Oil Derrick Market Statistics, Trends, Size, Growth Opportunities, Share Demand and Forecast to 2031
Oil derrick is a type of derrick used in various onshore and offshore oilfield operations. It consists of a complex set of equipment and forms a critical part of drilling rigs. Over the past few the oil derrick market is gaining traction for various offshore oil and gas rigs. Derrick is used to support massive structures of the hydraulic or electric top drive used in oil rigs. Since derricks are usually large structures, they are mostly assembled piece by piece or disassembled while moving from one location to another. Specialized derrick designs find wide uses for drilling in deep-water locations where they are positioned in the middle of the deck to help lower the drill stems through a moonhole.
Technological advancements brought about by manufacturers are focusing on increasing the load capacity of the derrick so that the weight of casing suspended from oil rigs can be increased. Consequently, this allows drillers and roughnecks to amplify pressure and rotational torque to the drill string. As a result, the rig capacities can be upgraded.
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Continuous automation in drilling rigs has led to the development of rigs that require less number of personnel and workers on the drill floor. This is highly imperative since the safety of the workers employed for operating a derrick may be severely compromised at times. In addition, the use of lightweight composite materials such as graphite, fiberglass, and Kevlar significantly reduces the weight of the derrick, thereby reducing the cost of offshore rig operations and enhancing the efficiency of the rigs used. Modifications in design are poised to expand the applications of oil derricks in oil derrick market.
Global Oil Derrick Market: General Outline
The global oil derrick market is predicted to witness a substantial growth as the exploration and production activities in oil fields see a rise. In fact, there has been a significant rise in the drilling activities of oil and gas fields worldwide in the recent past. The market is also expected to ride on the increasing demand for energy.
The fundamental idea behind the implementation of oil derricks is controlling reservoir drilling in the oil and gas sector. The perpendicular stock-still component of a traditional derrick is capable of bearing immense weight of several tons.
With an augmented production of tight oil formations and oil sands in North America as anticipated by the U.S. Energy Information Administration (EIA), the need for quality drilling equipment is expected to be strengthened. The increasing demand for such equipment will in turn ensure a profitable advancement of the international oil derrick market. In 2013, the EIA announced a 1 million barrels per day (MMBD) increment in the global oil supply, which increased to 1.7 MMBD in the next year.
Global Oil Derrick Market: Growth Factors
The crucial recovery in the growth of the global economies at the outset of 2014 ignited a notable increase in the world liquid consumption. Although the recovery was at a moderate level, it proved to be significant to increase the consumption from a sluggish 0.9 MMBD to 1.3 MMBD in 2014, as per the statistics of the EIA. In this regard, the economic advancement at an international level has emerged as a major driver for the worldwide oil derrick market.
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Regions such as Asia Pacific and the Middle East are also predicted to contribute to the growth of the global oil derrick market alongside North America with the discovery of new oil and gas fields. However, long hours of exploration and expensive operational activities could be among the few restraints of the market, which also include fear of heights and risk of falling from heights when mounting a derrick or rig. A few laborers working in the oil and gas fields may also complain about exposure to engine and crude oil fumes, mud, or gas.
Nevertheless, such minimally affecting depressions of the market are foreseen to get recompensed with the elevation in the demand for petroleum and petroleum products. The recent swell in the demand for shale gas and its production is one of the illustrative instances of the potential growth opportunities in the global oil derrick market.
Global Oil Derrick Market: Segment Analysis
While the primary function of oil derricks is to control drilling in the oil and gas fields, there are some specialized designs that are also used to perform uncommon functions, such as extracting precious resources from the earth. In terms of design, the global oil derrick market includes three segments, viz. jack-up derrick, drilling derrick, and rotary derrick.
Oil derricks are deemed to be responsible for executing a constitutive portion of the drilling process. Considering the requirement and depth of the targeted well in an oil and gas field, the corresponding type of derricks is chosen. Jack-up derrick is one of the largely used types which finds usage in the exploration activities. As North America is heavily involved in exploration and production activities, it holds a dominant share in the jack-up derrick market.
Global Oil Derrick Market: Key Players
The global oil derrick market is envisioned to be impacted by some of the prominent players, which are Superior Energy Services, Inc., Weatherford International Ltd., Quail Tolls, Schlumberger Company, Precision Drilling Corporation, Total Oilfield Rentals LP, Superior Derrick Services LLC, Chesapeake Oilfield Services LLC, Oilfield Hire and Services, and Raven Oilfield Rentals.
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