Global Oilfield Crown Block Market 2019-2023

Some of the key findings from our oilfield crown block market forecast report are summarized below

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Global oilfield crown block industry overview

The operation of oilfield crown blocks in drilling is a critical process which requires constant monitoring. Component failure or poor judgment from workers may harm both workers and equipment. Hence, oilfield crown block manufacturers are incorporating monitoring and alarm systems to enhance the safety of their products. These systems come with several features such as automatic safety interlock, data logging, weight mode, speed control, zone control, and sand-line version which help in measuring the crown block position accurately. The sensors fitted in rig derricks sense any unsafe or unusual levels of the traveling blocks attached to the crown block and notify workers on the site thereby preventing accidents. Such technological advancements in oilfield crown blocks which enhance their safety will positively impact oilfield crown block market growth in the coming years.

The gradual recovery in global crude oil prices has attracted significant investments in the oil and gas industry. The higher level of profits is encouraging oil and gas companies to increase their investments in onshore, offshore, deepwater and ultra-deepwater drilling activities. This has created the demand for oil and gas drilling rigs, rig components and equipment such as oilfield crown blocks. In addition to technological advancements, the increasing number of active rigs will also contribute to the growth of the oilfield crown block market which will register a CAGR of almost 6% during the forecast period.

Top oilfield crown block companies covered in this market research report

The global oilfield crown block market is fairly fragmented. To help clients improve their market position, this report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this oilfield crown block market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make most of the upcoming growth opportunities.

The report offers a detailed analysis of several leading companies including:

• American Block Inc.
• CHENGDU ZHONGHANG MACHINERY CO., LTD
• MHWirth
• Puyang Sida Petroleum Machinery Co., Ltd
• The Crosby Group

Oilfield crown block market segmentation based on application

• Onshore
• Offshore

The onshore segment will account for the highest oilfield crown block market share because of the increase in E&P activities in the US. The increasing investments in unconventional oil and gas production will also have a positive impact on the growth of the oilfield crown block market in the onshore segment.

Oilfield crown block market segmentation based on geographic region

• APAC
• Europe
• MEA
• North America
• South America

With a complete study of the growth opportunities for companies, it has been identified that North America will account for the highest share of the oilfield crown block market throughout the forecast period. The increasing unconventional E&P activities and offshore oil and gas production will drive oilfield crown block market growth in this region.

Key highlights of the global oilfield crown block market for the forecast years 2019-2023:

• CAGR of the market during the forecast period 2019-2023
• Detailed information on factors that will accelerate the growth of the oilfield crown block market during the next five years
• Precise estimation of the global oilfield crown block market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the oilfield crown block industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on several vendors
• Comprehensive details of factors that will challenge the growth of oilfield crown block companies 

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