지열 드릴 비트 시장 : 유형별(트라이콘 드릴 비트, PDC 드릴 비트, 기타), 용도별(오프쇼어, 온쇼어) - 세계 기회 분석 및 산업 예측(2021-2031년)

The global geothermal drill bits market size was valued at $3.4 billion in 2021, and is projected to reach $5.8 billion by 2031, with a CAGR of 5.4% from 2022 to 2031.

Geothermal drill bits are one of the most important accessories used in drilling operations while constructing geothermal power plants. These are used to cut and drill geothermal wells. PDC drill bits, Tri-cone roller drill bits, and drag bits are widely used in the drilling of geothermal rock for various geothermal resources such as oil & gas. PDC bits provide drilling firms with the ability to drill wells aggressively and apply up to one million pounds per square inch of pressure in three dimensions. Tungsten carbide, one of the strongest drilling materials, because it can tolerate high temperatures and pressures, is the primary material used to make tricone bits.

Oil and gas are significant energy sources for economic growth in the majority of industrialized and developing nations. Urbanization and industrialization are accelerating globally, which has raised the demand for petroleum resources and led to the discovery of new oil reserves. Oil and gas-based products, which are mostly used to power factories, heat homes, and power ships that move people and goods around the world, are essential for modern civilization. Oil, one of the biggest commodities in the world, accounts for around 3% of the GDP. Aspirin, clothes, transportation fuel, chemicals, plastics, fertilizers, personal protection equipment, and even solar panels are all things made from petroleum. The presence of the above-mentioned factors and the application of petroleum resources in various industries is a major driving factor for the market growth.

The presence of low natural geothermal resources in developed and emerging nations has caused the countries to switch to other environment-friendly renewable energy sources including solar, wind, and tidal, which has a detrimental effect on the market's growth. Another reason that is expected to cause a decrease in demand for the geothermal drill bit market is the growth in government and private sector investment into the development of solar and wind power plants, owing to their lower initial investment and maintenance costs compared to geothermal power plants. The development of the market will also be hampered by the growing public awareness of the adverse effects of fossil fuels and the limitations of geothermal power facilities.

Tri-cone drill bits' outstanding wear and tear resistance boost their efficiency, which is fueling and significantly propelling the geothermal drill bits market. Some drill bit manufacturers on the market are always endeavoring to increase the effectiveness of their products. Drill bit manufacturers are also utilizing cutting-edge dynamics stimulation, which combines technologies such as cutting depth modulation, rate of penetration (ROP), cutter processing for improved durability, rock interaction analysis, and creative material utilization, to create three-dimensional bit prototypes. These developments are anticipated to increase the market for geothermal drill bits as a result of these results. The number of geothermal projects is increasing as a consequence of better funding and investments, which is increasing the need for geothermal drill bits, which is anticipated to propel the geothermal drill bits market in the power generation sector in the near future.

North America also accounted for a significant share of the global market revenue in 2021. The geothermal drill bits market in North America is experiencing enormous growth due to the presence of exploration of shale gas resources in the oil & gas industry. The presence of an increase in awareness related to an eco-friendly economy has led to the utilization of hot springs and geysers in this region to generate power and heat for millions of people. The presence of investments among the major companies to break through various technologies to extract geothermal resources through geothermal power plants, is thereby providing lucrative growth opportunities to North America. The above factors are expected to drive the growth of the geothermal drill bits market in this region during this forecast period. On the other hand, the market in Asia-Pacific is estimated to register the fastest growth rate over the forecast period.

The global geothermal drill bits market is segmented on the basis of type, application, and region. By type, the market is segmented into PDC bits, Tricone roller bits, and others. By application, it is bifurcate into onshore and offshore. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Europe accounts for the largest share of the market, followed by North America, Asia-Pacific, and LAMEA.

Impact of Covid-19 on Global Geothermal Drill Bits Market

Post-pandemic, there is a significant demand for the geothermal drill bits market mostly due to an increase in the investment of the government for the development of offshore resource exploration and restart related to the construction of the geothermal power plant to produce renewable power. In addition, government policies such as tax rebates, and investment of government toward the generation of power from geothermal energy are expected to provide lucrative opportunities for the development of the market.

