Geothermal Drill Bits market size analysis by development history, growth status

Geothermal drill bits are one of the most important accessories used in drilling operation while constructing geothermal power plants. These are used to cut and drill geothermal wells. Geothermal drilling bits are used in dry steam power plant, flash steam power plant, and binary cycle power plants. Major types of bits used in geothermal drilling include tricone bits, polycrystalline diamond compacts (PDC) bits, and others (drag bits, etc.). PDC bits and tricone bits are mostly preferred for drilling geothermal wells and also for drilling onshore and offshore oil wells. PDC bits allow the drilling companies to aggressively dig into the well and exert a three dimensional pressure of up to one million pounds per square inch while drilling the well. Tricone bits are mainly made from tungsten carbide, which is one of the strongest materials used for drilling operation, as it can withstand high temperatures and pressures during drilling operations.

Rapid industrialization and increasing population have led to increasing use of electricity, which is expected to drive demand for geothermal drill bits across the globe. For instance, according to the United Nations – World Population Prospects document (2017), global population is estimated to reach 8.6 billion by the end of 2030 and 11.2 billion by 2100.

Top Key Players in Geothermal Drill Bits  market: Schlumberger Ltd., Baker Hughes (GE), America West Drilling Supply Inc., Blast Hole Bit Co. LLC, Bit Brokers International Ltd., National Oilwell Varco Inc, Halliburton Co., Varel International Energy Services Inc., Torquato Drilling Accessories, and Epiroc AB.

Regional Analysis For Geothermal Drill Bits  Market:

Besides segmental breakdown, the report is highly structured into region wise study. The regional analysis comprehensively done by the researchers highlights key regions and their dominating countries accounting for substantial revenue share in the Geothermal Drill Bits market. The study helps understanding how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR. The following are the regions covered in this report.

• North America [U.S., Canada, Mexico]
• Europe [Germany, UK, France, Italy, Rest of Europe]
• Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
• South America [Brazil, Argentina, Rest of Latin America]
• Middle East & Africa [GCC, North Africa, South Africa, Rest of Middle East and Africa]

The rising awareness about geothermal resources has led to increasing geothermal power production capacities across the globe. According to International Renewable Energy Agency, total geothermal energy capacity reached 13.0 GW in 2018, an increase of 539 MW as compared to 2017. New capacities came on stream in Turkey and Indonesia in 2017, with a production capacity of around 219 MW and 137 MW, respectively. Other countries that increased its geothermal power plant capacities included the U.S., New Zealand, and Mexico.

On the basis of bits type, the global geothermal drill bits market is segmented into tricone bits, polycrystalline diamond compacts (PDC) bits, and other bits such as drag bits. PDC bits segment is expected to exhibit highest growth rate in terms of revenue in the global geothermal drill bits market over the forecast period (2019-2027). Moreover, major players are focused on launching new geothermal drill bits, in order to strengthen their market presence. For instance, in June 2018, Baker Hughes launched a new series of ‘Vanguard’ – tricone drilling bits with enhanced elastomer seal for better drilling performance.

On the basis of plant type, the market is segmented into dry steam plant, flash steam plant, and binary cycle plant. Among these, flash steam plant segment is expected to witness significant growth over the forecast period, owing to increasing popularity of this power plant, as it uses high pressure steam with high temperatures of around 182 °C for power generation.

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