Global Top Drive Systems Market Will Grow at a CAGR of 6% During 2019-2023 | Technavio
LONDON--(BUSINESS WIRE)--May 22, 2019--
Technavio has announced the release of their research report on the Global Top Drive Systems Market for the forecast period 2019-2023. This top drive systems market analysis report segments the market by application (onshore, and offshore), and geographic region (North America, MEA, APAC, Europe, and South America).
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Technavio has published a new market research report on the global top drive systems market from 2019-2023. (Graphic: Business Wire)
Global top drive systems market size will grow by almost USD 45.49 million during 2019-2023, at a CAGR of close to 6%. The manual handling of rig equipment has been a significant reason for fatal accidents occur on the rig floor. Hence, vendors are emphasizing more on automating the drilling rigs, which can improve worker safety and increase the efficiency of oil and gas drilling operation. Automated rigs provide analytical data that can be reviewed to enhance oil and gas well performance with the minimum crew at lower costs. Moreover, automated drilling rigs coupled with the top drive systems will further increase the productivity of oil and gas drilling operations, which will drive the demand for top drive systems during the forecast period.
Advantages of top drive system rigs over traditional kelly and rotary table rigs
The efficiency of drilling operations depends on the time taken to drill oil and gas wells. The overall drilling time with rotary table drilling is high as the crew must operate elevators while manually handling drill pipes. Whereas, drilling rig using a top drive system eliminates the need for manual handling and reduces accidents caused during manual handling of the elevator. Furthermore, the drill pipe connections in top drive systems are automatic, unlike kelly system rigs, in which connections are made using rotary tongs and spinning chain, which can cause hazards on the rig floor. Such advantages of the top drive system rig over traditional kelly and rotary table rigs will drive market growth during the forecast period.
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“ The increased upstream investments in oil and gas E&P activities in countries such as the US, Canada, and Mexico is driving the increased oil and gas production through unconventional E&P activities in North America.Mechanical failures, such as stuck pipe incidents in oil and gas wells, are high in shale oil and gas formation. This is increasing the demand for top drive systems as they reduce stuck pipe incidents with the help of back reaming and proper hole cleaning. Thus, the increased oil and gas E&P activities will significantly impact the growth of the top drive systems market in North America,” says an analyst at Technavio.
View snapshot of the report for a more detailed overview of the market and the segmentation covered in this report
This top drive systems industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several top drive systems manufacturers including:
- GDS International LLC
- MHWirth AS
- Nabors Industries Ltd.
- National Oilwell Varco Inc.
- Schlumberger Ltd.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
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INDUSTRY KEYWORD: ENERGY OIL/GAS MANUFACTURING ENGINEERING NATURAL RESOURCES MINING/MINERALS
SOURCE: Technavio Research
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PUB: 05/22/2019 09:22 AM/DISC: 05/22/2019 09:22 AM