Global Oilfield Drill Bits Market, by Drill Bit Type (Roller Cone Bits and Fixed Cutter Bits), by Application (Onshore and Offshore), and by Geography - Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2025

  • Report code : CMI14999 |
  • Industry :

    Energy

  • Published On : Nov 2017 |
  • Pages : 250 Pages |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Global Oilfield Drill Bit Market - Insights

Drill bits are essential tools that are utilized in the oil and gas industry to drill cylindrical boreholes for E&P activities in the production of crude and gas. Drill bits produce drill cuttings when used in for the formation of boreholes. The cuttings that are formed by the bit are usually removed from the wellbore and brought to the surface through circulation.

The increasing dependence on crude oil and natural gas, especially in emerging economies has resulted in an increase in E&P activities globally. The type of drill bit to be used for drilling depends on the nature of the formation. The drill bit has a typical rotary motion and is situated at the tip of the drill string, underneath the drill pipe and collar. It is usually made up of 2 or 3 cones with materials having a higher degree of hardness, such as tungsten carbide, steel and natural or artificial diamonds and have sharp teeth that can easily penetrate into the required structure.

The decrease in crude oil prices coupled with the increasing pollution due to these fossil fuels is a major restraint for the growth of the global oilfield drill bits market. The increasing regulations being adopted by nations in order to reduce their carbon footprint is expected to hamper the growth of the global oilfield drill bits market.

North America dominated the drill bits market in 2016 and is expected to retain its dominance throughout the forecast period. North America accounted for 30% of the market share in terms of revenue in 2016. The increasing shale gas production is a major factor for this dominance. This is mainly due to the growing oil & gas industry, coupled with the high demand for petroleum. The U.S. holds the majority of shares in the wireline services market in North America, as it is the largest consumer of oil and gas. According to the Energy Information Administration (EIA), during 2014, the US crude oil production recorded a tremendous increase by 1.2 million barrels per day (bbl/d) to 8.7 million bbl/d, and it was the largest volume increase since 1900. This rapidly growing oil & gas industry in the region, is majorly driving the growth of wireline services market. Furthermore, the recently discovered shale oilfields in the region is fuelling the adoption of well intervention and the evaluation of petro physical data acquired from oil wells, this in turn propelling the growth of wireline services market. As in 2016, US Geological Survey (USGS) discovered a large deposit of untapped reserves in the US, at the Wolfcamp formation, located in Texas with an estimated average of 16 trillion cubic feet of natural gas and 20 billion bbls of oil.

Figure1.  Global Oilfield Drill Bits Market Share, By Region, 2016

oilfield drill bits market

Source: Coherent Market Insights (2017)

North America is expected to be the fastest growing region in the global oilfield drill bits market during the forecast period. The discovery of shale gas in the U.S. has resulted in unprecedented demand for drill bits, as the country looks to reduce its dependence on crude oil imports from the Middle East. Middle East accounted for 23.5% market share in terms of revenue in the global oilfield drill bits market. The presence of numerous countries such as Saudi Arabia, Iraq and Oman amongst others whose economy primarily depends on oil and gas production is expected to result in an increasing demand.

Based on drill bit type, the oilfield drill bits market is segmented as roller cone bits and fixed cutter bits. Roller cone bits are further segmented as tungsten carbide insert bits and milled-tooth bits. Fixed cutter bits are further segmented as Polycrystalline diamond compact (PDC) drill bits, Impregnated bits and diamond bits.

Major players in the global oilfield drill bits market include Baker Hughes Inc., Drill Master Inc, Ulterra Drilling Technologies, National Oilwell Varco Inc., Halliburton Inc., Schlumberger, Atlas Copco AB and Scientific Drilling International Inc., among others.

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.

Market Dynamics

Growing demand for oil and is, in turn, fuelling growth of global oilfield drill bits market. The rising demand for crude oil to be used as fuel, coupled with the recovering oil and gas industry globally is expected to propel demand for oilfield drill bits globally.

North America dominated the oilfield drill bits market in 2016. This is majorly due to the shale boom in the US. Some of the major players in the shale industry are the Permian, Eagle Ford, Marcellus, and Barnett. This has resulted in an increase in E&P activities in this region, which in turn is expected to result in an increase in the demand for oilfield drill bits in the North American region.

