Top Drive Systems Market - Opportunity Analysis and Industry Forecast, 2020-2027

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.

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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.

Some of the prominent market players include National Oilwell Varco, Canrig Drilling Technology Limited, Tesco Corporation, Cameron International Corporation, Aker Solutions AS, Axon Energy Products, Bentec GMBH Drilling & Oilfield Systems, Daqing Jinghong Petroleum Equipment Corporation, Honghua Group Limited, and Warrior Manufacturing Service Limited, among others.

KEY BENEFITS FOR STAKEHOLDERS:
o The report provides a comprehensive analysis of current & future market trends and emerging avenues for the growth of top drive systems market across the globe
o The report offers an overview of changing market dynamics in terms of fast turn-around analysis of stakeholders responses to recent industry policy changes and market trends
o The report offers an insight into competitive landscape in terms of new technological developments, untapped segments, and value chain analysis
o This report entails the detailed quantitative analysis of the current market and estimations through 2020-2027, which assists in identifying the prevailing market opportunities
o The report offers information on the status of new projects along with offering investment feasibility analysis of the same

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Top Drive Systems Market Key Segments:
By Type
o Electric Top Drives
o Hydraulic Top Drives

By Application
o Onshore Application
o Offshore Top Drive Market - By Vessel Types

By Geography
o North America
o Europe
o Asia-Pacific
o Latin America, Middle-East and Africa (LAMEA)

KEY PLAYERS:
o National Oilwell Varco
o Canrig Drilling Technology Limited
o Tesco Corporation
o Cameron International Corporation
o Aker Solutions AS
o Axon Energy Products
o Bentec GMBH Drilling & Oilfield Systems
o Daqing Jinghong Petroleum Equipment Corporation
o Honghua Group Limited
o Warrior Manufacturing Service Limited

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