Global Drill Bit Market to Reach $4.6 Billion by 2027
Amid the COVID-19 crisis, the global market for Drill Bit estimated at US$3.5 Billion in the year 2020, is projected to reach a revised size of US$4.6 Billion by 2027, growing at aCAGR of 3.8% over the period 2020-2027. Synthetic Diamond, one of the segments analyzed in the report, is projected to record 4.1% CAGR and reach US$4.2 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Natural Diamond segment is readjusted to a revised 1.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $956.6 Million, While China is Forecast to Grow at 7% CAGR
The Drill Bit market in the U.S. is estimated at US$956.6 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$985.7 Million by the year 2027 trailing a CAGR of 7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.2% and 2.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.9% CAGR.We bring years of research experience to this 6th edition of our report. The 279-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.Competitors identified in this market include, among others,
- ATLAS ROCK BIT
- Baker Hughes, a GE company
- Kingdream Public Limited Company
- National Oilwell Varco, Inc.
- NewTech Drilling Products, LLC
- orquato Drilling Accessories, Inc.
- Scientific Drilling International
- Varel International Energy Services, Inc.