The Middle East is witnessing an increase in E&P activities after the recent oil slump of 2014. Apart from the Middle East other regions such as Europe, Asia Pacific and Africa are also expected to see an increase in oil and gas projects being undertaken during the forecast period. The rising demand for fuel especially amongst the emerging nations of Africa and Middle East has augmented the demand for oil and gas in these regions.  For instance, in September 2017, PetroSA and Russia based Rosgeo signed a US$ 400 million agreement to develop oil and gas reserves off the coast of South Africa. In June 2016, in Angola, state-owned Sonangol announced a gas discovery in the Kwanza Basin which is estimated to hold 813 million barrel of oil equivalent. BP Plc holds a block in the discovered field in a joint venture with Sonangol. This, in turn, is expected to boost the demand for oilfield drill bits globally.

Key features of the study:

  • This report provides in-depth analysis of the oilfield drill bits market, market size (US$ Bn), and Cumulative Annual Growth Rate (CAGR %) for the forecast period (2017 – 2025).
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market. It provides valuable insights about market drivers, restraints, opportunities, new product launches or approval, pipeline products, regional outlook, and competitive strategy adopted by the leading players.
  • It profiles leading players in the global oilfield drill bits market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, key developments, and future plans.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions with respect to their future product launch, market expansion, and marketing tactics.
  • The global oilfield drill bits market report caters to various stakeholders in this industry, including investors, product developers, distributors, oil and gas companies and service provider companies.
  • Stakeholders would greatly benefit in decision-making through the various strategy matrices used in analyzing the oilfield drill bits market.

Detailed Segmentation:

  • Global Oilfield Drill Bits Market, By Drill Bit Type
    • Roller Cone Bits
      • Tungsten Carbide Insert Bits
      • Milled Tooth Bits
    • Fixed Cutter Bits
      • Polycrystalline Diamond Compact (PDC) Drill Bits
      • Impregnated Bits
      • Diamond Bits
  • Global Oilfield Drill Bits Market, By Application:
    • Onshore
    • Offshore
  • Global Oilfield Drill Bits Market, By Geography:
    • North America
      • U.S.
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Canada
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
    • Europe
      • U.K.
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Germany
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Italy
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Denmark
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Norway
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Russia
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Rest of Europe
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
    • Asia-Pacific
      • China
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • India
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Japan
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • ASEAN
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Australia
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • South Korea
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Rest of Asia Pacific
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
    • Latin America
      • Brazil
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Mexico
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Argentina
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Rest of Latin America
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
    • Africa
      • Nigeria
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Angola
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Algeria
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Libya
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Gabon
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Rest of Africa
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
    • Middle East
      • Saudi Arabia
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Israel
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • UAE
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
      • Rest of Middle East
        • By Drill Bit Type:
          • Roller Cone Bits
            • Tungsten Carbide Insert Bits
            • Milled Tooth Bits
          • Fixed Cutter Bits
            • Polycrystalline Diamond Compact (PDC) Drill Bits
            • Impregnated Bits
            • Diamond Bits
        • By Application
          • Onshore
          • Offshore
  • Company Profiles
    • Baker Hughes Inc.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Drill Master Inc.
    • Schlumberger
    • Halliburton Inc.
    • National Oilwell Varco Inc
    • Ulterra Drilling Technologies
    • Atlas Copco AB.
    • Scientific Drilling International Inc.

