LONDON--(BUSINESS WIRE)--The oilfield crown block market size is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increase in active rig counts is one of the major reasons for the oilfield crown block market growth. The increase in onshore and offshore oil and gas drilling projects and deepwater drilling activities is attracting large investments from oil and gas companies. This has led to a rise in the demand for oil and gas drilling rigs. Recently, TRANSOCEAN LTD. and Chevron Corporation signed a rig design and construction management contract. Saudi Arabian Oil Co. too recently entered a JV with National Oilwell Varco to increase its operations in Saudi Arabia. Also, the steady recovery in global crude oil prices has led to an increase in a number of active rigs deployed in onshore and offshore drilling activities.
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As per Technavio, the advances in oilfield crown block-associated technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Oilfield Crown Block Market: Advances In Oilfield Crown Block-Associated Technologies
Several monitoring systems are developed to overcome failures and poor judgment by workers. These systems help to safeguard the operating conditions of oilfield crown blocks. These monitoring systems backed with several features ensure accurate measurement of the oilfield crown block position and enhance safety. Several sensors are fitted in the rig derricks that deliver real-time data about the oilfield crown block. This growing trend will improve the safety of various components and will contribute to the growth of the market during the forecast period.
“Apart from the advances in oilfield crown block-associated technologies, other factors such as the increase in upstream deepwater and ultra-deepwater projects and declining cost of raw materials will have a positive impact on the growth of the oilfield crown block market during the forecast period,” says a senior analyst at Technavio.
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Oilfield Crown Block Market: Segmentation Analysis
This market research report segments the oilfield crown block market by application (onshore and offshore) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by MEA, APAC, Europe, and South America respectively. The growth of the oilfield crown block market share in North America can be attributed to an increase in oil and gas drilling activities in the region, which will drive the demand for rig equipment, including oilfield crown blocks.
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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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