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2022
Geothermal Drill Bits Market

Geothermal Drill Bits Market

by Type (Tricone Drill Bits, PDC Drill Bits, Others), by Application (Offshore, Onshore): Global Opportunity Analysis and Industry Forecast, 2022-2031

Report Code: A06880
Oct 2022 | Pages: 182
Tables: 97
Charts: 46
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Geothermal Drill Bits Market Research, 2031

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

Report Key Highlighters:

  • Geothermal drill bits market is analysed by type, form, application, region, across 18 key countries, in terms of value ($ Million).
  • The report also depicts a detailed value chain analysis for the geothermal drill bits market, and other such pointers impacting the geothermal drill bits market demand.
  • The report also provides competition analysis of key geothermal drill bits manufacturers across the globe and included company profiles of key manufacturers across the globe.

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.

Geothermal Drill Bits MarketA drill bit is a tool that clings to the surface of the drill string and is used to drill the earth's rocky surfaces to create a cylindrical hole to identify and investigate hydrocarbons such as crude oil and natural gas. A geothermal drill bit is a tool used to extract geothermal energy by drilling geothermal wells. Drill bits such as PDC drill bit, Tri-cone roller drill bit, and drag bit, are widely used in the geothermal industry.

Tungsten carbide is one of the most widely used materials for tri-cone bits, while they can also be manufactured from diamonds or other metals. Cutting tools made of sintered tungsten carbide are more heat and abrasion resistant than tools made of conventional high-speed steel. Drilling into different rocks, ranging from soft to hard, is the main purpose of Tricone bits. They are particularly well adapted to a hard rock formation and are quite dependable in shifting rock conditions.

The major factors propelling the global geothermal drill bits market are rising usage and demand for geothermal energy equipment for continuous drilling in high pressure. Global energy consumption rates have risen as a result of increased industrialization and population development, and this is anticipated to increase the demand for geothermal drill bits. Geothermal energy is one of the most cutting-edge ways to produce renewable energy, and it has attracted a lot of funding and investment in recent years.

The number of geothermal power projects is anticipated to rise as a result, driving the global geothermal drill bits market growth for power production to new heights during the projected period. The market's growth is negatively impacted by the slower rate of expansion for off-shore resource exploration compared to on-shore resource exploration. The main reason for this is that geothermal resources in the off-shore region are now more expensive than on-shore. In addition, most of the geothermal resources in the offshore area are accessible 500 meters or less beneath the surface of the ocean. In addition, drilling offshore typically takes place in sensitive locations that cost more to drill than onshore places. In addition, it is anticipated that the delayed development of offshore resource extraction technologies would impede the expansion of the worldwide market.

Government and commercial firms are investing more money to discover novel solutions to the challenges of mining resources from the seabed as a result of the declining resource availability and rising population. The leading oil corporations are making additional investments to explore the resources in offshore regions as a result of the rise in demand for oil and gas in a variety of industries. Furthermore, to update their current exploration machinery, major oil companies have partnered with a number of cutting-edge companies. The aforementioned aspect is anticipated to offer lucrative chances for the expansion of the geothermal drill bits market during the forecast period.

China is in the Himalayan geothermal belt and the circum-pacific geothermal belt. The total amount of geothermal resources accounts for 7.9% of the world's resources. In recent years, the Chinese government has attached great importance to the development and utilization of geothermal energy and has achieved some progress in this field.

However, the industrial development of geothermal energy in China is suffering from bottlenecks in terms of stagnant technological development, unclear policies and regulations, high power generation costs, and environmental concerns. These problems are a serious hindrance to the further advancement of the geothermal drill bits market.

In most industrialized and emerging countries, oil and gas are important energy sources for economic growth. Globally accelerating urbanization and industrialization have increased the demand for petroleum resources, which has prompted the development of new oil reserves. Modern society is supported by products made from oil and gas, which are mostly used to power factories, heat houses, and propel ships that transport people and cargo across the globe. One of the most significant commodities in the world, oil makes up about 3% of GDP. Petroleum products can be utilized in aspirin, clothing, transportation fuel, chemicals, plastics, fertilizers, personal protective equipment, and even solar panels. The growth in the above-mentioned sectors is expected to drive the demand for crude oil, which positively impacts the exploration of oil fields. The increase in oil field exploration in onshore and offshore areas will drive the demand for geothermal drill bits.

