Press release
The Land Top Drives Market To Topple The Flat Growth Curve From 2019-2029
Land top drives are mechanical devices which are mounted on the drilling rig. The land top drives provide clockwise torque to the driller string to drill a borehole on the land. The land top drives generally located at the swivel's place below the traveling block and it moves vertically. With the help of the land top drives, the drilling rigs can drill the longer section of the drill pipes in a single operation. The land top drives can be used on both offshore and onshore rigs for the drilling. The land top drives can be used in any environment and any type of rigs, furthermore it can also be mounted on the trucks.
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Land Top Drives Market: Dynamics
Land top drives allow the operator to rapidly engage and disengage pumps or rotary systems while restringing or removing pipes, this feature is anticipated to drive the demand for land top drives market. The major advantage of adopting land top drives is it has reduced the manual labor that was previously required to drill wells.
Moreover, it also improves the safety during the drilling process, which result in driving the demand for the land top drives. A land top drives demand can directly be related to the growth of oil and gas production & consumption, as it is an integral part of drilling the wells.
Various market participants are focusing on manufacturing portable land top drives, which enhance the setup time as well as cost for the end-users. This trend is expected to remain prominent moving forward among the manufacturers.
The land top drives requires less time for drilling compared to its counterparts such as rotary table type rig, this will enhance the demand for the land top drives the market globally.
The increasing natural gas & shale gas production and consumption are expected to boost the demand for the deployment of land top drives. In addition to that, the rising trend towards renting land top drives or on contract basis is driving the market, for cost-efficiency.
Land Top Drives Market: Segmentation
On the basis of operation type • Hydraulic Land Top Drives
• Electric Land Top Drives
• Mechanical Land Top Drives
On the basis of load capacity • < 100 Tons
• 100-250 Tons
• >250 Tons
On the basis of the application • Onshore
• Offshore
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Land Top Drives Market: Regional Outlook
Russia and Norway is projected to have a prominent share in Europe land top drives the market on the back of increasing investment in the new onshore oil and gas project across these countries. North America is projected to have substantial growth because of the well-established oil & gas industry in the region, which is likely to drive the demand for the land top drives market over the upcoming year.
The Asia Pacific has a number of large-scale operating oil and gas developments across the region. Further, new upcoming offshore and onshore drilling projects are likely to positively impact the land drives market in the region.
Latin America is expected to have considerable growth owing to government initiatives to boost oil and gas production in the region. For instance, the Mexican government has taken various initiatives such as allowing private companies to lease the rights of drills. The presence of the significant oil & gas industry in the Middle East & Africa is likely to drive the demand for the land top drives.
Land Top Drives Market: Key Players
List of some of the prominent market participants in land top drives market are:
• Drillmec
• Nabors Industries Ltd.
• National Oilwell Varco
• MHWirth
• KAT INDUSTRIES, INC.
• Schlumberger Limited.
• Henderson Rigs & Equipment, LLC
• Warrior Rig Technologies Limited
• Global Drilling Support
• Herrenknecht Vertical GmbH
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