Report

Drilling Bits Market: Developments, Opportunities and Market Outlook [2016-2026]

Drilling is the primary process in the oil and gas industry to reach the oil/gas site seated deep down the earth. Drilling involves the formation of a nearly circular hole in the earth crust to the area of interest. This drilling process is not at all possible without these special tools known as the drilling bits. A drilling bit is a cutting or boring tool which is connected to the end of the drill string. They cut through the rocks by scraping, chipping, gouging or grinding the rock at the bottom in order to make a way for the drill string, casing, tubing, etc. as required.

There has always been a need of oil & gas companies to invest in the drilling bit market as the drilling bits are mandatory for any drilling process. The global drilling bit market has been valued at 5.4 billion USD at the end of 2016 and is expected to attain a global value of XX billion USD growing at a CAGR of XX % during the forecast period of 2016-2026.

There has always been a need of oil & gas companies to invest in the drilling bit market as the drilling bits are mandatory for any drilling process. The global drilling bit market has been valued at 5.4 billion USD at the end of 2016 and is expected to attain a global value of XX billion USD growing at a CAGR of XX % during the forecast period of 2016-2026.

The performance of the drilling bit depends on the following factors:

  • Amount of depth it has to drill
  • The speed at which the drilling process is carried out (Rate of Penetration)
  • The efficiency of the drilling bit in accordance with its total operating costs, etc.

Hence, it is very important to choose and decide which kind of drilling bit is employed for a particular drilling operation and the type of formation it has to drill. The formation can be hard, soft or moderate. Also, the mud properties and weight on bit affects the performance of the bit. All these factors have been discussed in detail in our exclusive report.

Basically, there are three types of drilling bits in the industry. But now-a-days, only Roller Cone bits and Diamond bits are dominating the market. Regular advancements and innovations are also being carried out in order to meet new challenges of drilling process. The types of bits are:

  • Drag Bits: They were the first bits used in the drilling process but are no longer in common use and are slowly leaving the market. A drag bit consists of rigid steel blades shaped like a fish-tail rotating as a single unit. Their gradual decline was due to their limitation to drill through soft formations only, drilling irregular holes, etc.
  • Roller Cone Bits: Roller Cone Bits have occupied approximately 70% of the market segment And they are the most common type of bits used by the industry and have replaced the drag bits completely. The cutting action of the roller cone bits is provided by cones which have either steel teeth or tungsten carbide inserts. They drill hole primarily by grinding or chipping action
  • Diamond Bits: Diamond is one of the hardest materials on earth. The bits were modified to use diamond as cutters. The diamond bits can be classified as:
    • Natural Diamond Bits
    • Polycrystalline Diamond Compact Bits (PDC Bits)
    • Thermally Stable Polycrystalline Diamond Bits (TSP Bits)

The major aspects of roller cone bit design like bearing assemblies, cones, cutting elements and fluid circulation have been discussed in detail in the report. Similarly, the major aspects like cutting material, bit body material, cutter rake, bit profile, cutter density, cutter exposure and fluid circulation of PDC bit design have also been included in the report in detail along with the working of each type of drill bit.

The increasing global energy demand of crude oil, increased demand for unconventional energy sources like CBM, natural gas etc. are the basic driver of the drill bit market. The major restraining factors include the hesitation of companies to drill new wells owing to oil price crisis, increased performance and quality of drill bits which help the drilling process to finish with less number of bit changes, etc. Regardless of type, drill bits must satisfy two primary design goals: maximize the rate of penetration (ROP) of the formation and provide a long service life. Obviously, the faster the well reaches the target depth the lower will be the cost of the well. The opportunities in the drill bit market lies in the formation of new bit technologies for drilling complex formations by improved cleaning action down the hole, using tungsten carbide hardfacing, using seal bearings, etc.

The profiles and the comprehensive operational study of various key players in the Drilling Bits market like Atlas Copco, Baker Hughes, Halliburton Inc., National Oilwell Varco Inc, Scientific Drilling International Inc, Kingdream Public Ltd, Varel International Inc, Torquato Drilling Accessories, Newtech Drilling Products LLC. , etc. has been well analysed and included in the report.

Kindly fill the details below to get the Table of Contents

By Technology

  • Drilling Bit Types
    • Drag Bits
    • Roller Cone Bits
    • Diamond Bits
  • Cutter Types
    • Rolling Cutters
    • Fixed Cutters

By Application

  • Drilling
  • Production
  • Logging
  • Reservoir Analysis
  • Downstream

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
  • Rest of the World (ROW)
  • Market overview and forecasting covering Optimistic, Realistic and Pessimistic scenarios (2016-2026)
  • Analysis and study of various services provided by major players active in the Drilling Bits market
  • Market segmentation based on Technology & Geography
  • Detailed coverage of technology and services involved
  • Technical comparative studies and case analysis
  • Competitive landscape with in depth analysis of the market players’ strategy
  • Infraline’s Techno Managerial edge covering SWOT, TOWS, Porter’s five forces and PESTLE analysis

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