PDC Drill Bits Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos

 

The global oil and gas exploration and production sector accounts for a significant portion of the global economy, and its growth is expected to continue in the future. OPEC crude oil production is expected to average 32.11 million barrels per day in 2021 and 34.15 million barrels per day in 2022. The increasing oil and gas discoveries, coupled with the liberalization in the industry, have been providing new opportunities for the market players. The new emerging markets are several developing nations of Middle East & Africa, Asia-Pacific, and South America. In addition, continuous investments in the oil and gas sector coupled with increasing oil and gas drilling activities and the demand for advanced technologies that deliver faster drilling with less downtime and minimum wear and tear is further expected to amplify this demand in the future. Thus, major players in market are continuously focus on launching new and advance products in the market. For instance, in October 2020, Halliburton Company had unveiled the Crush & Shear Hybrid Drill Bit, a novel technology that brings together the efficiency of conventional PDC cutters and the torque-resistant capability of rolling elements, designed to deliver improved drilling efficiency and maximum bit stability through changing formation.

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According to UnivDatos Market Insights (UMI)’ research report “PDC Drill Bits Market”, the market is expected to witness a CAGR growth of around ~5% during the forecast period 2021-2027F. Factors, such as increased exploration activity and focus on the development of new oil and gas fields, are expected to drive the market for PDC drill bits. Drilling activities, especially footage drilled, are expected to drive the demand for PDC drill bits. In addition, major players are investing in new offshore drilling sites is further expected to drive the market growth. For instance, in 2020, Royal Dutch Shell submitted plans for seismic activity and exploratory drilling in its West Harrison Bay license in the Beaufort Sea just offshore from the National Petroleum Reserve in Alaska, U.S. In its 5-year plan, the company suggests conducting seismic studies to update geological data and finalize well and reservoir design in 2021-22 and begin and subsequently expand exploratory drilling in 2023-24. 

Based on type, the market is bifurcated into matrix body and steel body. Among these, matrix body category to witness strong growth during the forecast period and is expected to hold a significant market share by 2027. Matrix body fixed cutters contain tungsten carbide material which provides improved wear resistance and erosion. In applications of high fluid volume or high sand, matrix body bits offer longer life and multiple bit runs. Due to these advantages matrix body drill bits to witness higher CAGR during the forecast period.

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Based on size, the market is bifurcated into Less than 9 mm, 9–14 mm, 15–24 mm, and Above 24 mm. Among these, 15–24 mm to witness the fastest growth during the forecast period. This is mainly due to its high use for drilling medium-hard and hard formations with a higher rate of penetration (ROP), which is one of the major driving factors for the growth of the 15–24 mm market. In addition, petroleum and hydrothermal investigations in deep geological formations lead to manufacturing new bits materials able to drill at a higher temperature, in more abrasive and harder geological fields. Such innovating materials, sintering processes, and design, recently developed to improve drill bits hardness and fracture toughness, also require new strategies in quality assessment.

Based on application, the market has been categorized into onshore and offshore. In 2020, onshore held a significant share in the market. This is mainly due to optimism associated with the recovery of crude oil prices, onshore projects are expected to record significant growth over the forecast period. This, in turn, is expected to drive the demand for PDC drill bits.

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North America to Hold Significant Share in 2020

For a better understanding of the market adoption of PDC Drill Bits, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and LAMEA (Brazil, Mexico, Saudi Arabia, U.A.E, and Rest of LAMEA). North America is expected to hold significant share in PDC drill bits market, owing to the large chunk of activities for shale gas exploration in the region. Over the past decade, the lateral lengths of the unconventional wells drilled in the United States, increased by 180%. Similarly, According to the Canadian Government, in 2018, oil production from Canada is anticipated to reach 4.5 mmbpd by 2020, and the production is expected to increase from an offshore well situated in the West Orphan Basin, offshore Newfoundland, and Labrador, which is estimated to hold 25.5 bbl of oil and 20.6 tcf of gas. 

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the PDC Drill Bits market are Baker Hughes Company, Halliburton Company, Landrill Oil Tools Co. Ltd, NOV Inc., Rockpecker Limited, Sandvik AB, Schlumberger Limited, Schoeller-Bleckmann Oilfield Equip AG, Ulterra Drilling Technologies LP, and Weatherford International PLC.

§ In October 2020, Halliburton Company had unveiled the Crush & Shear Hybrid Drill Bit, a novel technology that brings together the efficiency of conventional PDC cutters and the torque-resistant capability of rolling elements, designed to deliver improved drilling efficiency and maximum bit stability through changing formation.

“PDC Drill Bits Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings. 

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Market Segmentation:

1.     By Type (Matrix Body and Steel Body)

2.     By Size (Less than 9 mm, 9–14 mm, 15–24 mm, Above 24 mm)

3.     By Application (Onshore and Offshore)

4.     By Region (North America, Europe, APAC, LAMEA)

5.     By Company (Baker Hughes Company, Halliburton Company, Landrill Oil Tools Co. Ltd, NOV Inc., Rockpecker Limited, Sandvik AB, Schlumberger Limited, Schoeller-Bleckmann Oilfield Equip AG, Ulterra Drilling Technologies LP, and Weatherford International PLC)

Key questions answered in the study:

1.     What are the current and future trends of the PDC Drill Bits industry?

2.     How the industry has been evolving in terms of type, size, and application segment?

3.     How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.     What are the key growth drivers and challenges for the PDC Drill Bits industry?

5.     What is the customer orientation, purchase behavior, and expectations from the PDC Drill Bits product suppliers across various countries?  

Table of content –

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 PDC DRILL BITS MARKET COVID-19 IMPACT

6 PDC DRILL BITS MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY TYPE

8 MARKET INSIGHTS BY SIZE

9 MARKET INSIGHTS BY APPLICATION

10 MARKET INSIGHTS BY REGION

11 PDC DRILL BITS MARKET DYNAMICS

12 PDC DRILL BITS MARKET OPPORTUNITIES

13 PDC DRILL BITS MARKET TRENDS

14 VALUE CHAIN ANALYSIS

15 DEMAND AND SUPPLY-SIDE ANALYSIS

16 COMPETITIVE SCENARIO

17 COMPANY PROFILED

18 DISCLAIMER

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