Visiongain has published a new report on Oil & Gas Drill Bit Market Report 2021-2031: Forecasts by Type (Roller Cone Cutter Bits (Milled-tooth Bits, Tungsten Carbide Inserts), Fixed Cutter Bits (Polycrystalline Diamond Compact, Diamond Impregnated)), by Application (Onshore, Offshore) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.

Global oil & gas drill bits market was valued at US$xx million in 2021 and is projected to reach at a market value of US$xx million by 2031. The demand for drill bit is expected to grow on account of the increasing oil & gas exploration and drilling activities both offshore and onshore. Discoveries of new oil & gas reserves coupled with the need for emerging countries to improve energy security is also expected to increase the demand for drill bits over the coming years. Over the past few years, drill bits have become more efficient in terms of rate of penetration and reduced need of bit replacement or maintenance which is anticipated to augment market growth.

COVID-19 Impact on Oil & Gas Drill Bits Market
Visiongain has anticipated four scenarios for the oil & gas drill bits market to recover over the forecast period, namely, V, U, W, and L. The COVID 19 pandemic has had a negative impact on the oil & gas drill bits market. Supply chain disruptions and temporary closures of production facilities led to losses for drill bit manufacturers. At the outbreak of the coronavirus, impacted drill activities world-wide, which is why new orders were not placed for drill bits.

How this Report Will benefit you?
Visiongain’s new study is suitable for anyone requiring in-depth analyses for the global oil & gas drill bits market along with detailed segment analysis in the market. Our new study assists you in evaluating the overall global and regional market for autonomous trains. Get the financial analysis of the overall market and different segments. Huge opportunities remains in this fast-growing oil & gas drill bits market. See how to use the existing and upcoming opportunities in this market to gain a competitive edge in the near future. Moreover, the report will help you to improve your strategic decision making, allowing you to frame growth strategies, reinforce the analysis of other market players and finally maximise productivity for your company.

What are the Market Drivers?

Increasing Oil & Gas Exploration and Drilling Activities
As per OPEC, oil demand is anticipated to rise by an average of 1.4% per year to make up 36.5% of the world energy mix by 2030, and the natural gas demand is expected to reach 27% by 2030. In most parts of the world, economic activity is reviving in 2021 despite the uncertainties caused by the COVID-19 pandemic. For instance, the U.S. Energy Information Administration highlights that oil demand is rising in the U.S. due to the increase in COVID-19 vaccination rates and revival of the economy.

Technological Developments to Strengthen Drill Bits and Improve Efficiency
In September 2021, Ulterra announced a collaboration with National Energy Services Reunited Corp., a national, industry-leading provider of integrated energy services in the Middle East and North Africa (MENA), and Asia regions. This agreement states that NESR will deploy and use Ulterra’s PDC bits across various countries in the MENA and Asia regions. In April 2018, Ulterra and a large independent E&P company partnered to examine ways to improve performance. Ulterra was engaged in developing a new PDC bit design and was on the lookout for challenging applications while the E&P company was focused on ways to improve its drilling performance in the Eagle Ford area. Similarly, in July 2019, Schlumberger announced an award by Chevron U.S.A. Inc. of a 20-year subsea equipment and services master contract for subsea development projects in the Gulf of Mexico.

Where are the Market Opportunities?

Drill Bit Manufacturers to Partner with Drilling Companies to Improve Design Efficiency
Smith Bits, a Schlumberger company, focused on extending bit longevity with optimal performance to provide bits that are capable of drilling entire well sections with a single trip. By reducing or eliminating trips to change worn or poorly performing bits, the company is expected to reduce non-productive time and save drilling costs. The StingBlade bits of the company have new conical diamond element cutters with a much higher diamond content to increase ROP while extending bit life.

Competitive Landscape
Some of the companies profiled in the report include Atlas Copco Group, Baker Hughes Company, Bit Brokers International, Caterpillar Inc., Haliburton Company, NOV Inc., Palmer Bit Co., Sandvik AB, Schlumberger Limited, Sichuan DeepFast Oil Drilling Tools Co. Ltd., Sinocoredrill Group, Taesung Co. Ltd., Taurex Drill Bit LLC, Torguato Drilling, and Ulterra. Companies in the drill bit industry work closely with drilling companies to collect information about their bits to identify opportunities for design improvements.
• In January 2021, Atlas Copco launched a range of integral, tapered, and R25 rods and bits for Atlas Copco Cobra Combi Breakers and Pneumatic Rock Drillers. The products are manufactured from C253 premium quality steel specially designed for wet or dry drilling. The products can be used in granite mining, stone quarrying, asphalt drilling, for surface as well as underground drilling.
• In January 2021, NOV launched ION+ PDC cutter technology to provide superior drilling performance in tough regions. They have a wide range of applications with specific cutter grades incorporating refined diamond feeds, higher manufacturing pressures, new nonplanar interfaces, and thicker diamond tables with enhanced thermal stability.
• In October 2020, Caterpillar Inc. acquired the Oil & Gas Division of Weir Group PLC. Weir Group produces pumps, flow iron, consumable parts, wellhead, and pressure control products It has an extensive network of service centers across the globe. The acquisition cost US$405 million and includes more than 40 Weir Oil & Gas manufacturing and service locations as well as 2,000 employees. The company is now known as SPM Oil & Gas.

Notes for Editors
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