Technavio has announced the top five leading vendors in their recentglobal drilling bits market in oil and gas report. This research report also lists 15 other prominent vendors that are expected to impact the market during the forecast period.
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Technavio has published a new report on the drilling bits market in oil and gas from 2017-2021. (Photo: Business Wire)
The global drill bit market relies heavily on the state of the global oil industry and the connected crude oil prices. The primary use of the drill bit is concentrated in the upstream oil and gas sector. The recent rout in global crude prices, leading to a reduction in drilling activities, is expected to cast a significant effect on the fortunes of the drill bit market during the forecast period.
Competitive vendor landscape
The drilling sector is one of the core pillars of the upstream oil and gas sector. Therefore, the investment outlook for the sector is dependent upon the overall state of the entire oil and gas value chain. The recent collapse of the global oil market, driven by historical imbalances in the demand-supply dynamics, has pushed the profitability of the upstream activities to the brink, thereby drying up a significant portion of investments in drilling operations for new resources.
“The global drilling equipment market is concentrated with large players occupying larger market share. The market players involved in the drilling equipment market adopt multiple strategies to gain a competitive advantage over the other players in the market,” says Thanikachalam Chandrasekaran, a lead oil and gas research analyst from Technavio.
Moreover, competitors at the regional level are also engaged in robust research and development to develop innovative products and technologies to cater to changing market dynamics. By adopting these strategies, companies can create a large partner base as well as large customers.
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Top five drilling bits market vendors in oil and gas
National Oilwell Varco
National Oilwell Varco is the leading provider in the designing, manufacturing, and sale of various equipment and components in oil and gas drilling, completion, and production of oilfield services to the upstream oil and gas industry. The company operates in four segments which include rig systems, rig aftermarket, wellbore technologies, and completion and production solutions.
Key highlights: NOV commercially launches Tektonic Drill Bit Series. The new drill bit combines advanced bit body geometry and groundbreaking cutter layout with enhanced hydraulic design methods and the latest generation of PDC cutter technology to maximize drilling efficiency in all downhole environments. They have plans to develop bits for specific applications such as shale and Deepwater.
Baker Hughes
Baker Hughes is a service provider in the supply of oilfield services, products, technology, and systems used in the oil and gas industry. They are also involved in services and products in downstream chemicals, process, and pipeline services.
Key highlights: Baker Hughes commercially released its Kymera XTreme (XT) hybrid drill bits. The bits are the combination of PDC and roller cone technology and offer smooth and consistent performance.
Halliburton
Halliburton is the leading provider of products and services to the upstream industry. They provide services throughout the lifecycle of the reservoir which includes locating hydrocarbon exploration, geological data management, drilling, formation evaluation, well construction and completion services and optimization of production throughout the life cycle of the field. They have their operations under two major segments - the completion and production segment and the drilling and evaluation segment.
Varel International
Varel is engaged in the manufacture and service application of oil and gas drill bits. They manufacture roller cone and fixed cutter drill bits.
Key highlights: Varel’s new curved nozzle technology is designed specifically for use in clay-heavy formations. These nozzles direct fluid flow based on their orientation and can be rotated 360° when installing to accommodate the proper position along the face of a blade or down the junk slot.
Schlumberger
Schlumberger is the leading provider of technology, integrated project management, and information solutions for oil and gas exploration and production industry. Schlumberger has invented the wireline logging technique which is used to get downhole data from the oil and gas well. They operate in the service market with three main business verticals, which include reservoir characterization, drilling, and production.
Key highlights: In a review, Smith Bits set 53% of the global records on their name which were recorded by the drill bit industry having more than all other bit companies combined with 595 of the 1,123 world records.
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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