Press release
Global Top Drive Systems Market Overview 2033 : Forecasted Market Size And Growth Rate | National Oilwell Varco Inc., Canrig Drilling Technology Limited, Tesco Corporation
Top Drive Systems Global Market Report 2024
Top Drive Systems Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $2.15 billion In 2028 At A CAGR Of 6.0% :
The top drive systems market size has grown strongly in recent years. It will grow from $1.6 billion in 2023 to $1.7 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to oil and gas exploration boom, rig automation trends, global energy demand, offshore drilling expansion, rising deepwater exploration.
The top drive systems market size is expected to see strong growth in the next few years. It will grow to $2.15 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to renewable energy transition, enhanced drilling efficiency, evolving exploration frontiers, green energy policies, geopolitical factors. Major trends in the forecast period include digitalization and iot integration, technological advancements, environmental sustainability, remote monitoring and maintenance, market consolidation and partnerships.
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Top Drive Systems Market Major Segments
The top drive systems market covered in this report is segmented -
1) By Type: Electric Top Drives, Hydraulic Top Drives
2) By Vessel Type: Jackup Rings, Semisubmersible Rings, Drillships
3) By Application: Mining, Oil And Gas, Construction, Other Application Types
Key Driver - Rising Number Of Drilling Rigs To Drive Market Growth
The increase in the number of drilling rigs is expected to propel the growth of the top drive systems market going forward. A drilling rig is an integrated system that penetrates the subsurface of the ground to create wells, such as water or oil wells, or holes for piling and other building needs. A drilling rig's top drive is a mechanical component that transmits torque clockwise to the drill string to create a borehole and serves as an alternative to the Kelly drive and rotary table, as a result, the increasing number of drilling rigs increases the demand for top drive systems. For instance, in February 2023, according to the Oil & Gas Journal, a US-based magazine platform, the number of drilling rigs in the USA increased from 635 rigs in Feb 2022 to 761 rigs in Feb 2023, with a rise of 126 units. Therefore, the increase in the number of drilling rigs drives the top drive systems market.
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Prominent Trend - Technological Advancements Driving Innovation In Top Drive Systems Market
Technological advancements are a key trend gaining popularity in the top drive systems market. Companies operating in the top drive systems market are adopting new technologies to sustain their position in the market. For instance, in January 2023, National Oilwell Varco Inc., a US-based energy industry company, launched the new Agitator ZP System technology, an innovative zero-pressure technology. This system improves directional control and maximizes weight transfer and overall drilling performance in extended-reach laterals. This also provides greater flexibility during drilling applications with a friction reduction tool without pressure limitations.
Top Drive Systems Market Players
Major companies operating in the top drive systems market report are National Oilwell Varco Inc., Canrig Drilling Technology Limited, Tesco Corporation, Cameron International Corporation, Aker Solutions AS, Axon Energy Products, Bentec GMBH Drilling and Oilfield Systems, Honghua Group Limited, Warrior Manufacturing Service Limited, Schlumberger Limited, Nabors Industries Ltd., Foremost Group, MHWirth AS, Drillmec SpA, GDS International LLC, Svenska Kullagerfabriken AB (SKF), KCA Deutag, Herrenknecht Vertical Gmbh, NOV Inc., China National Petroleum Corporation, Daqing Jinghong Petroleum Equipment Corporation, Warrior Rig Technologies Limited, Atlas Copco Ltd, Gardner Denver Holdings Inc., LeTourneau Technologies, Manitowoc Cranes, Mitsubishi Heavy Industries Ltd., Parker Drilling Company, Precision Drilling Corporation, Scandrill Inc., Seadrill Limited, Superior Energy Services Inc., TechnipFMC plc, Tenaris SA, Weatherford International plc, Yantai Jereh Oilfield Services Group Co Ltd.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the top drive systems market in 2023. North America is expected to be the fastest-growing region in the global top drive systems market report during the forecast period. The regions covered in the top drive systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Top Drive Systems Market Report Structure
3. Top Drive Systems Market Trends And Strategies
4. Top Drive Systems Market - Macro Economic Scenario
5. Top Drive Systems Market Size And Growth
…..
27. Top Drive Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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