Some of the key findings from our oilfield rotary table market forecast report are summarized below
See the complete table of contents and list of exhibits, as well as selected illustrations and example pages from this report.
Global Oilfield Rotary Table Industry Overview
The oil and gas industry is increasingly adopting automation in drilling rigs to minimize the chances of human error, leading to accidents and reduce the costs of extracting crude oil. Also, the huge amount of data recorded by sensors and associated equipment in rig automation can be analyzed to generate insights and improve decision making. The integration of digital technologies in next-generation automated rigs will further enable the automation of mechanical processes of geo-steering. By integrating drilling processes with surface equipment through software, automated drilling rigs can increase the penetration rate and accuracy of staying within the drilling zone. These factors will boost the adoption of automated drilling rigs and consequently fuel the growth of the oilfield rotary table market.
The gradual recovery in crude oil prices has resulted in increasing investments in oil and gas E&P projects. Oil and gas companies are focusing on extracting oil and gas from unexplored reserves and enhance the production from existing oil and gas reservoirs. For instance, KCA Deutag secured multiple short-term and long-term contracts for providing drilling rig services to oil and gas E&P operators. Similarly, Honghua group Ltd. signed a contract with Kuwait Drilling Co. to provide land drilling rigs. This increase in the number of active rigs will result in the growing demand for rig components and equipment, including oilfield rotary tables. The increase in global active rig count will be one of the major factors responsible for oilfield rotary table market growth at a CAGR of almost 6% during the forecast period.
Top Oilfield Rotary Table Companies Covered in this Market Research Report
The global oilfield rotary table market is 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 rotary table market research report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
The report offers a detailed analysis of several leading oilfield rotary table manufacturers, including:
- Chengdu Zhonghang Machinery Co. Ltd.
- CMIC Ocean En-Tech Holding Co. Ltd.
- MHWirth AS
- National Oilwell Varco Inc.
- RM Holding BV
- Schlumberger Ltd.
Oilfield Rotary Table Market Segmentation Based on Application
- Onshore
- Offshore
The onshore segment will account for the highest oilfield rotary table market share. The increasing oil and gas E&P activities, especially in shale reserves, will be one of the major factors boosting the demand of oilfield rotary table for onshore applications. This report provides an accurate prediction of the contribution of all the segments to the growth of the oilfield rotary table market size.
Oilfield Rotary Table 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 oilfield rotary table market share throughout the forecast period. Increasing oil and gas discoveries, rising investments in oil and gas exploration, and government initiatives are leading to increasing oil and gas drilling activities and consequently fueling the demand for oil and gas drilling rigs. This will boost the growth of the oilfield rotary table market in this region.
Key Highlights of the Global Oilfield Rotary Table 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 rotary table market during the next five years
- Precise estimation of the global oilfield rotary table market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the oilfield rotary table 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 rotary table companies
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