The rising dependency on crude oil and natural gas, especially in emerging economies has led in an expansion in E&P activity internationally. The drop in crude oil prices, combined with rising pollution from these fossil fuels, is a major impediment to the growth of the global oilfield drill bits market. The growing laws being introduced by nations in order to limit their carbon impact is projected to impede the growth of the worldwide oilfield drill bits market. Globally expanding energy consumption has resulted in a rapid expansion in offshore drilling activities to meet that demand, which has given the drilling bits industry a considerable boost. Furthermore, fresh oil reserve finds will increase Drilling Bits Market Growth and Drilling Bits Market Value. Environmental risks and severe government drilling regulations, as well as an increasing focus on renewable energy, may constrain the market Drilling Bits Market Size. The Drilling Bits Market Size is projected to be restrained by strict government rules governing onshore drilling activity. High manufacturing costs, combined with fluctuating raw material prices, are a significant impediment to the global oilfield Drilling Bits Market Share. Other factors are expected to stifle growth in the global oilfield drilling bits market over the forecast period.
According to Coherent Market Insights, Global Oilfield Drill Bits Market was valued at US$ 8.23 Bn in 2021 in terms of revenue, exhibiting a CAGR of 5.57 % during the forecast period (2022 to 2030).
Key Leaders in the Oilfield Drill Bits Industry:
1. Baker Hughes Inc.
Baker Hughes is a global leader in oilfield services and oilfield equipment, with particularly strong presences in the artificial lift, specialty chemicals, and completions markets. The other half of its business focuses on industrial power generation, process solutions, and industrial asset management, with high exposure to the liquid natural gas market specifically, as well as broader industrials end markets. The company is headquartered in Houston, U.S. founded in 1908.
2. Ulterra Drilling Technologies
Ulterra is a leading provider of premium PDC drill bits and downhole tools for the oil and gas industry. Its strength resides in the experience and wisdom obtained from industry veterans, designing high-quality, high-performance PDC bits for global markets. The company was founded in 1927, headquartered in Texas, U.S. On •Oct 21, 2018 Blackstone Group acquired Ulterra Drilling Technologies
3. National Oilwell Varco Inc.
NOV (formerly National Oilwell Varco) is a leading supplier of oil and gas drilling rig equipment and products, such as downhole tools, drill pipe, and well casing. The company operates on a global scale, with more than a thousand locations on six continents. The company is headquartered in Houston, U.S. founded in 1840.
4. Schlumberger
Schlumberger Limited engages in the provision of technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. Schlumberger Limited was founded in 1926 and is based in Houston, Texas.
5. Atlas Copco AB
Atlas Copco AB, together with its subsidiaries, provides productivity solutions North America, South America, Europe, Africa, the Middle East, Asia, and Oceania. It operates through Compressor Technique, Vacuum Technique, Industrial Technique, and Power Technique segments. The company was founded in 1873 and is headquartered in Nacka, Sweden.
6. Scientific Drilling International Inc.
The company offers directional and scientific drilling, navigation, surveying, and logging service, including drilling systems. It is Provider of accuracy wellbore placement and drilling solution to oil and gas, coal, geothermal, and mining industries. The company was founded in 1969, headquartered in Houaton, U.S.
*Defintion- Drill bits are essential tools that are utilised in the oil and gas industry to drill cylindrical boreholes for E&P activities in the production of crude and gas. Drill bits generate drill cuttings when used to build boreholes.
