Global Oilfield Drill Bits Market is estimated to be valued at US$ 8.23 Bn in 2021, according to the Global Oilfield Drill Bits Market Report, by Drill Bit Type (Roller Cone Bits and Fixed Cutter Bits), by Application (Onshore and Offshore), by region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa ), published by Coherent Market Insights.

Global oilfield drill bits market was valued at US$ 8.23 Bn in 2021. Oilfield drill bits market is expected to register a CAGR of 5.57 % over the forecast period (2022–2030), to reach US$ 13.39 Bn by 2030.

Drill bits play a major role in E&P activities as they are used in the drilling of boreholes. The type of drill bit chosen depends on the formation. The major factors propelling the growth of this market include increasing demand for crude oil and natural gas from countries globally.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/oilfield-drill-bits-market-999

Key Trends and Analysis of the Global Oilfield Drill Bits Market:

  • Fixed cutter bits have no moving parts or bearings, unlike roller cone bits. The cutters are permanently mounted onto blades, which are integral to the structure of the bit. Polycrystalline diamond compact (PDC) bits dominate this category and hold the majority of the market share in the global drill bit market.
  • With advantages over the roller cone bits, the fixed cutter bits segment is estimated to experience a high growth rate and is expected to continue dominating the drill bit market during the forecast period.

Key Takeaways of the Global Oilfield Drill Bits Market:

  • North America dominated the global oilfield drill bits market and was valued at US$ 8.23 billion in 2021. The region is projected to witness a CAGR of 57 % in terms of revenue during the forecast period (2021-2030). The dominance is majorly attributed to the rising E&P shale projects being undertaken in the U.S. The IEA has predicted a 53% increase in investments in shale activity in the U.S. in even though oil prices are hovering around the US$ 50/bbl price mark. The U.S. shale producers are benefiting from the OPEC’s decision to lower their production thus leaving tremendous potential for the growth of shale gas producers in the U.S.
  • The Middle East is projected to be the second largest region in terms of revenue in the global oilfield drill bits market in 2021. The Middle East oilfield drill bits market was valued at US$ 8.23 Bn in 2021 and is expected to reach US$ 13.39 Bn by 2030 growing at a CAGR of 57 % during the forecast period. The recovering crude oil prices has seen a surge in E&P projects being undertaken in the Middle East. The Leviathan field located, 130 kms off Israel has substantial reserves of 1.7 billion barrels of oil alongside 3.4 trillion cubic meters of natural gas. Projects such as these are expected to boost the demand for oilfield drill bits in the Middle East region during the forecast period.
  • Some of the major players operating in the global oilfield drill bits market are Baker Hughes Inc., Drill Master Inc,, National Oilwell Varco Inc., Schlumberger, Scientific Drilling International Inc., Ulterra Drilling Technologies, Atlas Copco AB and Halliburton Inc., among others.

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