Geothermal Drill Bits Market for Power Generation by Type and Geography - Global Forecast and Analysis 2019-2023
Global Geothermal Drill Bits Market for Power Generation: About this Market
Geothermal drill bits are cutting tools that are deployed to drill geothermal wells to extract geothermal energy. Technavio’s geothermal drill bits market analysis for power generation considers revenue generation from the tricone, PDC, and other segments. Our analysis also considers the sales of geothermal drill bits in APAC, EMEA, and the Americas. In 2018, the tricone segment held the highest market share, which is expected to remain prevalent over the forecast period. Factors such as the high performance of tricone drill bits in soft and medium rock formations and their high resistance to wear and tear will help the segment in maintaining its leading market position. Also, our global geothermal drill bits market for power generation report has observed market growth factors such as rising demand for energy, increasing investments in geothermal energy projects, and increasing emphasis on generating electricity with minimal GHG emissions. However, challenges such as high capital requirement, competition from alternative energy sources, and challenges associated with geothermal drilling may hamper the growth of the geothermal drill bits industry for power generation over the forecast period.
Global Geothermal Drill Bits Market for Power Generation: Overview
Increasing investments in geothermal energy projects
Geothermal energy projects have been receiving significant funds owing to the rising adoption of renewable energy resources. As a result, the demand for geothermal drill bits has increased significantly across the world, which is fueling the development of the global geothermal drill bits market for power generation. The market is expected to record a CAGR of nearly 9% during 2019-2023.
Advances in drill bits
Vendors are innovating to expand their customer base. They are engineering machines that overcome challenges such as premature failures, which contribute to increased downtime and drilling cost. A couple of advances in drill bits include drilling with casing, which has improved safety and addresses problems related to tripping drill string, and expandable tubulars that enables the use of smaller upper casings. The trend of advances in drill bits will augment business opportunities for vendors. Therefore, the trend is expected to have a positive impact on the overall geothermal drill bits market for power generation growth during the forecast period.
For the detailed list of factors that will drive the global geothermal drill bits market for power generation during the forecast period 2019-2023, click here.
With the presence of several major players, the global geothermal drill bits market for power generation is fragmented. Technavio’s robust vendor analysis is designed to help clients in improving their market positions, and in line with this, this report provides a detailed analysis of several leading vendors such as America West Drilling Supply Inc., Baker Hughes, a GE Co. LLC, Bit Brokers International Ltd., Blast Hole Bit Co. LLC, Epiroc AB, Halliburton Co., National Oilwell Varco Inc., Schlumberger Ltd., Torquato Drilling Accessories, and Varel International Energy Services Inc.
Also, the geothermal drill bits market for power generation analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies in strategizing and leveraging on all forthcoming growth opportunities.
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