Global Drill Bit Market to reach USD 9 billion by 2027.Global Drill Bit Market is valued approximately at USD 5.4 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 7.5% over the forecast period 2021-2027. Drilling is the most common process of discovering and producing crude oil from a tank. Rocks are crushed using drill bits to extract crude oil and produce a cylindrical hole on the earth's surface in this procedure. In the oil and gas sector, drill bits made of various materials such as diamond, tungsten, and carbide are commonly utilized. The cutter's drill bits are divided into two types: roller cone drill bits and fixed drill bits. The roller cone drill bits are the most commonly used drill bits for drilling conventional wells. The market is driven by the key factors such as increase in exploration activities and increasing consumption in foundation work and maintenance in housing sectors. As per Statista, In 2017, the number of active mineral exploration sites around the world was broken down by region. Canada had the most active mineral exploration sites in the world in that year, with around 532 active sites. With approximately 504 active sites, Australia ranked second. Furthermore, General Electric developed the polycrystalline diamond compact (PDC) in 1971 and has influenced almost every material removal industry. PDC cutter and bit technology has evolved slowly for several years ever since introduction into the drilling market by GE Carboloy at Hughes Tool Co. (HTC) in late 1972. However, Volatile nature of crude oil prices , may impede market growth over the forecast period of 2021-2027.

In 2019, North America dominated the drill bit market, and this trend is projected to continue during the forecast period. The United States, which has been a net energy importer since 1953, is on course to become a net energy exporter by 2022, due to the widespread use of hydraulic fracturing technology and the shale revolution. Drill bit demand is directly affected by oil and gas drilling activity, so increasing drilling activity has resulted in higher drill bit demand in the country.

Major market player included in this report are:
National-Oilwell Varco Inc.
Halliburton Company
Varel International Energy Services Inc.
Schlumberger Limited
Xi'an Landrill Oil Tools Co. Ltd
Baker Hughes Company
Ulterra Drilling Technologies LP
Sandvik AB
Newtech Drilling Products LLC.
Torquato Drilling Accessories


The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By type:
Roller Cone Bit
Fixed Cutter Bit
By Deployment location:
Onshore
Offshore
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year - 2018, 2019
Base year - 2020
Forecast period - 2021 to 2027.

Target Audience of the Global Drill Bit Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors