The study covers a detailed analysis segmented by key business segments i.e. by type (Roller Cone Bit and Fixed Cutter Bit) , by application (Onshore and Offshore) and major geographies.
What is Drilling Bits?
Drilling Bits are type of a drilling equipment which is used to create hole by removing the material. Most of the drilling bits create circular holes. Drilling bits have available in variety of materials from steel to all the way till diamond alloys. Predominantly there are two main types of drilling bits which include roller cone bit and fixed cutter bit. Increasing construction and building activities is attributed to the growing demand for bits. Growth of mining industry is another major reason for growth of the drilling bits market. North America is expected to be biggest market of drilling bits.
The competition is expected to become even more intense in the years to come due to entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Drilling Bits market analysis report suggests strategies Manufacturers can follow and recommends key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Manufacturers, including:
- Halliburton Company (United States)
- National-Oilwell Varco Inc. (United States)
- Schlumberger Limited (United States)
- Baker Hughes Company (United States)
- Sandvik AB (Sweden)
- Epiroc AB (Sweden)
- Atlas Copco (Sweden)
- Rockpecker Limited (United Kingdom)
- Varel Energy Solutions (United States)
- Ulterra Drilling Technologies LP (United States)
In 2019, Epiroc AB, a Swedish manufacturer of mining equipment has announced acquisition of Fordia, which is a drilling equipment manufacturing company. Fordia is a Canadian company which operates in more than 70 countries. Fordia after acquisition will become part of Epiroc’s Rock Drilling Tools division, expanding its product portfolio offerings.
Steel and Cobalt Account for One of the Highest Share
- Emergence of Cheaper Chinese Alternatives
Household Demand Presents an Opportunity to Expand the Sales
Key highlights of the Global Drilling Bits market Study:
CAGR of the market during the forecast period 2020-2026
In-depth information on growth factors that will accelerate the Drilling Bits market in next few years.
Detailed Insights on futuristic trends and changing consumer behaviour
Forecast of the Global Drilling Bits market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Manufacturers
Comprehensive information about factors that will challenge the growth of Drilling Bits Manufacturers
Transformation and Important Trigegrs:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Drilling Bits market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Drilling Bits market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Drilling Bits Manufacturers, Suppliers and Distributors, Raw Material Suppliers, New Entrants/Investors, Venture Capitalists and Private Equity Firms and End-Use Industries.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases etc.
Frequently Asked Questions (FAQ):1. Where the Drilling Bits industry is heading?
Drilling Bits Market is heading robustly to achieve new growth cycle.2. Is Drilling Bits market is changing from growth to value?
The Concentration Rate of Global Drilling Bits market is dominated by Manufacturers to generate healthy valuation by 2026.
3. Who are the key players profiled in the Drilling Bits Market?
Companies that are profiled in Global Drilling Bits Market are Halliburton Company (United States), National-Oilwell Varco Inc. (United States), Schlumberger Limited (United States), Baker Hughes Company (United States), Sandvik AB (Sweden), Epiroc AB (Sweden), Atlas Copco (Sweden), Rockpecker Limited (United Kingdom), Varel Energy Solutions (United States) and Ulterra Drilling Technologies LP (United States) etc.