LONDON--(BUSINESS WIRE)--The global kelly drives market is expected to post a CAGR of nearly 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Factors such as growing population and industrial developments have increased the demand for energy across the world. This is compelling oil and gas companies to explore untapped resources by adopting unconventional drilling technologies. Governments of various countries are also taking various initiatives to ensure energy security and increase oil and gas production. For instance, the Indian Government recently amended its New Exploration and Licensing Policy (NELP) to attract domestic and foreign investments and increase exploration activities in several unexplored gas reservoirs in the country. The rise in the number of oil and gas exploration activities will have a positive impact on the demand for kelly drives during the forecast period.
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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 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Kelly Drives Market: Emergence of Automated Drilling Rigs
Oil and gas companies are increasingly adopting automated drilling rigs and associated equipment. These are equipped with sensors that record massive amounts of data, which can be later analyzed and used in decision making process. The insights derived from the automated drill rigs also help in increasing the efficiency of oil and gas drilling operations. This is driving oil and gas companies to opt for less expensive kelly drives instead of top drive systems in drilling rigs. The emergence of automated drill rigs is expected to boost the growth of the global kelly drives market during the forecast period.
“Apart from the emergence of automated drilling rigs, increase in deepwater and ultra-deepwater upstream projects and declining cost of raw materials are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Kelly Drives Market: Segmentation Analysis
This market report segments the global kelly drives 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. During the forecast period, the North American region is expected to maintain its dominance over the global market. This is due to rising government initiatives to increase oil and gas production in the region.
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
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