LONDON--(BUSINESS WIRE)--The oilfield rotary table 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
A key factor driving the growth of the global oilfield rotary table market size is the increasing global active rig count. With crude oil prices rising, oil and gas companies are investing in oil and gas E&P projects to extract oil and gas from unexplored reserves and enhance production from existing oil and gas reservoirs. Increasing drilling activities will lead to a rise in demand for oil and gas drilling rigs. This will increase the demand for rig components and equipment, including rotary tables, which are used in oil and gas drilling rigs.
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As per Technavio, the emergence of automated 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 influence market growth over 2019-2023.
Oilfield Rotary Table Market: Emergence of automated drilling rigs The harsh working conditions in the oil and gas exploration has led to severe accidents over the years. These accidents mostly occur due to human errors, which is pushing rig operators to find ways to ensure safety and reduce the costs of extracting crude. Thus, rig operators are increasingly adopting automated rigs, which involves the use of sensors and associated equipment in drilling rigs. The automation of drilling rigs will increase the efficiency of oil and gas drilling operations and lead to the adoption of less expensive rotary table and kelly drive systems instead of top drive systems. This will fuel the growth of the oilfield rotary table market during the forecast period.
“Apart from the emergence of automated drilling rigs, other factors such as the growing upstream oil and gas investments, rising global oil and gas demand, and increase in deepwater and ultra-deepwater upstream projects will have a significant impact on the growth of the oilfield rotary table market value during the forecast period,” says a senior analyst at Technavio.
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Oilfield Rotary Table Market: Segmentation Analysis
This market research report segments the oilfield rotary table market by application (onshore and offshore) and geographic regions (North America, Europe, APAC, South America, and MEA).
The North American region led the oilfield rotary table market in 2018, followed by MEA, APAC, Europe, and South America, respectively. The oilfield rotary table market analysis report identifies factors such as the increase in oil and gas discoveries, and the rising investments in oil and gas exploration to fuel market growth in North America during the forecast period.
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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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