Asia-Pacific is expected to be the key emerging region for Geothermal Drill bits Market

Improvement in economic conditions, rapid industrialization, and commercialization are anticipated to augment the market growth over the forecast period. The presence of a strong consumer base in this region has led to a surge in the demand for power, which led to increase in the demand for geothermal resources; Thus, having a positive impact on the demand for geothermal drill bits market.

In India, the exploration and study of geothermal fields started in 1970. The Geological Survey of India has found around 350 geothermal energy locations in the country. The most promising of these is in the Puga valley of Ladakh. In 2021, an agreement was signed to establish the first geothermal Power Project in Ladakh. Satellites such as the IRS-1 have played an important role, through infrared photographs, in locating geothermal areas. The above-mentioned factors and the increase in efforts of the Indian government to develop geothermal resources are expected to drive the demand for the geothermal drill bits market.

Regulatory Landscape

Environment Impact Association (EIA), Geothermal power stations with heat capacity over 50 MW and producing units over 10 MW are subjected to EIA regulations. Environmental impact resulting from geothermal development varies during the different phases of development and between sites. Surface disturbance, physical effects of fluid withdrawal, thermal effects, chemical pollution, biological effects, and protection of natural features will hinder the development of the geothermal industry in countries that are highly dependent on the natural scenery.

The global geothermal drill bits market forecast 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, the market is bifurcated into onshore and offshore. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest geothermal drill bits market share, followed by Europe, Asia-Pacific, and LAMEA.

Geothermal Drill Bits Market
By Type

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PDC Drill Bits is expected to be the most lucrative segment till 2031

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The PDC drill bits segment dominates the global geothermal drill bits market. Polycrystalline diamond materials, for use in polycrystalline diamond compact (PDC) bits, are one of the most important material advances for oil drilling tools in recent years. It is manufactured in two structurally dissimilar styles such as matrix-body bits, and steel-body bits. It is widely used for high-speed drilling in shale, limestone, and sandstone formations. It is suitable for oil, natural gas, geothermal industrial, water well drilling, HDD projects, and others. Rapid industrialization and increase in population have led to an increasing use of electricity, which is expected to drive demand for geothermal drill bits across the globe. The above-mentioned factors are projected to provide ample opportunities for the development of the market during the forecast period.

Geothermal Drill Bits Market
By Application

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Onshore application is expected to dominate the market till 2031

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The onshore segment dominates the global geothermal drill bits market. The rise in onshore drilling activities across the globe is expected to drive the demand for the geothermal drill bits market. Increase in population with rapid industrialization across the globe have led to the demand for energy resources, which led to an increase in investment in the exploration of oil fields on the mainland.

The presence of utilization of oil and gas resources in various sectors will boost the demand for petroleum resources, which will drive the demand for the geothermal drill bits market. The above-mentioned factors are projected to provide ample geothermal drill bits maket opportunities during the forecast period. 

Geothermal Drill Bits Market
By Region

2031
North America 
Europe
Asia-Pacific
LAMEA

North America region to possess highest market share till 2031

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North America dominated the global geothermal drill bits market. Rise in the requirement for space heating and water heating in North America is projected to propel the market growth in this region. The growing offshore geothermal resource extraction is also expected to boost the demand for geothermal drill bits. Moreover, government initiatives and rebates for developing eco-friendly power generation technologies are projected to augment the demand for the geothermal drill bits market in this region. The above factors drive the growth of the geothermal drill bits market in this region during this forecast period.

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 the awareness among the government toward 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 bits market. The above-mentioned factors are expected to 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. For instance, in August 2022, Epiroc, a leading productivity partner for the mining and Infrastructure industries, has completed the acquisition of RNP México, a manufacturer of rock drills and related spare parts in order to achieve increased customer base and global presence.

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.

Geothermal Drill Bits Market Report Highlights

Aspects Details
Market Size By 2031 USD 5.8 billion
Growth Rate CAGR of 5.4%
Forecast period 2021 - 2031
Report Pages 182
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 Torquato Drilling Accessories, Varel International Energy Services, National Oilwell Varco, Inc., Halliburton Company, Baker Hughes Inc., Schlumberger Ltd., Blast Hole Bit Company, LLC, America West Drilling Supply Inc., Epiroc AB, Bit Brokers International Ltd.

