LONDON--(BUSINESS WIRE)--The global oilfield drilling derrick and mast market size is poised to grow by USD 12.74 million during 2019-2023, according to a new report by Technavio, progressing at a CAGR of almost 6% during the forecast period.
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The market is driven by the growing investments in the upstream sector. In addition, the increasing active rig count is expected to further boost the growth of the oilfield drilling derrick and mast market.
The growing population and industrial developments have increased the demand for energy across the world. Thus, oil and gas E&P companies are increasingly exploring untapped resources using the most advanced technologies in the industry. Moreover, oil and gas operators are increasing investments in mature oil and gas fields, where the production is declining. These investments are aimed at maximizing the revenue from such oilfields. The growing investments in the oil and gas sector will drive the growth of oil and gas drilling activities, which in turn will fuel the growth of the oilfield drilling derrick and mast market.
The recovery of crude oil prices has led to a significant increase in oil and gas E&P activities globally. Oil and gas companies are investing in E&P activities to extract oil and gas and enhance production from oil and gas reservoirs to increase profits. Increasing drilling activities will lead to a rise in the demand for oil and gas drilling rigs. This is expected to stimulate the demand for oilfield drilling derrick and mast market during the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Chengdu Zhonghang Machinery Co. Ltd.
- CMIC Ocean En-Tech Holding Co. Ltd.
- Drillmec Spa
- Lee C. Moore, A Woolslayer Co.
- MHWirth AS
- National Oilwell Varco Inc.
- Schlumberger Ltd.
Market Segmentation by Application:
The oilfield drilling derrick and mast market can be broadly categorized into the following segments:
Key Regions for the Oilfield Drilling Derrick and Mast Market:
Featuring a breakdown of region-wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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. Request a free sample report
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