Oil and Gas Drill Bit Market is Expected to Reach USD 7.68 Billion by 2026 | Fortune Business Insights


Global Oil and Gas Drill Bit Market to Reach a Worth of USD 7.68 Billion; Polycrystalline Diamond Compact Segment to Flourish

Pune, India, Feb. 07, 2023 (GLOBE NEWSWIRE) — The global Oil and Gas Drill Bit Market is projected to reach USD 7.68 Billion by 2026, thereby exhibiting a CAGR of 10.04% during the forecast period. However, the global market was valued at USD 3.62 Billion in 2018. A rise in the exploration activities due to the stabilization of gas and oil industry is expected to boost the global oil and gas drill bit market growth during the forecast period. This information is published in an upcoming report by Fortune Business Insights, titled, “Oil and Gas Drill Bit Market Size, Share & Industry Analysis, By Type (Roller Cone Bits {Milled Tooth, Tungsten Carbide Inserts}, Fixed Cutter Bits {Polycrystalline Diamond Compact, Diamond Impregnated}), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026.” According to the report, The report forecasts and analyzes the global oil and gas drill bit market size.

Industry Development


In November 2018, Halliburton released a new intelligent drill bit to enhance the performance during drilling activities. The new Cerebro in-bit sensor package is a new technology which can obtain performance data directly from the drill bit and analyze it.  This will help in optimizing cutter management, reduce uncertainties and increase efficiency.

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Report Highlights:

Report Coverage Details
Forecast Period 2019-2026
Forecast Period 2019 to 2026 CAGR 10.04%
2026 Value Projection USD 7.68 billion
Base Year 2021
Market Size in 2018 USD 3.62 billion
Historical Data for 2015-2017
No. of Pages 266
Segments covered Fuel Type, By End-User, Application and Region
Growth Drivers Increasing Adoption of Polycrystalline Diamond Compact Drill Bits to Boost Growth
Halliburton Unveils New In-bit Sensor Package Named Cerebro Featuring Advanced Technology

Increasing Adoption of Polycrystalline Diamond Compact Drill Bits to Boost Growth

In terms of type, the global oil and gas drill bit market is grouped into fixed cutter bits and roller cone cutter bits. Under the fixed cutter bits segment, there are two types, namely, diamond impregnated and polycrystalline diamond compact (PDC). Amongst these, PDC is projected to dominate the global oil and gas drill bit market in the forthcoming years. It is because a diamond is one of the hardest material that is found on the earth. It can be used against any rock formation to break through it and take out the required product. Due to this property, demand for PDC drilling bit is increasing day by day.

Moreover, the tiny, inexpensive particles of diamond are easily transformed into masses of crystals which are further turned into shaped called diamond tablets. These diamond tablets are then brought into contact with the formation to carry out the cutting process.

Halliburton Unveils New In-bit Sensor Package Named Cerebro Featuring Advanced Technology

In November 2018, Halliburton, a leading oil field service company, headquartered in the U.S., announced the launch of its new Cerebro in-bit sensor package. It is infused with advanced technology that receives performance data directly from the drill bit and examines it to increase drilling efficiency, decrease the uncertainty, and optimize cutter engagement. The company stated that the new service would eventually improve drilling performance and overall data measurement.

Cerebro offers a unique view of the entire run by persistently capturing motion data and downhole vibration. It further aids operators in pinpointing the damaged areas. Also, it notifies when the said performance is not gained due to operating parameters or fluctuant design. Cerebro helps in identifying numerous common drill bit factors, namely, whirl and stick-slip, torsional resistance, and lateral and axial vibration that can have a negative impact on the reliability and drilling speed.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/oil-and-gas-drill-bit-market-101483

Blackstone Group Successfully Acquires Ulterra Drilling Technologies for USD 700 Million

Blackstone Group, a multinational private equity, alternative asset management, and financial services firm, based in the U.S., announced that it has signed an agreement to acquire Ulterra Drilling Technologies, a manufacturer of technology-focused PDC drill bits, based in Texas in October 2018. The entire deal was worth USD 700 Million. Blackstone bought Ulterra from a fellow private enterprise called American Securities. The acquisition was aided by a debt package which was being pre-marketed before the formal launch.

Fortune Business Insights profiles some of the most prominent market players operating in the global oil and gas drill bit market. They are:

  • Schlumberger
  • International Diamond Services, Inc.
  • Baker Hughes, a GE company
  • Atlas Copco
  • Tercel Oilfield Products
  • D-Drill (Master Drillers) Limited
  • Ulterra Drilling Technologies L.P.
  • National Oilwell Varco
  • Halliburton
  • Varel International Energy Services
  • Scientific Drilling
  • Palmer Bit Company
  • C&H Bit Company
  • Dongying Haixin Petroleum Equipment Co., Ltd.
  • Shanghai Sk Petroleum & Chemical Equipment

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Table of Contents:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Emerging Trends – For Major Countries
    • Latest Technological Advancement
    • Regulatory Landscape
    • Industry SWOT Analysis
    • Porters Five Forces Analysis
    • Value Chain Analysis
  • Global Oil and Gas Drill Bit Market Analysis, Insights, and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Analysis, Insights, and Forecast – By Type (USD Billion)
      •  Roller Cone Cutter Bits
        • Milled-Tooth Bits
        • Tungsten Carbide Inserts
      •  Fixed Cutter Bits
        • Diamond Impregnated
        • Polycrystalline Diamond Compact
    • Market Analysis, Insights and Forecast – By Application (USD Billion)
      •  Onshore
      •  Offshore
    • Market Analysis, Insights and Forecast – By Region (USD Billion)
      •  North America
      •  Europe
      •  Asia Pacific
      •  Latin America
      •  Middle East & Africa

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