Analyst Review

According to CXO perspective, the global geothermal drill bits market is expected to witness increased demand during the forecast period, due to surge in demand for oil & gas in developed and developing countries. Rise in adoption of renewables is attracting significant investments in renewable energy across the world. Rising funds and investments are increasing the number of geothermal projects across the world, which is rising the demand for geothermal drill bits. This is expected to drive the geothermal drill bits market growth for power generation over the forecast period.

Geothermal drilling bits are also used in various power plants such as binary cycle power plants, flash steam power plants, and dry steam power plants. The requirement for geothermal drill bits is expected to increase, owing to the developing technical innovation in geothermal drilling equipment. The oil and gas industries in the geothermal drill bits market have developed the productivity of oil operations by embracing cutting structures and high-energy bearing systems.

The market for geothermal drill bits is expected to witness growth, owing to rise in applications of geothermal drill bits in various industries. The global geothermal drill bits market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Among the analyzed regions, Asia-Pacific is expected to account for the highest CAGR in the market throughout the forecast period, followed by North America, Europe, and LAMEA. Asia-Pacific region comprises some of the fastest developing countries such as China and India. The presence of a huge population and rapid industrialization in these countries has increased the demand for fossil fuels and geothermal power plants. The presence of demand for transportation fuels in this region and the low presence of petroleum resources on shore in this region has led to increase in the exploration of offshore petroleum resources.

 
  • 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. Primary research

      • 1.4.2. Secondary research

      • 1.4.3. Analyst tools and models

  • CHAPTER 2: EXECUTIVE SUMMARY

    • 2.1. CXO Perspective

  • CHAPTER 3: MARKET OVERVIEW

    • 3.1. Market definition and scope

    • 3.2. Key findings

      • 3.2.1. Top impacting factors

      • 3.2.2. Top investment pockets

    • 3.3. Porter’s five forces analysis

      • 3.3.1. Low bargaining power of suppliers

      • 3.3.2. Low threat of new entrants

      • 3.3.3. Low threat of substitutes

      • 3.3.4. Low intensity of rivalry

      • 3.3.5. Low bargaining power of buyers

    • 3.4. Market dynamics

      • 3.4.1. Drivers

        • 3.4.1.1. Increase in exploration activities related to oil fields
        • 3.4.1.2. Rise in awareness about geothermal resources

      • 3.4.2. Restraints

        • 3.4.2.1. Low investment in off-shore resource exploration
        • 3.4.2.2. Surge in adoption of alternative renewable energy

      • 3.4.3. Opportunities

        • 3.4.3.1. Increase in investment to optimize the drill bits

    • 3.5. COVID-19 Impact Analysis on the market

    • 3.6. Value Chain Analysis

    • 3.7. 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 By Region

    • 6.2. North America

      • 6.2.1. Key trends and opportunities

      • 6.2.2. Market size and forecast, by Type

      • 6.2.3. Market size and forecast, by Application

      • 6.2.4. 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. Market size and forecast, by Type

      • 6.3.3. Market size and forecast, by Application

      • 6.3.4. 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. Market size and forecast, by Type

      • 6.4.3. Market size and forecast, by Application

      • 6.4.4. 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. Market size and forecast, by Type

      • 6.5.3. Market size and forecast, by Application

      • 6.5.4. 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: COMPETITIVE 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. Top player positioning, 2021

  • CHAPTER 8: COMPANY PROFILES

    • 8.1. Baker Hughes Inc.

      • 8.1.1. Company overview

      • 8.1.2. Key Executives

      • 8.1.3. Company snapshot

      • 8.1.4. Operating business segments

      • 8.1.5. Product portfolio

      • 8.1.6. Business performance

    • 8.2. America West Drilling Supply Inc.

      • 8.2.1. Company overview

      • 8.2.2. Key Executives

      • 8.2.3. Company snapshot

      • 8.2.4. Operating business segments

      • 8.2.5. Product portfolio

    • 8.3. Epiroc AB

      • 8.3.1. Company overview

      • 8.3.2. Key Executives

      • 8.3.3. Company snapshot

      • 8.3.4. Operating business segments

      • 8.3.5. Product portfolio

      • 8.3.6. Business performance

      • 8.3.7. Key strategic moves and developments

    • 8.4. Halliburton Company

      • 8.4.1. Company overview

      • 8.4.2. Key Executives

      • 8.4.3. Company snapshot

      • 8.4.4. Operating business segments

      • 8.4.5. Product portfolio

      • 8.4.6. Business performance

    • 8.5. Torquato Drilling Accessories

      • 8.5.1. Company overview

      • 8.5.2. Key Executives

      • 8.5.3. Company snapshot

      • 8.5.4. Operating business segments

      • 8.5.5. Product portfolio

    • 8.6. National Oilwell Varco, Inc.

