To identify growth opportunities in the top drive systems market, the market has been segmented into regions that are growing faster than the overall market. These regions have been pitted against regions that have a slower growth rate than the global market in 2018-2023. APAC and North America will grow faster than the overall market. The growth of Europe, MEA, and South America will be slower than the global market.
Some of the key findings from our top drive systems market forecast report are summarized below
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Top drive systems are used in onshore and offshore applications. The adoption of these systems was high in onshore applications in 2018, and this segment’s position will remain unchanged throughout the forecast period. During 2019-2023, the growth rate of the onshore segment will be faster than the global market growth.
The market is fragmented, and the degree of fragmentation is expected to remain the same till 2023. The accelerating growth will provide immense growth opportunities to market participants. To make the most of the opportunities, top drive systems companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
This market report provides a detailed analysis of the market by application (onshore and offshore), type (hydraulic), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including GDS International LLC, MHWirth AS, Nabors Industries Ltd., National Oilwell Varco Inc., and Schlumberger Ltd.
Global top drive systems market: Key drivers and trends
Vendors in the oil and gas industry are increasingly adopting automation in their drilling rigs to enhance worker safety and increase operational efficiency. Rig automation involves the use of pre-programmed robotics for controlling rig components such as pipe handling system, circulation tanks, top drive systems, well control stack, pumps, and closing systems. The automation of drilling rigs, including top drive systems, will enable safer and more precise operation and boost the productivity of oil and gas drilling operations. Moreover, the analytical data provided by the integrated software systems of automated rigs can be used to enhance oil and gas well performance at minimum cost. The adoption of automation in drilling rigs will be a critical trend that will have a positive impact on the growth of the top drive systems market.
The use of rotary tongs and spinning chain for drill pipe connections in traditional kelly rigs and the need for manual handling in rotary table rigs makes them prone to accidents. Also, the high time taken to drill oil and gas wells by traditional kelly and rotary table rigs reduces the efficiency and increases the cost of oil and gas drilling activities. Top drive systems help in overcoming such challenges by eliminating the need for manual handling and automating the drill pipe connection process. Top drive systems also provide additional features such as back reaming ability and enhanced well control capability. Moreover, top drive systems reduce the oil and gas drilling downtime, ensure safety, and increase the overall efficiency of oil and gas drilling operations. These advantages of top drive systems over traditional kelly and rotary table rigs will fuel the growth of the market at a CAGR of almost 6% during the forecast period.
Top drive systems market: Competitive landscape and companies covered
The global top drive systems 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 top drive systems 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 most of the upcoming growth opportunities.
The report offers a detailed analysis of several top drive system companies, including:
- GDS International LLC
- MHWirth AS
- Nabors Industries Ltd.
- National Oilwell Varco Inc.
- Schlumberger Ltd.
Top drive systems market: Segmentation based on application
- Onshore
- Offshore
The onshore segment will account for the largest top drive systems market share. The increasing investments in new oil and gas discoveries and low operating cost of onshore oil and gas drilling activities will fuel the demand for top drive systems for onshore applications. This report provides an accurate prediction of the contribution of all the segments to the growth of the top drive systems market size.
Top drive systems 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 largest top drive systems market share throughout the forecast period. The increasing upstream investments in oil and gas E&P activities in North America will be one of the significant factors driving top drive systems market growth in this region.
Top drive systems market: Key highlights of the report for the forecast period 2019-2023
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the top drive systems market during the next five years
- Precise estimation of the global top drive systems market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the top drive systems 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 top drive systems companies
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