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Geothermal Drill Bits Market for Power Generation by Type and Geography - Global Forecast and Analysis 2019-2023

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.

Competitive Landscape

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.


  • Executive summary
  • Scope of the report
    • Preface
      • Table Vendor: Key offerings
    • Currency conversion rates for US$
  • Market landscape
    • Market ecosystem
      • Table Global power generation market
      • Table Segments of global power generation market
    • Market characteristics
      • Table Market characteristics
    • Market segmentation analysis
      • Table Market segments
  • Market sizing
    • Market definition
      • Table Market definition - Inclusions and exclusions checklist
    • Market sizing 2018
      • Table Market size 2018
    • Market size and forecast 2018-2023
      • Table Global market: Size and forecast 2018-2023 ($ millions)
      • Table Global market: Year-over-year growth 2019-2023 (%)
  • Five forces analysis
    • Table Five forces analysis 2018
    • Table Five forces analysis 2023
    • Bargaining power of buyers
      • Table Bargaining power of buyers
    • Bargaining power of suppliers
      • Table Bargaining power of suppliers
    • Threat of new entrants
      • Table Threat of new entrants
    • Threat of substitutes
      • Table Threat of substitutes
    • Threat of rivalry
      • Table Threat of rivalry
    • Market condition
      • Table Market condition - Five forces 2018
  • Market segmentation by type
    • Table Type - Market share 2018-2023 (%)
    • Comparison by type
      • Table Comparison by type
    • Tricone - Market size and forecast 2018-2023
      • Table Tricone - Market size and forecast 2018-2023 ($ millions)
      • Table Tricone - Year-over-year growth 2019-2023 (%)
    • PDC - Market size and forecast 2018-2023
      • Table PDC - Market size and forecast 2018-2023 ($ millions)
      • Table PDC - Year-over-year growth 2019-2023 (%)
    • Others - Market size and forecast 2018-2023
      • Table Others - Market size and forecast 2018-2023 ($ millions)
      • Table Others - Year-over-year growth 2019-2023 (%)
    • Market opportunity by type
      • Table Market opportunity by type
  • Customer landscape
    • Table Customer landscape
  • Geographic landscape
    • Geographic segmentation
      • Table Market share by geography 2018-2023 (%)
    • Geographic comparison
      • Table Geographic comparison
    • EMEA - Market size and forecast 2018-2023
      • Table EMEA - Market size and forecast 2018-2023 ($ millions)
      • Table EMEA - Year-over-year growth 2019-2023 (%)
    • APAC - Market size and forecast 2018-2023
      • Table APAC - Market size and forecast 2018-2023 ($ millions)
      • Table APAC - Year-over-year growth 2019-2023 (%)
    • Americas - Market size and forecast 2018-2023
      • Table Americas - Market size and forecast 2018-2023 ($ millions)
      • Table Americas - Year-over-year growth 2019-2023 (%)
    • Key leading countries
      • Table Key leading countries
    • Market opportunity
      • Table Market opportunity
  • Decision framework
  • Drivers and challenges
    • Market drivers
    • Market challenges
      • Table Impact of drivers and challenges
  • Market trends
    • Technological advances in geothermal drilling
    • Advances in drill bits
    • Application of ML techniques to geothermal exploration
  • Vendor landscape
    • Overview
      • Table Vendor landscape
    • Landscape disruption
      • Table Landscape disruption
    • Competitive scenario
  • Vendor analysis
    • Vendors covered
      • Table Vendors covered
    • Vendor classification
      • Table Vendor classification
    • Market positioning of vendors
      • Table Market positioning of vendors
    • America West Drilling Supply Inc.
      • Table America West Drilling Supply Inc. - Vendor overview
      • Table America West Drilling Supply Inc. - Key offerings
    • Baker Hughes, a GE Co. LLC
      • Table Baker Hughes, a GE Co. LLC - Vendor overview
      • Table Baker Hughes, a GE Co. LLC - Business segments
      • Table Baker Hughes, a GE Co. LLC - Organizational developments
      • Table Baker Hughes, a GE Co. LLC - Geographic focus
      • Table Baker Hughes, a GE Co. LLC - Segment focus
      • Table Baker Hughes, a GE Co. LLC - Key offerings
    • Bit Brokers International Ltd.
      • Table Bit Brokers International Ltd. - Vendor overview
      • Table Bit Brokers International Ltd. - Key offerings
    • Blast Hole Bit Co. LLC
      • Table Blast Hole Bit Co. LLC - Vendor overview
      • Table Blast Hole Bit Co. LLC - Key offerings
    • Epiroc AB
      • Table Epiroc AB - Vendor overview
      • Table Epiroc AB - Business segments
      • Table Epiroc AB - Organizational developments
      • Table Epiroc AB - Geographic focus
      • Table Epiroc AB - Segment focus
      • Table Epiroc AB - Key offerings
    • Halliburton Co.
      • Table Halliburton Co. - Vendor overview
      • Table Halliburton Co. - Business segments
      • Table Halliburton Co. - Organizational developments
      • Table Halliburton Co. - Geographic focus
      • Table Halliburton Co. - Segment focus
      • Table Halliburton Co. - Key offerings
    • National Oilwell Varco Inc.
      • Table National Oilwell Varco Inc. - Vendor overview
      • Table National Oilwell Varco Inc. - Business segments
      • Table National Oilwell Varco Inc. - Organizational developments
      • Table National Oilwell Varco Inc. - Geographic focus
      • Table National Oilwell Varco Inc. - Segment focus
      • Table National Oilwell Varco Inc. - Key offerings
    • Schlumberger Ltd.
      • Table Schlumberger Ltd. - Vendor overview
      • Table Schlumberger Ltd. - Business segments
      • Table Schlumberger Ltd. - Organizational developments
      • Table Schlumberger Ltd. - Geographic focus
      • Table Schlumberger Ltd. - Segment focus
      • Table Schlumberger Ltd. - Key offerings
    • Torquato Drilling Accessories
      • Table Torquato Drilling Accessories - Vendor overview
      • Table Torquato Drilling Accessories - Key offerings
    • Varel International Energy Services Inc.
      • Table Varel International Energy Services Inc. - Vendor overview
      • Table Varel International Energy Services Inc. - Key offerings
  • Appendix
    • Research methodology
      • Table Validation techniques employed for market sizing
    • List of abbreviations
    • Definition of market positioning of vendors
      • Table Definition of market positioning of vendors
  • Explore Technavio

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