 Ulterra Drilling Technologies Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.6.5 Ulterra Drilling Technologies Recent Developments
5.7 Atlas Copco AB
5.7.1 Atlas Copco AB Profile
5.7.2 Atlas Copco AB Main Business
5.7.3 Atlas Copco AB Oilfield Drill Bits Products, Services and Solutions
5.7.4 Atlas Copco AB Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.7.5 Atlas Copco AB Recent Developments
5.8 Scientific Drilling International Inc
5.8.1 Scientific Drilling International Inc Profile
5.8.2 Scientific Drilling International Inc Main Business
5.8.3 Scientific Drilling International Inc Oilfield Drill Bits Products, Services and Solutions
5.8.4 Scientific Drilling International Inc Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.8.5 Scientific Drilling International Inc Recent Developments
5.9 Varel International, Inc
5.9.1 Varel International, Inc Profile
5.9.2 Varel International, Inc Main Business
5.9.3 Varel International, Inc Oilfield Drill Bits Products, Services and Solutions
5.9.4 Varel International, Inc Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.9.5 Varel International, Inc Recent Developments
5.10 Rockpecker
5.10.1 Rockpecker Profile
5.10.2 Rockpecker Main Business
5.10.3 Rockpecker Oilfield Drill Bits Products, Services and Solutions
5.10.4 Rockpecker Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.10.5 Rockpecker Recent Developments
5.11 Tercel Oilfield Products Limited
5.11.1 Tercel Oilfield Products Limited Profile
5.11.2 Tercel Oilfield Products Limited Main Business
5.11.3 Tercel Oilfield Products Limited Oilfield Drill Bits Products, Services and Solutions
5.11.4 Tercel Oilfield Products Limited Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.11.5 Tercel Oilfield Products Limited Recent Developments
5.12 Palmer Bit Co.
5.12.1 Palmer Bit Co. Profile
5.12.2 Palmer Bit Co. Main Business
5.12.3 Palmer Bit Co. Oilfield Drill Bits Products, Services and Solutions
5.12.4 Palmer Bit Co. Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.12.5 Palmer Bit Co. Recent Developments
5.13 Rubicon Oilfield International
5.13.1 Rubicon Oilfield International Profile
5.13.2 Rubicon Oilfield International Main Business
5.13.3 Rubicon Oilfield International Oilfield Drill Bits Products, Services and Solutions
5.13.4 Rubicon Oilfield International Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.13.5 Rubicon Oilfield International Recent Developments
5.14 Century Products
5.14.1 Century Products Profile
5.14.2 Century Products Main Business
5.14.3 Century Products Oilfield Drill Bits Products, Services and Solutions
5.14.4 Century Products Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.14.5 Century Products Recent Developments
5.15 Bit Brokers International
5.15.1 Bit Brokers International Profile
5.15.2 Bit Brokers International Main Business
5.15.3 Bit Brokers International Oilfield Drill Bits Products, Services and Solutions
5.15.4 Bit Brokers International Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.15.5 Bit Brokers International Recent Developments
5.16 OTS International
5.16.1 OTS International Profile
5.16.2 OTS International Main Business
5.16.3 OTS International Oilfield Drill Bits Products, Services and Solutions
5.16.4 OTS International Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.16.5 OTS International Recent Developments
5.17 Nile Petroleum Industrial Company
5.17.1 Nile Petroleum Industrial Company Profile
5.17.2 Nile Petroleum Industrial Company Main Business
5.17.3 Nile Petroleum Industrial Company Oilfield Drill Bits Products, Services and Solutions
5.17.4 Nile Petroleum Industrial Company Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.17.5 Nile Petroleum Industrial Company Recent Developments
5.18 Drilformance
5.18.1 Drilformance Profile
5.18.2 Drilformance Main Business
5.18.3 Drilformance Oilfield Drill Bits Products, Services and Solutions
5.18.4 Drilformance Oilfield Drill Bits Revenue (US$ Million) & (2018-2023)
5.18.5 Drilformance Recent Developments
6 North America
6.1 North America Oilfield Drill Bits Market Size by Country (2018-2029)
6.2 U.S.
6.3 Canada
7 Europe
7.1 Europe Oilfield Drill Bits Market Size by Country (2018-2029)
7.2 Germany
7.3 France
7.4 U.K.
7.5 Italy
7.6 Russia
7.7 Nordic Countries
7.8 Rest of Europe
8 Asia-Pacific
8.1 Asia-Pacific Oilfield Drill Bits Market Size by Region (2018-2029)
8.2 China
8.3 Japan
8.4 South Korea
8.5 Southeast Asia
8.6 India
8.7 Australia
8.8 Rest of Asia-Pacific
9 Latin America
9.1 Latin America Oilfield Drill Bits Market Size by Country (2018-2029)
9.2 Mexico
9.3 Brazil
9.4 Rest of Latin America
10 Middle East & Africa
10.1 Middle East & Africa Oilfield Drill Bits Market Size by Country (2018-2029)
10.2 Turkey
10.3 Saudi Arabia
10.4 UAE
10.5 Rest of Middle East & Africa
11 Oilfield Drill Bits Market Dynamics
11.1 Oilfield Drill Bits Industry Trends
11.2 Oilfield Drill Bits Market Drivers
11.3 Oilfield Drill Bits Market Challenges
11.4 Oilfield Drill Bits Market Restraints
12 Research Finding /Conclusion
13 Methodology and Data Source
13.1 Methodology/Research Approach
13.1.1 Research Programs/Design
13.1.2 Market Size Estimation
13.1.3 Market Breakdown and Data Triangulation
13.2 Data Source
13.2.1 Secondary Sources
13.2.2 Primary Sources
13.3 Disclaimer
13.4 Author List
Published By : QY Research
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