Competitive Landscape

The major companies profiled in this report include Baker Hughes Co., America West Drilling Supply Inc., Epiroc AB, Halliburton, Torquato Drilling Accessories, National Oilwell Varco, Varel International Energy Services, Schlumberger Ltd., Blast Hole Bit Co. LLC., and Bit Brokers International Ltd.. An increase in the demand for oil & gas-related products across the globe in various industries has driven the demand for the geothermal drill bits market. In addition, increase in awareness among the government towards the development of renewable and eco-friendly power generation to generate power has boosted geothermal drilling which has a positive impact on the geothermal drill bit market. The above-mentioned factors will have a positive impact on the demand for the geothermal drill bits market. Additional growth strategies such as an expansion of storage capacities, acquisition, partnership, and research & innovation in the optimization and improvement of the extraction of offshore resources have led to attaining key developments in the global geothermal drill bits market trends.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the geothermal drill bits market analysis from 2021 to 2031 to identify the prevailing geothermal drill bits market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the geothermal drill bits market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global geothermal drill bits market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Type

• Tricone Drill Bits
• PDC Drill Bits
• Others

By Application

• Offshore
• Onshore

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA
• Key Market Players
  • Epiroc AB
  • Halliburton Company
  • Torquato Drilling Accessories
  • Baker Hughes Inc.
  • America West Drilling Supply Inc.
  • National Oilwell Varco, Inc.
  • Bit Brokers International Ltd.
  • Schlumberger Ltd.
  • Varel International Energy Services
  • Blast Hole Bit Company, LLC

TABLE OF CONTENTS

CHAPTER 1:INTRODUCTION

• 1.1.Report description
• 1.2.Key market segments
• 1.3.Key benefits to the stakeholders
• 1.4.Research Methodology
  • 1.4.1.Secondary research
  • 1.4.2.Primary research
  • 1.4.3.Analyst tools and models

CHAPTER 2:EXECUTIVE SUMMARY

• 2.1.Key findings of the study
• 2.2.CXO Perspective

CHAPTER 3:MARKET OVERVIEW

• 3.1.Market definition and scope
• 3.2.Key findings
  • 3.2.1.Top investment pockets
• 3.3.Porter's five forces analysis
• 3.4.Top player positioning
• 3.5.Market dynamics
  • 3.5.1.Drivers
  • 3.5.2.Restraints
  • 3.5.3.Opportunities
• 3.6.COVID-19 Impact Analysis on the market
• 3.7.Value Chain Analysis
• 3.8.Key Regulation Analysis

CHAPTER 4: GEOTHERMAL DRILL BITS MARKET, BY TYPE

• 4.1 Overview
  • 4.1.1 Market size and forecast
• 4.2 Tricone Drill Bits
  • 4.2.1 Key market trends, growth factors and opportunities
  • 4.2.2 Market size and forecast, by region
  • 4.2.3 Market share analysis by country
• 4.3 PDC Drill Bits
  • 4.3.1 Key market trends, growth factors and opportunities
  • 4.3.2 Market size and forecast, by region
  • 4.3.3 Market share analysis by country
• 4.4 Others
  • 4.4.1 Key market trends, growth factors and opportunities
  • 4.4.2 Market size and forecast, by region
  • 4.4.3 Market share analysis by country

CHAPTER 5: GEOTHERMAL DRILL BITS MARKET, BY APPLICATION

• 5.1 Overview
  • 5.1.1 Market size and forecast
• 5.2 Offshore
  • 5.2.1 Key market trends, growth factors and opportunities
  • 5.2.2 Market size and forecast, by region
  • 5.2.3 Market share analysis by country
• 5.3 Onshore
  • 5.3.1 Key market trends, growth factors and opportunities
  • 5.3.2 Market size and forecast, by region
  • 5.3.3 Market share analysis by country

