Drill Bits Market- Growth, Future Prospects, Competitive Analysis, and Forecast 2017 – 2025, the global drill bits market for oil & gas industry is expected to reach US$ 13.2 Bn by 2025, expanding at a CAGR of 6.1% over the forecast period 2017 to 2025.
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Growing energy demand due to increase in number of automobiles due to rapid urbanization especially in emerging economies of Asia Pacific such as India and China are expected to drive the demand for fossil fuel which is influencing which oil producer to increase oil production, this in turn is expected to spur the growth of global drill bits market for oil & gas industry. Increase in exploration and production of sand formation coupled with new drilling techniques such as hydraulic fracturing or fracking is anticipated to impel the demand for polycrystalline diamond bits (PCD). Oil & gas industry has witnessed a shift in exploration and production operations form conventional to non-conventional oil & gas exploration.
Growing production of shale gas since 2010 coupled with increasing ultra-deepwater drilling activities in U.S. Gulf of Mexico is expected to drive the demand for drill bits market over the forecast period (2016-2023). Moreover, increasing rig count for offshore drilling also anticipated to fuel the demand for drill bits over the forecast period. However, decline in oil prices in recent past has adversely affected the profit margin of oil producers.
Thus, oil producers are concentrating on improving oil production with the use of technologies. Leading drill bits manufacturers are providing drill bits endowed with technology that offers better rate of penetration at low cost, making drilling operations more efficient. Moreover, increasing offshore drilling activities coupled with increasing production of shale gas is expected to augment the growth of drill bits market over the forecast period 2016-2023.
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Global drill bits market is segmented type into roller cone bits and fixed cutter bits on the basis of product. Roller cone bits segment is further sub-segmented as milled-tooth bits and tungsten carbide inserts (insert bits). Among roller cone bit segment, the tungsten carbide inserts segment is anticipated to be the largest segment due to low cost and adaptability for the soft formations. The segment is expected to continue its dominance over the forecast period.
Fixed cutter bit segment is further sub-segmented into natural diamond bits and Polycrystalline diamond bits (PDC). In 2013, Polycrystalline diamond bits (PDC) was the most dominant segment and expected to continue its dominance till 2023. The segment is expected to register significant growth over the forecast period due to growing ultra-deep water drilling activities in U.S. Gulf of Mexico and other parts of the globe.
Leading players in the global drill bits market are involved in constantly innovating newly designed drill bits empowered with technology to increase their market share. For instance, Schlumberger Limited offer drill bits Axe Blade Ridged Diamond Element Bit, Sting Blade Conical Diamond Element, etc. Therefore, the global drill bits market is projected to register robust CAGR over the forecast period (2016-2023).
• Merger & Acquisition
• Development of newly designed drill bits
• High investment on research and development
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Table of Content :
1.1. Report Scope and Description
1.2. Research Methodology
1.2.1. Phase I-Secondary Research
1.2.2. Phase II-Primary Research
1.2.3. Phase II-Expert Panel Review
1.2.5. Approach Adopted
2. Executive Summary
2.1. Global Drill Bits Market for Oil & Gas Industry Market Snapshot
2.1.1. Global Drill Bits Market for Oil & Gas Industry Market by Product Type, 2015
2.1.2. Global Drill Bits Market for Oil & Gas Industry Market by Geography,2015
3. Global Drill Bits Market for Oil & Gas Industry Market Dynamics
3.1. Market Overview
3.2. Value Chain Analysis
3.5. Future Prospects
3.6. Impact Analysis of Drivers and Challenges
3.7. Porter’s Five Force Analysis
3.7.1. Bargaining Power Of Suppliers
3.7.2. Bargaining Power Of Buyers
3.7.3. Threat Of Substitutes
3.7.4. Threat Of New Entrants
3.7.5. Industry Rivalry
4. Global Drill Bits Market for Oil & Gas Industry Market Size (US$ BN), By Product Type, 2015 – 2025
4.1.1. Market Share Analysis by Product Type, 2015 – 2025
4.1.2. Attractive Investment Proportion by Product Type
4.2. Roller cone bits
4.2.1. Milled-tooth bits
4.2.2. Tungsten carbide inserts (insert bits)
4.3. Fixed cutter bits
4.3.1. Polycrystalline diamond bits (PDC)
4.3.2. Natural diamond bits
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