Report Code: A00673 | Nov 2023 | Pages: NA | ||
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Request Now !Top drive systems are used to facilitate the drilling process of borehole by providing torque to the drill string, easing the drilling process. Increase in exploration and production activities, increasing demand for drilling rigs, recent technological developments, increased commercial benefits, safety concerns along with the increasing energy need from emerging economies are some important factors driving the growth of top drive systems market. The top drive systems market will gain traction with the rising demand for energy along with the increase in number of drilling rigs. However, development of unconventional oil reserves usually requires a huge investment hampering the growth of market for top drive systems. Rise in drilling activities in offshore oil & gas reserves offer strong growth opportunities in the top drive systems market. Furthermore, rise in drilling activities across North America is also expected to foster the market growth across the globe. Concerns related to oil spills and their environmental effect are some of the key market challenges. Furthermore, political imbalance in different nations along with the lack of technological competence of top drive systems are the major challenges to be overcome by key market players to gain strong foothold in the market.
The market for top drive systems is segmented based on types, applications and geography. On the basis of type, the market is segmented into hydraulic and electric. On the basis of applications, the market is segmented into onshore applications and offshore applications. The offshore application market is further sub segmented, based on the vessel type into jackup rigs, drillship, and semisubmersible rigs. Based on the geography, the market is segmented into Asia-Pacific, Latin America and Middle East and Africa (LAMEA), Europe, and North America.
KEY BENEFITS FOR STAKEHOLDERS:
Top Drive Systems Market Report Highlights
Aspects | Details |
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By Type |
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By Application |
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By Geography |
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Key Market Players | Tesco Corporation, Honghua Group Limited, Bentec GMBH Drilling & Oilfield Systems, National Oilwell Varco, Daqing Jinghong Petroleum Equipment Corporation, Aker Solutions AS, Warrior Manufacturing Service Limited, Cameron International Corporation, Axon Energy Products, Canrig Drilling Technology Limited |
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