A key factor driving the growth of the market is the increasing active rig count. With the recovery in crude oil prices, the oil and gas E&P activities are regaining momentum across the world, thereby increasing the attractiveness of oil and gas production. Moreover, upstream oil and gas companies are investing in E&P projects to boost the production from oil and gas reservoirs and reap profits from the higher crude oil prices. Also, several oil and gas drilling contracts are being awarded to the oilfield drilling service providers. Therefore, the recovery of crude oil prices has resulted in an increase in the number of active rigs globally, which in turn has fostered the demand for oil and gas drilling rig components and equipment such as traveling blocks.
As per Technavio, technological advances will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global oilfield traveling blocks market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Oilfield Traveling Blocks Market: Technological Advances
With the growth in the offshore oil and gas production, the focus has been shifting toward higher hookload capacities that are required to drill deeper wells. However, this is a time-consuming operation. An advanced solution to solve the offshore hookload and speed problem is to install a multi-speed traveling block. A multi-speed block introduces a variable transmission ratio to the hoisting system, which is achieved by changing the number of sheaves moving with the traveling assembly. By disconnecting the sheaves from the multi-speed block, the gear ratio will reduce, thereby reducing the weight capacity and increasing the speed. Moreover, the multi-speed block enables the use of lesser wire that needs to be pulled/slacked when the gear ratio is changed, without reducing heavy lifting capabilities. Additionally, the variable transmission extends the lifecycle of the product, thereby making the multi-speed block an efficient and less complex device to perform hoisting transmission. Such a solution will also help to reduce costs.. Hence, such technological developments increase operational efficiency and safety of workers involved in drilling projects, thereby leading to market growth. “Apart from the technological advances, other factors such as the declining cost of raw materials, rise in unconventional drilling activities, and rising investments in upstream oil and gas sector; are expected to drive market growth during the forecast period,” says a senior analyst at Technavio.
Global Oilfield Traveling Blocks Market: Segmentation Analysis
This market research report segments the global oilfield traveling blocks market by application (onshore and offshore) and geographical regions (North America, MEA, APAC, Europe, and South America).
The North American region led the market in 2018, followed by MEA, APAC, Europe, and South America respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the substantial growth in energy demand in the region.
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