Drill Bits Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Albany, NY -- (SBWIRE) -- 04/17/2015 -- Drill bits are used to crush rock formations. These are essential components used in drilling activity to extract water, oil, and gas. In the past few years, the demand from the mining and industrial energy production sectors has increased due to the rising number of mining, oil drilling, and water-well drilling projects all over the world. This demand has spurred the growth of the drill bits market. The significant rise in the demand for energy across the world coupled with high natural gas and oil prices are propelling the overall drill bits market considerably.
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The global drill bits market was valued at 2,597 hundred units in 2012 and is now expected to grow at a 4.9% CAGR during 2013-2019, according to a leading market firm in the U.S.
Rising Demand for Energy Boosting Oilfield Equipment Market
As drilling engineers and designers are continuously designing apt drill bits to suit different work and industrial environments, advancement in drill bit technology has increased at an accelerated pace in the last few years. The new and improved drill bits currently available in the global market deliver high speed, efficiency, and durability at work places.
Drill bit designers are constantly challenged to create strong and cost-effective drill bits that offer greater wear resistance without any compromise on the impact resistance. Thus, today the market for drill bits offers a variety of products suitable for more abrasive formations and harder drilling.
The drill bits market has been enjoying remarkable positive growth mainly in the oil and gas industry due to the constantly rising exploration activities worldwide and high technological advancement in drill bit design. Rising demand for energy from both developing and developed economies in the world is boosting the oilfield equipment market, especially the drilling equipment and field production machinery.
In addition, offshore drilling activities are also expected to encourage exploration and production activities around the world. A growing demand for exploration and drilling activities is likely to create substantial growth in the drill bits market in the coming years.
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Growing Variety of Drill Bit Products Stimulating Market Growth
Continuous development in the technology, materials, and design for drill bits has given rise to a variety of products in the overall market. The two main types of drill bits used for oil and gas drilling activities are fixed cutter bits and roller cone bits. Although the roller cone technology has penetrated the market it is still undergoing significant development. On the other hand, fixed cutter bits serve a large part of the drill bits market due to its reliability and improved rate of penetration. In recent years, the demand for fixed cutter drill bits has grown tremendously. These bits are more durable than traditional roller cone bits.
Roller cone bits are further segmented into milled tooth bits and tungsten carbide inserts. They are more appropriate for use in drilling activities in softer rocks, as their oscillating cones can break more easily in hard rock formations.
Fixed cutter bits such as polycrystalline diamond cutters (PDC) and natural diamond cutters are significantly improving drilling operations and penetration rate in abrasive formations and thus gaining high popularity across the globe. However, the cost of these technologically advanced cutters is extremely high.
Worldwide, North America is expected to remain the largest market for drill bits. This region has experienced the maximum growth in exploration and production activities, leading to a stellar demand for drill bits. North America held 35.7% of the global drill bits market by volume in 2012. With the oil rig count continuously rising in the U.S., the market for drill bits is expected to grow rapidly in the next four years.
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