Hybrid Drill Bits Market Size, Share and Global Trend By Drill Type (Directional Drill, Vertical Drill), By Application (Onshore, Offshore) and By Regional Forecast, 2024-2032

Hybrid drill bit technology is a combination of more than one drill bit designs used now-a-days for oil & gas well drilling. The Hybrid drill bit is specially designed for very hard and abrasive sandstone interbedded with shale and siltstone. Some of the common types of hybrid drill bit technology are a combination of roller cone and fixed drill bits, rotating and gouging inserts bit and PDC & diamond impregnated drilling bits. The major advantage of hybrid drill bit over conventional drill bit is - it can reduce tripping time for changing bits; it improves the rate of penetration (ROP) by upto 25% with improves speed and durability without compromising stability; and It maximizes performance by drilling multiple sections in a single hybrid bit run.

At present, there are a handful of players have launched hybrid drill bit technology and lots of other key companies are in the advanced stages of R&D to launch hybrid bit technology in the forecast period. The growing demand for advanced drilling techniques in complex structures such as US shale formations is going to drive the growth in the hybrid drill bit market at a considerably fast rate.

To gain extensive insights into the market, Request for Customization

The factor that is expected to inhibit the growth of the market is the huge saving on daily drilling cost of the rig which can be reduced by adopting hybrid drill bit products. For example, BHGE recommended Kymera XTreme hybrid drill bit technology to one of the major operators in the Middle East where the operator is facing well loss challenges due to drilling through difficult interbedded 16-in. section. As a result, the operator has drilling the section in 2.3 ahead of time and saved approximately USD 100,000.

KEY PLAYERS COVERED

As this technology is new in the industry there are only a few manufacturers present in the global hybrid drill bit market. These players are Baker Hughes, Shear Bits, National Oilwell Varco, Schlumberger, Varel International Energy Services, Inc. and Rock Bit Industries U.S.A., Inc. Other key manufacturers of drill bits which are in the research & development phase of hybrid drill bit solutions are Halliburton, Rubicon Oilfield Products Limited, Ulterra Drilling Technologies, L.P., etc.

SEGMENTATION

REGIONAL ANALYSIS

The global hybrid drill bit market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America followed by Europe are the two largest markets for hybrid drill bits at present and they are expected to account for a large proportion of the market in the forecast period as well. The first hybrid drill bit was tested in Canadian oil well and since then its adoption in drilling complex structure especially in shale formations in North America region has shown tremendous growth. In the Asia Pacific region, China and ASEAN countries are expected to provide the largest market opportunity as the number of wells drilled in those countries are increasing year-on-year basis.

Key Industry Developments

• In mid-2018, Kymera hybrid drill bit has saved a total of USD 160,000 of an operator on a well in South-eastern Turkey with an increasing ROP by 43% when compared to other well drilled in a similar formation.
• In September 2016, Baker Hughes, a GE company, has launched its line of Kymera Xtreme (XT) hybrid drill bit for the drilling operation.
• In Q1 2016, Oil and Gas wells operator have shifted to hybrid drill bit technology to reduce drilling time in extreme GOM wells.
• In Mid-2013, Shear Bits launched Pexus hybrid drill bit technology for oil & gas well drilling.
• This document has been composed with the free HTML converter which can be accessed here. Use it every time for document editing.