| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| CAGR | 4.00 % |
| Fastest Growing Market | South America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
PDC Drill Bits Market Analysis
The Polycrystalline Diamond Compact Drill Bit Market is expected to register a CAGR of greater than 4% during the forecast period.
The onshore segment accounted for the maximum market share in 2018. Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of the global oil production.
The increasing oil and gas discoveries, coupled with the liberalization in the industry, have been providing new opportunities for the market players. The new emerging markets are several developing nations of Middle East & Africa, Asia-Pacific, and South America.
North America accounted for the maximum market share in 2018. The growth rate of the South American region is expected to be the highest during the forecast period, primarily due to the rapidly increasing oil and gas activities in the region.
PDC Drill Bits Market Trends
The Onshore Segment to Dominate the Market
Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of the global oil production. Onshore drilling is similar to offshore drilling but without the difficulty of deep water between the platform and the oil.
The global crude oil prices witnessed signs of recovery and are improving at a good pace and the onshore projects are easier to kick start than offshore projects. Therefore, riding on the optimism associated with the recovery of crude oil prices, onshore projects are expected to record significant growth over the forecast period. This, in turn, is expected to drive the demand for PDC drill bits.
In August 2018, Baker Hughes was awarded a development contract by Cairn, Vedanta Limited, to construct approx. 300 new wells and deploy a chemical enhanced oil recovery program aimed at increasing production from the Rajasthan area. The project marks the largest integrated project for BHGE in India, expanding its presence in the country and supporting the government's mission of reducing dependency on imports.
In 2019, ONGC announced that it allotted INR 6,000 crore for drilling 200 wells in Assam over the next seven years, to increase the output from the state. The wells are expected to be drilled during the next seven years.
Hence, with the new investment in the onshore oil and gas industry, increasing exploration of unconventional resources, and the crude oil price stability, the demand for PDC drill bits is expected to increase during the forecast period.
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North America to Dominate the Market Growth
North America is expected to be the largest market for PDC drill bits, owing to the large chunk of activities for shale gas exploration in the region. Over the past decade, the lateral lengths of the unconventional wells drilled in the United States, increased by 180%.
The United States, as of 2019, is the largest producer of oil and gas. In the United States, there are more than 900,000 active oil and gas wells, and more than 130,000 have been drilled since 2010. In 2018, the United States witnessed three significant oil discoveries, including two in the Gulf of Mexico, at Ballymore (545 Mb) at a depth of 2,000 m underwater, and at Appomattox (140 Mb) under 2,300 m of water.
According to the Canadian Government, in 2018, oil production from Canada is anticipated to reach 4.5 mmbpd by 2020, and the production is expected to increase from an offshore well situated in the West Orphan Basin, offshore Newfoundland, and Labrador, which is estimated to hold 25.5 bbl of oil and 20.6 tcf of gas.
The annual oil output of Mexico has been declining over the years, due to drying up of the giant Cantrell field in the shallow waters of the Gulf of Mexico. However, the Mexican government is trying to increase private investments in its controlled areas of the Gulf of Mexico.
Therefore, increasing oil and gas exploration and production activities and the increasing unconventional development activities in the region are expected to increase the demand for PDC drill bits over the forecast period in the North American region.
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PDC Drill Bits Industry Overview
The PDC drill bit market is partially fragmented due to the presence of, both, major players and small players. Some of the major players include National Oilwell Varco (NOV), Schlumberger Limited, Sandvik AB, Weatherford International PLC, and Baker Hughes Company.
PDC Drill Bits Market Leaders
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Baker Hughes Company
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Schlumberger Limited
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Sandvik AB
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National Oilwell Varco
- *Disclaimer: Major Players sorted in no particular order
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PDC Drill Bits Industry Segmentation
The polycrystalline diamond compact (PDC) drill bit market report includes:
| Type | Matrix Body |
| Steel Body | |
| Location of Deployment | Onshore |
| Offshore | |
| Geography | North America |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East & Africa |
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PDC Drill Bits Market Research FAQs
What is the current Polycrystalline Diamond Compact (PDC) Drill Bit Market size?
The Polycrystalline Diamond Compact (PDC) Drill Bit Market is projected to register a CAGR of greater than 4% during the forecast period (2025-2030)
Who are the key players in Polycrystalline Diamond Compact (PDC) Drill Bit Market?
Baker Hughes Company, Schlumberger Limited, Sandvik AB and National Oilwell Varco are the major companies operating in the Polycrystalline Diamond Compact (PDC) Drill Bit Market.
Which is the fastest growing region in Polycrystalline Diamond Compact (PDC) Drill Bit Market?
South America is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Polycrystalline Diamond Compact (PDC) Drill Bit Market?
In 2025, the North America accounts for the largest market share in Polycrystalline Diamond Compact (PDC) Drill Bit Market.
What years does this Polycrystalline Diamond Compact (PDC) Drill Bit Market cover?
The report covers the Polycrystalline Diamond Compact (PDC) Drill Bit Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Polycrystalline Diamond Compact (PDC) Drill Bit Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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PDC Drill Bits Industry Report
Statistics for the 2025 Polycrystalline Diamond Compact (PDC) Drill Bit market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Polycrystalline Diamond Compact (PDC) Drill Bit analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
