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Increase in industrialization and surge in population rate, globally, have resulted in growing consumption rate of energy, which is projected to fuel the demand for geothermal drill bits around the world. Geothermal energy is one of the innovations for renewable energy generation and has attracted substantial investments and funds over the past few years. This is anticipated to result in increase in the number of geothermal power projects, thus driving the growth of the global geothermal drill bits market for power generation during the forecast period. Equipment manufacturers and service providers notably benefitted from the use of high-performance elastomers used in drill bits production. Globally, a rapid increase in interest in geothermal energy as an alternative to conventional fuels has instilled new demand capacity for geothermal drill bits in the market.

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Properties such as the superior efficiency of the tricone drill bits and their high wear and tear resistance significantly contribute toward the growth of the global market. Rise in renewable energy adoption is attracting substantial investment in renewable energy around the world. Several market vendors regularly focus on making advancements to boost drill bits efficiency. In addition, drill bit manufacturers are developing three-dimensional bit prototypes using the new dynamics simulations to incorporate technologies such as innovative material utilization, rock interaction analysis, cutter processing for improved durability and rate of penetration (ROP), and cutting depth modulation. Thus, such advances are likely to fuel growth of geothermal drill bits during the forecast period.

Increase in funds and investments is expanding the number of geothermal ventures is rising the need for geothermal drill bits, globally, which is expected to fuel the market growth for power generation in the near future. Less spending in the offshore industry, however, is expected to impede demand growth for geothermal drill bits. On the contrary, developments in geothermal energy ventures are projected to generate remunerative opportunities for industry participants involved in geothermal drill bits.

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The global geothermal drill bits market is expected to witness decline in growth rate during the forecast period, owing to the outbreak of the COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output of anything from the oil & gas industry to industrial sector. Geothermal drill bits industry is anticipated to expertise a direct impact for the next one or two years, if the growth of the oil & gas industry declines as it is one of the key consumers of geothermal drill bits. Moreover, companies are dealing with missing sales and disrupted supply chains as production activities shutdown.

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