A key factor driving the growth of the global oilfield rotary table market size is the increasing global active rig count. With crude oil prices rising, oil and gas companies are investing in oil and gas E&P projects to extract oil and gas from unexplored reserves and enhance production from existing oil and gas reservoirs. Increasing drilling activities will lead to a rise in demand for oil and gas drilling rigs. This will increase the demand for rig components and equipment, including rotary tables, which are used in oil and gas drilling rigs.
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 oilfield rotary table market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Oilfield Rotary Table Market: Emergence of Automated Drilling Rigs
The harsh working conditions in the oil and gas exploration activities have led to many severe accidents over the years, resulting in the death of workers and environmental disasters. These accidents mostly occur due to human errors, which is pushing rig operators to find ways to ensure safety and reduce the costs of extracting crude. Thus, rig operators are increasingly adopting automated rigs which involves the use of sensors and associated equipment in drilling rigs. The automation of drilling rigs will increase the efficiency of oil and gas drilling operations, and thus, companies will prefer less expensive rotary table and kelly drive systems over top drive systems. This will fuel the growth of the oilfield rotary table market during the forecast period.
“Apart from the emergence of automated drilling rigs, other factors such as the declining cost of raw materials, and increase in deepwater and ultra-deepwater upstream projects will have a significant impact on the growth of the oilfield rotary table market value during the forecast period,” says a senior analyst at Technavio.
Global Oilfield Rotary Table Market: Segmentation Analysis
This market research report segments the global oilfield rotary table market worth by application (onshore and offshore) and geographic regions (North America, Europe, APAC, South America, and MEA).
The North American region led the oilfield rotary table market in 2018, followed by MEA, APAC, Europe, and South America respectively. The oilfield rotary table market analysis report identifies factors such as the increase in oil and gas discoveries, the rising investments in oil and gas exploration by companies, and the initiatives taken by governments to fuel the growth of the oilfield rotary table market share in North America during the forecast period.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
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.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.