CHAPTER 6: GEOTHERMAL DRILL BITS MARKET, BY REGION

• 6.1 Overview
  • 6.1.1 Market size and forecast
• 6.2 North America
  • 6.2.1 Key trends and opportunities
  • 6.2.2 North America Market size and forecast, by Type
  • 6.2.3 North America Market size and forecast, by Application
  • 6.2.4 North America Market size and forecast, by country
    • 6.2.4.1 U.S.
    • 6.2.4.1.1 Key market trends, growth factors and opportunities
    • 6.2.4.1.2 Market size and forecast, by Type
    • 6.2.4.1.3 Market size and forecast, by Application
    • 6.2.4.2 Canada
    • 6.2.4.2.1 Key market trends, growth factors and opportunities
    • 6.2.4.2.2 Market size and forecast, by Type
    • 6.2.4.2.3 Market size and forecast, by Application
    • 6.2.4.3 Mexico
    • 6.2.4.3.1 Key market trends, growth factors and opportunities
    • 6.2.4.3.2 Market size and forecast, by Type
    • 6.2.4.3.3 Market size and forecast, by Application
• 6.3 Europe
  • 6.3.1 Key trends and opportunities
  • 6.3.2 Europe Market size and forecast, by Type
  • 6.3.3 Europe Market size and forecast, by Application
  • 6.3.4 Europe Market size and forecast, by country
    • 6.3.4.1 Germany
    • 6.3.4.1.1 Key market trends, growth factors and opportunities
    • 6.3.4.1.2 Market size and forecast, by Type
    • 6.3.4.1.3 Market size and forecast, by Application
    • 6.3.4.2 France
    • 6.3.4.2.1 Key market trends, growth factors and opportunities
    • 6.3.4.2.2 Market size and forecast, by Type
    • 6.3.4.2.3 Market size and forecast, by Application
    • 6.3.4.3 Italy
    • 6.3.4.3.1 Key market trends, growth factors and opportunities
    • 6.3.4.3.2 Market size and forecast, by Type
    • 6.3.4.3.3 Market size and forecast, by Application
    • 6.3.4.4 Spain
    • 6.3.4.4.1 Key market trends, growth factors and opportunities
    • 6.3.4.4.2 Market size and forecast, by Type
    • 6.3.4.4.3 Market size and forecast, by Application
    • 6.3.4.5 UK
    • 6.3.4.5.1 Key market trends, growth factors and opportunities
    • 6.3.4.5.2 Market size and forecast, by Type
    • 6.3.4.5.3 Market size and forecast, by Application
    • 6.3.4.6 Rest of Europe
    • 6.3.4.6.1 Key market trends, growth factors and opportunities
    • 6.3.4.6.2 Market size and forecast, by Type
    • 6.3.4.6.3 Market size and forecast, by Application
• 6.4 Asia-Pacific
  • 6.4.1 Key trends and opportunities
  • 6.4.2 Asia-Pacific Market size and forecast, by Type
  • 6.4.3 Asia-Pacific Market size and forecast, by Application
  • 6.4.4 Asia-Pacific Market size and forecast, by country
    • 6.4.4.1 China
    • 6.4.4.1.1 Key market trends, growth factors and opportunities
    • 6.4.4.1.2 Market size and forecast, by Type
    • 6.4.4.1.3 Market size and forecast, by Application
    • 6.4.4.2 Japan
    • 6.4.4.2.1 Key market trends, growth factors and opportunities
    • 6.4.4.2.2 Market size and forecast, by Type
    • 6.4.4.2.3 Market size and forecast, by Application
    • 6.4.4.3 India
    • 6.4.4.3.1 Key market trends, growth factors and opportunities
    • 6.4.4.3.2 Market size and forecast, by Type
    • 6.4.4.3.3 Market size and forecast, by Application
    • 6.4.4.4 South Korea
    • 6.4.4.4.1 Key market trends, growth factors and opportunities
    • 6.4.4.4.2 Market size and forecast, by Type
    • 6.4.4.4.3 Market size and forecast, by Application
    • 6.4.4.5 Rest of Asia-Pacific
    • 6.4.4.5.1 Key market trends, growth factors and opportunities
    • 6.4.4.5.2 Market size and forecast, by Type
    • 6.4.4.5.3 Market size and forecast, by Application
• 6.5 LAMEA
  • 6.5.1 Key trends and opportunities
  • 6.5.2 LAMEA Market size and forecast, by Type
  • 6.5.3 LAMEA Market size and forecast, by Application
  • 6.5.4 LAMEA Market size and forecast, by country
    • 6.5.4.1 Brazil
    • 6.5.4.1.1 Key market trends, growth factors and opportunities
    • 6.5.4.1.2 Market size and forecast, by Type
    • 6.5.4.1.3 Market size and forecast, by Application
    • 6.5.4.2 Saudi Arabia
    • 6.5.4.2.1 Key market trends, growth factors and opportunities
    • 6.5.4.2.2 Market size and forecast, by Type
    • 6.5.4.2.3 Market size and forecast, by Application
    • 6.5.4.3 South Africa
    • 6.5.4.3.1 Key market trends, growth factors and opportunities
    • 6.5.4.3.2 Market size and forecast, by Type
    • 6.5.4.3.3 Market size and forecast, by Application
    • 6.5.4.4 Rest of LAMEA
    • 6.5.4.4.1 Key market trends, growth factors and opportunities
    • 6.5.4.4.2 Market size and forecast, by Type
    • 6.5.4.4.3 Market size and forecast, by Application