      • 8.6.1. Company overview

      • 8.6.2. Key Executives

      • 8.6.3. Company snapshot

      • 8.6.4. Operating business segments

      • 8.6.5. Product portfolio

      • 8.6.6. Business performance

    • 8.7. Varel International Energy Services

      • 8.7.1. Company overview

      • 8.7.2. Key Executives

      • 8.7.3. Company snapshot

      • 8.7.4. Operating business segments

      • 8.7.5. Product portfolio

    • 8.8. Schlumberger Ltd.

      • 8.8.1. Company overview

      • 8.8.2. Key Executives

      • 8.8.3. Company snapshot

      • 8.8.4. Operating business segments

      • 8.8.5. Product portfolio

      • 8.8.6. Business performance

    • 8.9. Bit Brokers International Ltd.

      • 8.9.1. Company overview

      • 8.9.2. Key Executives

      • 8.9.3. Company snapshot

      • 8.9.4. Operating business segments

      • 8.9.5. Product portfolio

    • 8.10. Blast Hole Bit Company, LLC

      • 8.10.1. Company overview

      • 8.10.2. Key Executives

      • 8.10.3. Company snapshot

      • 8.10.4. Operating business segments

      • 8.10.5. Product portfolio

  • LIST OF TABLES

  • TABLE 01. GLOBAL GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 02. GEOTHERMAL DRILL BITS MARKET FOR TRICONE DRILL BITS, BY REGION, 2021-2031 ($MILLION)
    TABLE 03. GEOTHERMAL DRILL BITS MARKET FOR PDC DRILL BITS, BY REGION, 2021-2031 ($MILLION)
    TABLE 04. GEOTHERMAL DRILL BITS MARKET FOR OTHERS, BY REGION, 2021-2031 ($MILLION)
    TABLE 05. GLOBAL GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 06. GEOTHERMAL DRILL BITS MARKET FOR OFFSHORE, BY REGION, 2021-2031 ($MILLION)
    TABLE 07. GEOTHERMAL DRILL BITS MARKET FOR ONSHORE, BY REGION, 2021-2031 ($MILLION)
    TABLE 08. GEOTHERMAL DRILL BITS MARKET, BY REGION, 2021-2031 ($MILLION)
    TABLE 09. NORTH AMERICA GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 10. NORTH AMERICA GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 11. NORTH AMERICA GEOTHERMAL DRILL BITS MARKET, BY COUNTRY, 2021-2031 ($MILLION)
    TABLE 12. U.S. GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 13. U.S. GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 14. CANADA GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 15. CANADA GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 16. MEXICO GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 17. MEXICO GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 18. EUROPE GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 19. EUROPE GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 20. EUROPE GEOTHERMAL DRILL BITS MARKET, BY COUNTRY, 2021-2031 ($MILLION)
    TABLE 21. GERMANY GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 22. GERMANY GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 23. FRANCE GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 24. FRANCE GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 25. ITALY GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 26. ITALY GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 27. SPAIN GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 28. SPAIN GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 29. UK GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 30. UK GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 31. REST OF EUROPE GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 32. REST OF EUROPE GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 33. ASIA-PACIFIC GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 34. ASIA-PACIFIC GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 35. ASIA-PACIFIC GEOTHERMAL DRILL BITS MARKET, BY COUNTRY, 2021-2031 ($MILLION)
