LONDON--(BUSINESS WIRE)--The top drive systems market size is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The time taken to drill oil and gas wells determines the efficiency of drilling operations. The overall drilling time with rotary table drilling is high as the crew must operate elevators while manually handling drill pipes. Alternatively, drilling rig using a top drive system eliminates the need for manual handling and reduces accidents caused during manual handling of the elevator.
Furthermore, drill pipe connections in top drive systems are automatic, and connections are made using rotary tongs and spinning chains. However, kelly system rigs 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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As per Technavio, the automation in drilling rigs will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Top Drive Systems Market: Automation in Drilling Rigs
The manual handling of rig equipment has significantly contributed to fatal accidents on rig floors. Hence, vendors are increasingly emphasizing automating drilling rigs, which can improve worker safety and increase the efficiency of oil and gas drilling operations. Automated rigs provide analytical data that can be reviewed to enhance oil and gas well performance with minimum crew at lower costs. Moreover, automated drilling rigs, coupled with top drive systems, will further increase the productivity of oil and gas drilling operations. This factor will drive the demand for top drive systems during the forecast period.
“Apart from automation in drilling rigs, other factors such as the exploration of unconventional sources and the increasing offshore drilling activities will have a significant impact on the growth of the top drive systems market during the forecast period,” says a senior analyst at Technavio.
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Top drive systems Market: Segmentation Analysis
This market research report segments the top drive systems market by application (onshore and offshore), type (hydraulic), and geography (APAC, Europe, MEA, North America, and South America).
North America led the market in 2018, followed by MEA, APAC, Europe, and South America. The growth of the top drive systems market share in North America can be attributed to factors such as the presence of large producers of oil and gas such as the US, Canada, and Mexico and increasing investments in the oil and gas E&P sector.
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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
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