LONDON--(BUSINESS WIRE)--The oilfield drilling elevators market size is expected to post a CAGR of almost 6% during 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increasing drilling activities have led to a rise in the demand for oil and gas drilling rigs. Oilfield drilling elevators are used during oil and gas drilling operations for the makeup and breakout of drill pipes. Thus, the rise in the global active rig count will fuel the growth of the oilfield drilling elevators market during the forecast period.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR31839
As per Technavio, the advances in drilling elevator technology 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 influence market growth over 2019-2023.
Oilfield Drilling Elevators Market: Advances in Drilling Elevator Technology
The unsafe handling of rig floor equipment can lead to accidents and injuries. Thus, many companies are striving to introduce innovative drilling elevator technology that can address this issue. The advances in drilling elevators can reduce manual handling of tubular and drill pipes and help to lower the number of accidents on the rig floor. Companies are introducing BXS elevators, which provide reliable operation along with a simplified hydraulic system. Thus, the advances in drilling elevator technology will fuel the market growth during the forecast period.
“Apart from the advances in drilling elevator technology, other factors such as the growing upstream investments, rising global energy demand, innovations in pipe handling systems, and the rise in deepwater and ultra-deepwater projects will have a significant impact on the growth of the oilfield drilling elevators market value 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
Oilfield Drilling Elevators Market: Segmentation Analysis
This market research report segments the oilfield drilling elevators market by application (onshore and offshore), and geographic regions (APAC, Europe, North America, South America, and MEA).
The North American region led the oilfield drilling elevators market in 2018, followed by MEA, APAC, Europe, and South America, respectively. The growth of the oilfield drilling elevators market share in North America can be attributed to several factors, such as the increase in oil and gas discoveries along with rising investments and initiatives by various governments 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. Request a free sample report
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
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 firstname.lastname@example.org.