Global Top Drive Systems Market 2019-2023 | 6% CAGR Projection over the Next Five Years | Technavio

Technavio has announced its latest market research report titled global top drive systems market 2019-2023. (Graphic: Business Wire)

LONDON--()--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.

To learn more about the global trends impacting the future of market research, download a free sample:

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.

Register for a free trial today and gain instant access to 10,000+ market research reports.

Technavio's SUBSCRIPTION platform

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.

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

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

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus 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


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

Release Summary

The top drive systems market size is expected to post a CAGR close to 6% during the period 2019-2023, according to Technavio.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200