Oilfield Rotary Table Market Latest Trends and Future Growth Study by 2028
The oil and gas sector has been increasingly adopting automation technology in different drilling rigs to cut down human errors. These errors generally lead to accidents and also increase the overall expenses of extracting natural oil from the earth. Automation helps in cutting down such errors and cut down the overall cost of oil extraction. Additionally, the large volumes of data are recorded by the different sensors and related equipment. This data in the rig automation is then analyzed to get meaningful insights and make improved and better decisions. This integration of new and upcoming technologies in the advanced automated rigs is expected to fuel the popularity of automation in the geo-steering processes. With the help of these advanced technologies and software, drilling processes are integrated with the surface equipment. It helps in pushing up the accuracy and penetration rate of these drills. Such factors are ultimately benefiting the development of the global oilfield rotary table market.
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Global Oilfield Rotary Table Market: Notable Developments
Some of the notable developments in the global oilfield rotary table market are listed below:
Recently, MHWirth, a key player in the global oilfield rotary table market, announced that the company has been successful in securing a contract for the delivery of its flagship DEAL™ - automated drilling control system – on all the Transocean floater that is presently in operation on the Norwegian Continental Shelf. There are total five such floating units across the belt. The company will be working on these floaters for Equinor.
In June 2018, National Oilwell Varco Inc., another big name in the global oilfield rotary table market, announced that the company has launched GoConnect™ - an intervention and stimulation equipment for condition monitoring services. The equipment can provide real-time monitoring of processes, condition-based maintenance capacities for the company’s pressure pumping, and predictive analysis. The equipment can also offer coiled tubing, wireline equipment, and nitrogen. The GoConnect™ uses deep machine learning to offer data-driven analysis and insights into the health, condition, and the performance of the operations and equipment used by the customers. National Oilwell Varco Inc. believes that with GoConnect™, end-users will be able to cut down downtime expenses, improve overall performance of their equipment, and also enhance the operation efficacies of their completion services.
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Names of other notable players in the global oilfield rotary table market are listed below:
Chengdu Zhonghang Machinery Co. Ltd.
CMIC Ocean En-Tech Holding Co. Ltd.
RM Holding BV,
Global Oilfield Rotary Table Market: Drivers and Restraints
The global oilfield rotary table is mainly driven by increasing oil and gas drilling activities around the world. The steady recovery in the prices of crude oil has thus helped in increasing the investments in the E&P projects across the oil and gas sector. This has also helped in pushing the overall growth of the global oilfield rotary table market. In addition to this, increasing drilling activities across previously untapped regions across the globe is also helping to push the development of the oilfield rotary table market.
Global Oilfield Rotary Table Market: Geographical Outlook
The global oilfield rotary table market is geographically segmented into five key regions. These regions are Asia Pacific, Europe, the Middle East, and Africa, South America, and North America. The global market is expected to be dominated by the MEA region due to the growing drilling activities in the region. Additionally, North America is expected to grow at a decent pace due to discovery of new oil and gas sites in places such as Gulf of Mexico among others.
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