The PDC drill bits market is expected to grow from an estimated USD 3.66 Billion in 2018 to USD 4.54 Billion by 2023, at a CAGR of 4.41% during the forecast period. This growth can be attributed to factors such as increasing oil & gas drilling activities in the world and need for advanced techniques for faster drilling in less downtime.
The report’s target audience includes:
- PDC drill bits manufacturers and suppliers
- PDC drill bits operators
- Oil & gas drilling operators
- PDC drill bits research institutes
- Government and research organizations
- Institutional researchers and professors
- National and local government organizations
- Research organizations and consulting companies
- Technology providers
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The matrix body segment is estimated to hold the largest share of PDC drill bits market, by type, during the forecast period
The matrix body segment held the largest share of the PDC drill bits market in 2017 and is expected to grow at a decent pace during the forecast period. The large market share of this segment can be attributed to the rising demand for faster drilling with less wear and tear of drill bits in medium-hard and hard formations.
The 6–10 blade segment was estimated to be the largest segment of the PDC drill bits market, by number of blades, in 2017
The 6–10 blade segment was estimated to be the largest segment of the PDC drill bits market, by number of blades, in 2017. The 6–10 blades of PDC drill bits are mainly used for higher Rate of Penetration (ROP) drilling in medium-hard formations. Countries such as the US, China, Saudi Arabia, and Oman are showing rapid growth in the 6–10 blades PDC drill bits segment because of the recent increase in shale gas production and oil drilling.
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North America: The leading regional market in PDC drill bits
In this report, the PDC drill bits market has been analyzed with respect to 6 regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. North America is estimated to be the largest market for PDC drill bits. The increasing shale gas exploration & production in the region is the major factor for the growth of the market.
The report provides an in-depth understanding of the competitive landscape and includes profiles of some of the leading players in the PDC drill bits market. The key players include Schlumberger (US), BHGE (US), Halliburton (US), NOV (US), Varel (US), Atlas Copco (Sweden), Ultera (US), Drill Master International (US), Sichuan Chuanshi Diamond Bit (China), Torquato (US), Rubicon Oilfield International (US), and Western Drilling tools (Canada), Shear bits (Canada), Volgaburmash (Russia). These players adopted various strategies, such as new product launches, contracts & agreements, and mergers & acquisitions to increase their global presence and market share.
Objectives of the study
- To define, describe, and forecast the PDC drill bits market, in terms of value, on the basis of type, size of PDC cutter, number of blades and region
- To provide detailed information about the major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
- To estimate and forecast the size of the market, in terms of value, with respect to 6 main regions, namely, the Middle East, Africa, Asia Pacific (APAC), North America, Europe, and South America
- To study the individual growth trends and future prospects of PDC drill bits providers and analyze the key contributors in this market
- To strategically analyze micro-markets with respect to individual growth trends, future prospects, and contribution to the total market
- To track and analyze competitive developments such as contracts & agreements, mergers & acquisitions, and new product launches in the market
- To profile key market players and comprehensively analyze their market positions and core competencies
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