LONDON--(BUSINESS WIRE)--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).
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.
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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 Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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