Draw Works Market to Grow with Technological Advancement during the Forecast Period

Demand for renewable sources of energy and power to drive the growth of global draw works market in the forecast period, 2022-2026.

According to TechSci Research report, “Draw Works Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026” The global draw works market would potentially project an impressive growth in the forecast period, 2022-2026, with an impressive CAGR on account of increasing demand for the oil and gas supplies.

Expanding oil and gas industry and increasing demand for the upstream and downstream products is further driving the growth of the global draw works market in the upcoming five years. Chemical industry is also actively demanding the supply of oil and gas for the functioning of various equipment and machinery along with the necessity of by products for chemical extraction, and thus supporting the growth of the global draw works market in the next five years. The machinery is an integral part of complete oil drilling rig for the flaccid movement of the rigs to move up and down along with transporting through the transportation tank in and out of rigs, the integral advantages of the machinery is a beneficial factor and is expected to substantiate the growth of the global draw works market in the future five years.
Although, fluctuating oil prices might impact the market growth negatively and put a mild restraint over the growth. Governments in the countries like Saudi Arabia, Nigeria and the UAE, invest huge finances in the oil and gas extraction in their lands and offshore wells. Extraction of crude oil in these countries is major economical reliant sector, that might affect the growth of the global draw works market in the forecast years.

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The global draw works market is segmented on the basis of component, power source, application, speed, competitional landscape, and regional distribution. Segmentation on the basis of power source is differentiated into AC, DC. Draw works powered by DC that is direct charge of energy is anticipated to hold the largest revenue shares of the market and assert the dominance over the market due to advantages of DC in the functioning of heavy machinery like oil drilling rigs. Moreover, the direct charges of energy are easier to change the speed of the working of draw works.

Additionally, the DC charge lines experience lesser stress during energy transmission. It has less corona loss and reduced interference with communication circuits. AC power sources are anticipated to register fastest growing CAGR in the upcoming five years due to technological advancements. The AC lines assure safety and efficiency of the working of the machinery and thus contribute to the demand as well as growth of the global draw works market in the next five years.

Based on application, the market is segmented into onshore and offshore. Onshore applications are anticipated to hold the largest revenue shares of the market and dominate the market segment due to availability and increasing number of onshore rigs. Maximum number of oil drilling rigs are established on land. By the end of the year 2020, 843 onshore rigs were operational. More market players are joining the market and further aiding the growth of the global draw works market.
Key market players in the global draw works
market include:

• National Oilwell Varco Inc.
• Schlumberger Limited
• Draw Works, L.P.
• Loadmaster Universal Rigs, Inc.
• Drillmec India Pvt Ltd.
• Alta Rig Systems Inc.
• Tri-Service Oilfield Manufacturing Ltd.
• Century Geophysical, L.L.C.
• Hannon Hydraulics
• Canrig Drilling Technology Ltd.

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“North America is anticipated to dominate the market in the upcoming five years on account of increasing drilling activities in the countries like the United States. Moreover, increase in the production of shale gas and strategies of the new energy reforms by the United States government is also expected to drive the growth of the global draw works market in next five years. Demand for oil and gas in the automotive industry and increased consumption of oil and gas is increasing at an alarming rate and thus substantiating the growth of the global draw works market in the future five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.

“Global Draw works Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026, Segmented By Component (Drum, Power Source, Reduction Gear, Brake, Auxiliary Brake, Others), By Power Source (AC, DC), By Application (Onshore, Offshore), By Speed (Single Speed Gear Driven, Dual Speed Gear Driven), By Region”, has evaluated the future growth potential of global draw works market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global draw works market.

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