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Increase in use and demand for geothermal energy equipment for continuous drilling in high pressure and surge in industrialization and population development have boosted the growth of the global geothermal drill bits market. Oil Drill Bit Factory
PORTLAND, Ore. , Nov. 22, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Geothermal Drill Bits Market by Type (Tricone Drill Bits, PDC Drill Bits, Others), by Application (Offshore, Onshore): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global geothermal drill bits industry was accounted for $3.4 billion in 2021, and is expected to reach $5.8 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Major determinants of the market growth
Increase in use and demand for geothermal energy equipment for continuous drilling in high pressure and surge in industrialization and population development have boosted the growth of the global geothermal drill bits market. However, industrial development of geothermal energy in China has suffered bottlenecks, which hampered the market growth. On the contrary, government and commercial firms are investing more money to discover new solutions, which is projected to open new opportunities in the future.
The PDC drill bits segment dominated the market
By type, the PDC drill bits segment held the largest share in 2021, accounting for nearly two-thirds of the global geothermal drill bits market, and is projected to maintain its leading position throughout the forecast period. This is due to rapid development in industrialization and urbanization across the globe. However, the others segment is projected to register the highest CAGR of 5.8% during the forecast period. The increase in exploration activities across the globe for fossil fuel resources has driven the demand for the geothermal drill bits market. The increase in the demand for water wells in developed and developing countries for various purposes has driven the demand for drag bits in the geothermal drill bits market.
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The electric powered segment to portray the highest CAGR through 2030
By application, the offshore segment is projected to manifest the highest CAGR of 5.9% from 2022 to 2031. This is due to rise in onshore drilling activities across the globe and surge in population with rapid industrialization across the globe. The presence of utilization of oil and gas resources in various sectors is expected to boost the demand for petroleum resources, which is projected to drive the demand for the geothermal drill bits global geothermal drill bits market. However, the onshore segment held the largest share in 2021, accounting for nearly three-fourths of the market, owing to decline in the geothermal resource onshore and surge in investment toward offshore resources.
North America held the lion's share
By region, the global geothermal drill bits market across North America dominated in 2021, accounting for more than two-fifths of the market, owing to increase in requirement for space heating and water heating in North America , the growing offshore geothermal resource extraction, and government initiatives and rebates for developing eco-friendly power generation technologies. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 6.0% during the forecast period. This is due to improvement in economic conditions, rapid industrialization, and commercialization. Moreover, the presence of a strong consumer base in this region and surge in demand for geothermal resurces.
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The report analyzes these key players in the global geothermal drill bits market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player
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