Market Highlights
Global Geothermal Drill Bits Market is projected to be valued at USD 5.71 Billion by 2026, with a CAGR of 4.53% during the forecast period, 2020–2026. Geothermal drilling is a process of drilling boreholes to extract the natural heat of the Earth that is estimated to be 5,500 degrees Celsius at the Earth’s core. Geothermal drill bits are important accessories used in drilling operations while constructing geothermal power plants. They are used to cut and drill geothermal wells.Geothermal drill bits are the cutting tools that are deployed to drill geothermal wells to extract geothermal energy. Geothermal drill bits are used in dry steam power plants, flash steams, and binary cycle power plants. Types of drill bits used in geothermal drilling include tricone bits, PDC bits, and others.
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In 2019, North America Dominated the Global Geothermal Drill Bits Market in Terms of Share: MRFR
The global geothermal drill bits market has been segmented based on application and type. By application, the market has been segmented as onshore and offshore. The offshore segment is estimated to grow at the fastest rate during the forecast period due to increasing oil & gas discoveries and offshore production, especially in the offshore basins in the Gulf of Thailand, Australia, and the South China Sea. Based on type, the global geothermal drill bits market has been divided into oil, natural gas, and others. The tricone segment is expected to hold a larger share within the global geothermal drill bits market.
The global geothermal drill bits market has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America, and South America. North America is expected to hold the largest share of the market during the forecast period, which is primarily because countries in the region hold the presence of the majority of oil & gas companies engaged in the manufacture of geothermal drill bits and other drilling activities. Moreover, in the year 2018, The US Department of Energy invested USD 11,4 million in research & development (R&D) of geothermal technologies. In Asia-Pacific, China held the largest market share in 2018 due to oil & gas discoveries in the South China Sea offshore basins. In Europe, Russia held the largest market share in 2018 and is expected to grow at the fastest rate during the forecast period, primarily due to the increasing production and exploration of oil & gas in the country. Saudi Arabia is expected to dominate the Middle East & Africa geothermal drill bits market.
Global Geothermal Drill Bits Market is expected to grow at a CAGR of 4.53% during the forecast period.
Scope of the Report
This report provides an in-depth analysis of the global geothermal drill bits market, tracking two market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights the market size and shares for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global geothermal drill bits market, by application, type, and region.
- Application
- Onshore
- Offshore
- Type
- Tricone
- PDC
- Others
- By Region
- North America
- Asia-Pacific
- Europe
- Middle East & Africa
- South America
Key Players
The key players in the global geothermal drill bits market are Schlumberger Ltd. (US), Weatherford International plc (US), Baker Hughes Co. (US), Epiroc AB (Sweden), Halliburton (US), Torquato Drilling Accessories (US), National Oilwell Varco (US), Varel International Energy Services (US), America West Drilling Supply, Inc. (US), and Bit Brokers International Ltd (US).
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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