 “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objective and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet By Drill Bit Type
      • Market Snippet By Application
      • Market Snippet By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Merger and Acquisitions
      • New Well Type   Approvals/Launch
      • Promotion and Marketing Initiatives
    • Cost Tier Down Analysis
  4. Global Oilfield Drill Bits Market, By Drill Bit Type, 2016- 2025 (USD Billion)
    • Introduction
      • Market Share Analysis, 2016 and 2025 (%)
      • Y-O-Y Growth Analysis, 2016 - 2025
      • Segment Trends
    • Roller Cone Bits
      • Introduction
      • Market Size and Forecast, and Y-O-Y Growth, 2016 - 2025, (USD Billion)
        • Tungsten Carbide Insert(TCI) Bits
        • Milled Tooth Bits
    • Fixed Cutter Bits
      • Introduction
      • Market Size and Forecast, and Y-O-Y Growth, 2016 - 2025, (USD Billion)
        • Polycrystalline Diamond Compact(PDC) Drill Bits
        • Impregnated Bits
        • Diamond Bits
  5. Global Oilfield Drill Bits Market, By Application, 2016- 2025 (USD Billion)
    • Introduction
      • Market Share Analysis, 2016 and 2025 (%)
      • Y-O-Y Growth Analysis, 2016 - 2025
      • Segment Trends
    • Offshore
      • Introduction
      • Market Size and Forecast, and Y-O-Y Growth, 2016 - 2025, (USD Billion)
    • Onshore
      • Introduction
      • Market Size and Forecast, and Y-O-Y Growth, 2016 - 2025, (USD Billion)
  6. Global Oilfield Drill Bits  Market, By Region, 2016 - 2025 (USD Billion)
    • Introduction
      • Market Share Analysis, By Region, 2016 and 2025 (%)
      • Y-O-Y Growth Analysis, For Regions, 2016 - 2025
    • North America
      • Market Share Analysis, By Country, 2016 and 2025 (%)
      • Y-O-Y Growth Analysis, By Country, 2016 - 2025
        • U.S.
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Canada
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
    • Europe
      • Market Share Analysis, By Country, 2016 and 2025 (%)
      • Y-O-Y Growth Analysis, By Country, 2016 - 2025
        • U.K.
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Germany
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Italy
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Denmark
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Norway
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Russia
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Rest of Europe
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
    • Asia Pacific
      • Market Share Analysis, By Country, 2016 and 2025 (%)
      • Y-O-Y Growth Analysis, By Country, 2016 - 2025
        • China
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • India
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Japan
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • ASEAN
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Australia
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • South Korea
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Rest of Asia Pacific
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
    • Latin America
      • Market Share Analysis, By Country, 2016 and 2025 (%)
      • Y-O-Y Growth Analysis, By Country, 2016 - 2025
        • Brazil
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Mexico
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Argentina
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Rest of Latin America
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
    • Africa
      • Market Share Analysis, By Country, 2016 and 2025 (%)
      • Y-O-Y Growth Analysis, By Country, 2016 - 2025
        • Nigeria
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Angola
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Algeria
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Libya
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Gabon
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Rest of Africa
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
    • Middle East
      • Market Share Analysis, By Country, 2016 and 2025 (%)
      • Y-O-Y Growth Analysis, By Country, 2016 - 2025
        • Saudi Arabia
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Israel
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • UAE
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
        • Rest of Middle East
          • Country Trends
          • Market Size and Forecast, By Drill Bit Type, 2016 - 2025 (USD Billion)
          • Market Size and Forecast, By Application, 2016 - 2025 (USD Billion)
  7. Competitive Landscape
    • Heat Map Analysis
    • Market Share Analysis (3x3 Matrix)
    • Company Profiles
      • Baker Hughes Inc
        • Company Overview
        • Well Type   Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      •  Drill Master Inc
        • Company Overview
        • Well Type   Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Schlumberger
        • Company Overview
        • Well Type   Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Halliburton Inc
        • Company Overview
        • Well Type   Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • National Oilwell Varco Inc
        • Company Overview
        • Well Type   Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Ulterra Drilling Technologies
        • Company Overview
        • Well Type   Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Atlas Copco AB
        • Company Overview
        • Well Type   Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Scientific Drilling International Inc.
        • Company Overview
        • Well Type   Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
    • Analyst Views
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

* Browse 250 market data tables* and 60 figures* on "Oilfield Drill Bits Market” - Global forecast to 2025.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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Key Benefits

  • Custom Research Solution

    Talk to our research consultant to design an exclusive report as per your research needs.

  • Customer Fulfilment

    We aim to fulfil client's research demands with tailored research solutions.

  • Quick Turnaround Time Reports

    We aim to provide research studies in quickest turnaround time and in a much cost effective manner.

  • 360-degree Approach

    We cover each industry from supply and demand side with an aim to provide a most holistic research study.

  • Assured Quality

    We strive to provide most accurate and reliable research findings in our research reports.