    TABLE 36. CHINA GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 37. CHINA GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 38. JAPAN GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 39. JAPAN GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 40. INDIA GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 41. INDIA GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 42. SOUTH KOREA GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 43. SOUTH KOREA GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 44. REST OF ASIA-PACIFIC GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 45. REST OF ASIA-PACIFIC GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 46. LAMEA GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 47. LAMEA GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 48. LAMEA GEOTHERMAL DRILL BITS MARKET, BY COUNTRY, 2021-2031 ($MILLION)
    TABLE 49. BRAZIL GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 50. BRAZIL GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 51. SAUDI ARABIA GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 52. SAUDI ARABIA GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 53. SOUTH AFRICA GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 54. SOUTH AFRICA GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 55. REST OF LAMEA GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2021-2031 ($MILLION)
    TABLE 56. REST OF LAMEA GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 57. BAKER HUGHES INC.: KEY EXECUTIVES
    TABLE 58. BAKER HUGHES INC.: COMPANY SNAPSHOT
    TABLE 59. BAKER HUGHES INC.: PRODUCT SEGMENTS
    TABLE 60. BAKER HUGHES INC.: PRODUCT PORTFOLIO
    TABLE 61. AMERICA WEST DRILLING SUPPLY INC.: KEY EXECUTIVES
    TABLE 62. AMERICA WEST DRILLING SUPPLY INC.: COMPANY SNAPSHOT
    TABLE 63. AMERICA WEST DRILLING SUPPLY INC.: PRODUCT SEGMENTS
    TABLE 64. AMERICA WEST DRILLING SUPPLY INC.: PRODUCT PORTFOLIO
    TABLE 65. EPIROC AB: KEY EXECUTIVES
    TABLE 66. EPIROC AB: COMPANY SNAPSHOT
    TABLE 67. EPIROC AB: PRODUCT SEGMENTS
    TABLE 68. EPIROC AB: PRODUCT PORTFOLIO
    TABLE 69. EPIROC AB: KEY STRATERGIES
    TABLE 70. HALLIBURTON COMPANY: KEY EXECUTIVES
    TABLE 71. HALLIBURTON COMPANY: COMPANY SNAPSHOT
    TABLE 72. HALLIBURTON COMPANY: PRODUCT SEGMENTS
    TABLE 73. HALLIBURTON COMPANY: PRODUCT PORTFOLIO
    TABLE 74. TORQUATO DRILLING ACCESSORIES: KEY EXECUTIVES
    TABLE 75. TORQUATO DRILLING ACCESSORIES: COMPANY SNAPSHOT
    TABLE 76. TORQUATO DRILLING ACCESSORIES: PRODUCT SEGMENTS
    TABLE 77. TORQUATO DRILLING ACCESSORIES: PRODUCT PORTFOLIO
    TABLE 78. NATIONAL OILWELL VARCO, INC.: KEY EXECUTIVES
    TABLE 79. NATIONAL OILWELL VARCO, INC.: COMPANY SNAPSHOT
    TABLE 80. NATIONAL OILWELL VARCO, INC.: PRODUCT SEGMENTS
    TABLE 81. NATIONAL OILWELL VARCO, INC.: PRODUCT PORTFOLIO
    TABLE 82. VAREL INTERNATIONAL ENERGY SERVICES: KEY EXECUTIVES
    TABLE 83. VAREL INTERNATIONAL ENERGY SERVICES: COMPANY SNAPSHOT
    TABLE 84. VAREL INTERNATIONAL ENERGY SERVICES: PRODUCT SEGMENTS
    TABLE 85. VAREL INTERNATIONAL ENERGY SERVICES: PRODUCT PORTFOLIO
    TABLE 86. SCHLUMBERGER LTD.: KEY EXECUTIVES
    TABLE 87. SCHLUMBERGER LTD.: COMPANY SNAPSHOT
    TABLE 88. SCHLUMBERGER LTD.: PRODUCT SEGMENTS
    TABLE 89. SCHLUMBERGER LTD.: PRODUCT PORTFOLIO
    TABLE 90. BIT BROKERS INTERNATIONAL LTD.: KEY EXECUTIVES
    TABLE 91. BIT BROKERS INTERNATIONAL LTD.: COMPANY SNAPSHOT
    TABLE 92. BIT BROKERS INTERNATIONAL LTD.: PRODUCT SEGMENTS
    TABLE 93. BIT BROKERS INTERNATIONAL LTD.: PRODUCT PORTFOLIO
    TABLE 94. BLAST HOLE BIT COMPANY, LLC: KEY EXECUTIVES
    TABLE 95. BLAST HOLE BIT COMPANY, LLC: COMPANY SNAPSHOT
    TABLE 96. BLAST HOLE BIT COMPANY, LLC: PRODUCT SEGMENTS
    TABLE 97. BLAST HOLE BIT COMPANY, LLC: PRODUCT PORTFOLIO
  • LIST OF FIGURES

