Press release
Next-Level Oil Drilling with Top Drive Systems
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Top Drive Systems Market 2024 Key Insights:
• The top drive systems market will grow to $2.15 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Rising Number Of Drilling Rigs To Drive Market Growth
• Technological Advancements Driving Innovation In Top Drive Systems Market
• North America was the largest region in the top drive systems market in 2023
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