CHAPTER 7: COMPANY LANDSCAPE

• 7.1. Introduction
• 7.2. Top winning strategies
• 7.3. Product Mapping of Top 10 Player
• 7.4. Competitive Dashboard
• 7.5. Competitive Heatmap
• 7.6. Key developments

CHAPTER 8: COMPANY PROFILES

• 8.1 Epiroc AB
  • 8.1.1 Company overview
  • 8.1.2 Company snapshot
  • 8.1.3 Operating business segments
  • 8.1.4 Product portfolio
  • 8.1.5 Business performance
  • 8.1.6 Key strategic moves and developments
• 8.2 Halliburton Company
  • 8.2.1 Company overview
  • 8.2.2 Company snapshot
  • 8.2.3 Operating business segments
  • 8.2.4 Product portfolio
  • 8.2.5 Business performance
  • 8.2.6 Key strategic moves and developments
• 8.3 Torquato Drilling Accessories
  • 8.3.1 Company overview
  • 8.3.2 Company snapshot
  • 8.3.3 Operating business segments
  • 8.3.4 Product portfolio
  • 8.3.5 Business performance
  • 8.3.6 Key strategic moves and developments
• 8.4 National Oilwell Varco, Inc.
  • 8.4.1 Company overview
  • 8.4.2 Company snapshot
  • 8.4.3 Operating business segments
  • 8.4.4 Product portfolio
  • 8.4.5 Business performance
  • 8.4.6 Key strategic moves and developments
• 8.5 Varel International Energy Services
  • 8.5.1 Company overview
  • 8.5.2 Company snapshot
  • 8.5.3 Operating business segments
  • 8.5.4 Product portfolio
  • 8.5.5 Business performance
  • 8.5.6 Key strategic moves and developments
• 8.6 Schlumberger Ltd.
  • 8.6.1 Company overview
  • 8.6.2 Company snapshot
  • 8.6.3 Operating business segments
  • 8.6.4 Product portfolio
  • 8.6.5 Business performance
  • 8.6.6 Key strategic moves and developments
• 8.7 Bit Brokers International Ltd.
  • 8.7.1 Company overview
  • 8.7.2 Company snapshot
  • 8.7.3 Operating business segments
  • 8.7.4 Product portfolio
  • 8.7.5 Business performance
  • 8.7.6 Key strategic moves and developments
• 8.8 Blast Hole Bit Company, LLC
  • 8.8.1 Company overview
  • 8.8.2 Company snapshot
  • 8.8.3 Operating business segments
  • 8.8.4 Product portfolio
  • 8.8.5 Business performance
  • 8.8.6 Key strategic moves and developments
• 8.9 Baker Hughes Inc.
  • 8.9.1 Company overview
  • 8.9.2 Company snapshot
  • 8.9.3 Operating business segments
  • 8.9.4 Product portfolio
  • 8.9.5 Business performance
  • 8.9.6 Key strategic moves and developments
• 8.10 America West Drilling Supply Inc.
  • 8.10.1 Company overview
  • 8.10.2 Company snapshot
  • 8.10.3 Operating business segments
  • 8.10.4 Product portfolio
  • 8.10.5 Business performance
  • 8.10.6 Key strategic moves and developments