LONDON--(BUSINESS WIRE)--The global kelly drives market is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
The adoption of unconventional drilling technologies with large shale deposits has widened the opportunities for the upstream oil and gas companies in the advanced economies of the US and Canada. Moreover, governments of various countries are taking several initiatives to ensure energy security and increase oil and gas production. The newly introduced policies are attracting domestic and foreign investments, leading to an increase in exploration activities. This will boost the adoption of kelly drives-equipped rigs as they are comparatively less expensive than conventional rigs equipped with top drive systems. Therefore, the economic advantage of kelly drives will positively impact their adoption in the continuously growing E&P market during the forecast period.
As per Technavio, the emergence of automated drilling rigs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global kelly drives market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global kelly drives market: Emergence of automated drilling rigs
The emergence of automated drilling rigs is one of the key trends expected to gain prominence in the market. Rig operators are continuously finding ways to ensure the safety of workers while reducing the cost of extracting crude oil. This has led to an increase in the popularity of rig automation to reduce human errors. Rig automation involves the use of sensors in drilling rigs and associated equipment. Also, automation in drilling rigs will further improve the efficiency of oil and gas drilling operations. As a result, oil and gas companies are likely to employ less expensive kelly drives instead of top drive systems in drilling rigs. Thus, the growing emergence of automated drilling rigs will further fuel the global kelly drives market growth during the forecast period.
“Demand for oil and gas is on the rise owing to the rising consumption of energy across the world. Oil and gas companies are increasing their E&P operations by exploring new oil and gas reserves. Thus, rising global energy demand is further expected to propel the kelly drives market growth during the forecast period,” says a senior research analyst at Technavio.
Global kelly drives market: Segmentation analysis
This market research report segments the global kelly drives market by application (onshore and offshore) and geographic regions (North America, MEA, APAC, Europe, and South America).
North America led the market in 2018, followed by MEA, APAC, Europe, and South America, respectively. The market growth in North America can be attributed to the increasing unconventional E&P activities, including oil and gas drilling in economies, including the US, Canada, and Mexico.
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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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