Geothermal Drill Bits Market Research Report - Global Forecast till 2027

Geothermal Drill Bits Market Information Report by Application (Onshore and Offshore), Type (Tricone, PDC and Others) and by Region - Forecast till 2027

ID: MRFR/E&P/8620-HCR | February 2021 | Region: Global | 111 pages

Geothermal Drill Bits Market Scenario


Geothermal Drill Bits Market size is projected to reach USD 4.64 Billion by 2026, with a CAGR of 7% between 2020 and 2026.


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.


The major factors driving the growth of the global geothermal drill bits market are the growing use and demand for geothermal energy equipment for continuous drilling in high pressure. However, the high initial investment is a restraining factor for the growth of the global geothermal drill bits market.


Many major players such as Baker Hughes (US), Halliburton (US), Schlumberger Ltd. (US), National Oilwell Varco (US), and others, are actively participating in geothermal drill bits development projects. For instance, in April 2018, Halliburton (US) released an advanced drill bit that optimizes the placement of back-up cutters to improve durability without decreasing efficiency. Such developments in the market are expected to drive the growth of the global geothermal drill bits market during the forecast period.


The global geothermal drill bits market has been segmented based on application and type. Based on the application, the global market has been divided into onshore and offshore. The onshore segment is expected to hold the larger share of the market and record the higher CAGR during the review period, due to improvements in the movement of hydrocarbons in the wellbores and an increase in onshore drilling activities. By type, the market is segmented into tricone, PDC, and others. The tricone segment held the largest market share in 2019.


Global Geothermal Drill Bits Market is expected to grow at a CAGR of 4.53% during the forecast period.


Key Players


The key players operating in the global geothermal drill bits market are Baker Hughes Co. (US), America West Drilling Supply, Inc. (US), Epiroc AB (Sweden), Halliburton (US), Torquato Drilling Accessories (US), National Oilwell Varco (US), Varel International Energy Services (US), Schlumberger Ltd. (US), Weatherford International plc (US), and Bit Brokers International Ltd. (US).


Market Segmentation
Geothermal Drill Bits Market


The global geothermal drill bits industry is expected to witness high growth during the forecast period owing to the increasing investments in new exploration & production (E&P) activities, which are expected to drive the demand for geothermal drill bits during the forecast period.


Based on region, the global geothermal drill bits market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America holds the largest market share due to advancements in drilling technology and heavy investments due to liberal regulatory policies in the region. Moreover, the geothermal drill bits market in Asia-Pacific is expected to grow at the fastest rate during the forecast period, primarily due to the increasing offshore drilling activities, especially in the regions with offshore basins in Australia, the Gulf of Thailand, and high demand for oil from India and China.


Intended Audience



  • Government and Research Organizations

  • Consulting Companies in the Geothermal Drill Bits Market

  • Raw Material Suppliers

  • Research Consultants

  • Investors and Shareholders



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 4.64 Billion (2027)
  CAGR   7% (2020-2027)
  Base Year   2019
  Forecast Period   2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Application, Type
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Baker Hughes Co. (US), America West Drilling Supply, Inc. (US), Epiroc AB (Sweden), Halliburton (US), Torquato Drilling Accessories (US), National Oilwell Varco (US), Varel International Energy Services (US), Schlumberger Ltd. (US), Weatherford International plc (US), and Bit Brokers International Ltd. (US).
  Key Market Opportunities   The Growing use and demand for geothermal energy equipment for continuous drilling in high pressure
  Key Market Drivers   Increasing investments in E&P activities


Frequently Asked Questions (FAQ) :


The global geothermal drill bits market is predicted to grow at a 4.53% CAGR between 2020- 2026.

The global geothermal drill bits market is predicted to reach USD 5.71 billion by 2026.

North America will lead the geothermal drill bits market.

Increasing investments in E&P activities is driving the global geothermal drill bits market growth.

Key contenders profiled in the global geothermal drill bits market include Baker Hughes Co. (US), America West Drilling Supply, Inc. (US), Epiroc AB (Sweden), Halliburton (US), Torquato Drilling Accessories (US), National Oilwell Varco (US), Varel International Energy Services (US), Schlumberger Ltd. (US), Weatherford International plc (US), and Bit Brokers International Ltd. (US).