Drill bit is an essential component of Drilling departed involves considerable challenges, such as continuous fatigue monitoring of the entire structure, especially the risers. Further, drilling in abrasive formations lead to broken drill bits and in turn leads to more replacement sales. In such a case, producers of high-efficiency and versatile drill bits, risers and other drilling equipment would benefit in the long run. Drill bit market is segmented by products into two major types, namely roller cone bits and fixed cutter bits.
In 2012, drill bits market by product was dominated by the rollers cone bits. Currently, popularity of drill bits using PDP (Polycrystalline Diamond Compact) cutters has grown considerably, and now they are almost as common as roller cone bits in several drilling applications. Oil and gas drilling industry is shifting its focus towards PDP drill bits as it offers several performance benefits over roller cone bits. These benefits are in terms of reduced drilling cost due to less frequent bit repair/ replacement requirement, which helps reduce the total drilling time.
Geographically, North America was estimated as largest market for drill bits used in Oil and Gas industry and is forecast to maintain its dominance throughout the forecast period. In the past couple of years, emergence of horizontal drilling techniques has greatly increased demand for drilling equipment in North America. As new technologies in horizontal drilling has opened up access to deep underground shale deposits. In 2012, Europe and North America had a collective volume share of 55. 5% of the overall drill bit market in Oil and Gas industry.