  • FIGURE 01. GEOTHERMAL DRILL BITS MARKET SNAPSHOT, BY SEGMENTATION, 2022–2031
    FIGURE 02. GEOTHERMAL DRILL BITS MARKET SNAPSHOT, BY REGION, 2022–2031
    FIGURE 03. GEOTHERMAL DRILL BITS MARKET SEGMENTATION
    FIGURE 04. TOP INVESTMENT POCKETS
    FIGURE 05. HIGH BARGAINING POWER OF SUPPLIERS
    FIGURE 06. MODERATE BARGAINING POWER OF BUYERS
    FIGURE 07. HIGH THREAT OF NEW ENTRANTS
    FIGURE 08. MODERATE THREAT OF SUBSTITUTES
    FIGURE 09. MODERATE COMPETITIVE RIVALRY
    FIGURE 10. GEOTHERMAL DRILL BITS MARKET DYNAMICS
    FIGURE 11. GEOTHERMAL DRILL BITS MARKET, BY TYPE, 2022–2031 ($MILLION)
    FIGURE 12. COMPARATIVE SHARE ANALYSIS OF GEOTHERMAL DRILL BITS MARKET FOR TRICONE DRILL BITS, BY COUNTRY, 2022 & 2031 (%)
    FIGURE 13. COMPARATIVE SHARE ANALYSIS OF GEOTHERMAL DRILL BITS MARKET FOR PDC DRILL BITS, BY COUNTRY, 2022 & 2031 (%)
    FIGURE 14. COMPARATIVE SHARE ANALYSIS OF GEOTHERMAL DRILL BITS MARKET FOR OTHERS, BY COUNTRY, 2022 & 2031 (%)
    FIGURE 15. GEOTHERMAL DRILL BITS MARKET, BY APPLICATION, 2022–2031 ($MILLION)
    FIGURE 16. COMPARATIVE SHARE ANALYSIS OF GEOTHERMAL DRILL BITS MARKET FOR OFFSHORE, BY COUNTRY, 2022 & 2031 (%)
    FIGURE 17. COMPARATIVE SHARE ANALYSIS OF GEOTHERMAL DRILL BITS MARKET FOR ONSHORE, BY COUNTRY, 2022 & 2031 (%)
    FIGURE 18. U.S. GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 19. CANADA GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 20. MEXICO GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 21. GERMANY GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 22. FRANCE GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 23. UK GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 24. SPAIN GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 25. ITALY GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 26. REST OF EUROPE GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 27. CHINA GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 28. JAPAN GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 29. INDIA GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 30. SOUTH KOREA GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 31. REST OF ASIA-PACIFIC GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 32. BRAZIL GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 33. SAUDI ARABIA GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 34. SOUTH AFRICA GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 35. REST OF LAMEA GEOTHERMAL DRILL BITS MARKET REVENUE, 2021–2031 ($MILLION)
    FIGURE 36. MARKET PLAYER POSITIONING, 2022
    FIGURE 37. TOP WINNING STRATEGIES, BY YEAR, 2020-2022
    FIGURE 38. TOP WINNING STRATEGIES, BY DEVELOPMENT, 2020-2022 (%)
    FIGURE 39. TOP WINNING STRATEGIES, BY COMPANY, 2020-2022
    FIGURE 40. EPIROC AB: RESEARCH AND DEVELOPMENT EXPENDITURE, 2019-2021
    FIGURE 41. EPIROC AB: NET REVENUE, 2019-2021 ($MILLION)
    FIGURE 42. EPIROC AB: REVENUE SHARE BY SEGMENT, 2021 (%)
    FIGURE 43. EPIROC AB: REVENUE SHARE BY REGION, 2021 (%)
    FIGURE 44. NATIONAL OILWELL VARCO, INC.: NET REVENUE, 2019-2021 ($MILLION)
    FIGURE 45. NATIONAL OILWELL VARCO, INC.: REVENUE SHARE BY SEGMENT, 2021 (%)
    FIGURE 46. NATIONAL OILWELL VARCO, INC.: REVENUE SHARE BY REGION, 2021 (%)

 
 

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FREQUENTLY ASKED QUESTIONS?

A. Increase in exploration activities related to oil fields and Rise in awareness about geothermal resources are the key factors boosting the Geothermal drill bits market growth.

A. Onshore application is projected to increase the demand for Geothermal drill bits Market

A. Increase in investment to optimize the drill bits is the Main Driver of Geothermal drill bits Market.

A. The market value of Geothermal drill bits in 2031 is expected to be $5.8 billion

A. 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, the market is bifurcated into onshore and offshore. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Europe, Asia-Pacific, and LAMEA.

A. 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.

A. 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.

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