DRILL BITS FOR OIL AND GAS INDUSTRY APPLICATION MARKET ANALYSIS

Regional Analysis

Drill Bits For Oil And Gas Industry  market Regional Insights:

• North America:   Due to the increase in exploratory operations occurring throughout the area at both offshore and onshore locations, North America now commands the greatest market share 30 % in the  drill bits for oil and gas industry market. The U.S. dominates this continent, with more than half of the market share. Since the 2016 stabilization of oil prices, exploratory activity in the area has increased. The drilling bit for oil and gas industry market is predicted to expand at a good clip in North America. Increased energy demand brought on by an increasing population is one of the main factors contributing to the region's growth. The development of the market has also been impacted by the existence of significant drilling bit manufacturers and service providers.
• AsiaPacific accounted for the second-largest market 27% share in 2023. Due to China's expanding shale gas development projects, the market for drilling bits is anticipated to expand quickly in the AsiaPacific area. The area is anticipated to experience a significant increase in demand for drill bit due to rising oil and gas discovery operations in nations like Indonesia, Australia, and the Philippines.
• Europe is expected to register fast market growth rate during the forecast period due to the increasing extraction of petroleum in countries across the region, especially in the U.K., Germany, Italy, and Spain owing to the rapid expansion of oil and gas industry. According to the European Commission, in 2021, EU refineries produced 521. 0 million tonnes of oil equivalent (Mtoe) from petroleum products. This represents a slight recovery of 3.2% compared to 2020, which recorded the lowest quantity ever produced, with output falling largely due to COVID-19 travel restrictions that have reduced demand for transportation fuel. In 2021, the largest producer  of oil is Germany (94.4 Mtoe), followed by Italy (70.2 Mtoe), the Netherlands (60.3 Mtoe) and Spain (59.3 Mtoe).

Figure 1. Drill Bits For Oil And Gas Industry Share (%), by Region, 2024

• North America: U.S. and Canada
• Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
• Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
• Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
• Middle East &  Africa : GCC Countries, Israel, and Rest of Middle East, South Africa, North Africa, and Central Africa