Oilfield Crown Block Market by Application and Geography - Forecast and Analysis 2022-2026

The oilfield crown block market share is expected to increase by USD 2.46 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.68%.

This oilfield crown block market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers oilfield crown block market segmentation by application (onshore and offshore) and geography (North America, the Middle East and Africa, APAC, Europe, and South America). The oilfield crown block market report also offers information on several market vendors, including ABCO Middle East FZE, Alco Inc., American Block, Andy Petroleum Machinery Co. Ltd., Bharat Heavy Electricals Ltd., Bomcobras, BOTTA Group Ltd., HMH, Jereh Global Development LLC, Kingwell Oilfield Machinery Co. Ltd., Lee C. Moore, Shaanxi TEFICO Petroleum Mechanical and Electric New Technology Co. Ltd., Sichuan Zhonghang Machinery Manufacturing Group Co. Ltd., Sinotai Petroleum Equipment Co. Ltd., Spectrum Offshore and Onshore Services Pvt. Ltd., The Crosby Group LLC, Tianjin Elegant Technology Co. Ltd., Turbo Tim, Uralmash Oil, and Gas Equipment Holding LLC, and Zhongman Oil and Gas Group Co. Ltd. among others.

What will the Oilfield Crown Block Market Size be During the Forecast Period?

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Oilfield Crown Block Market: Key Drivers, Trends, and Challenges

The declining cost of raw materials is notably driving the oilfield crown block market growth, although factors such as environmental concerns related to drilling may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the oilfield crown block industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Oilfield Crown Block Market Driver

The declining cost of raw materials is one of the major drivers impacting the oilfield crown block market growth. The increase in global crude oil prices has prompted oil and gas companies to invest more in oil and gas projects. These companies increased investments are attributed to the higher levels of profits that they can earn when global crude oil prices are high. Increased drilling activity, in turn, increases demand for oil and gas drilling rigs. As a result, the demand for rig components and equipment rises. In April 2022, Borr Drilling announced that it had been awarded new contracts and extensions for 5 of its premium jack-up drilling rigs. Gunnlod, a premium jack-up drilling rig, has secured a contract with an unnamed operator in Southeast Asia. The project will span 11 wells and is expected to last 186 days, with options. The gradual recovery of global crude oil prices from the third quarter of 2016 has increased the number of active rigs deployed in both onshore and offshore drilling activities. This is expected to drive the demand for oilfield equipment, including oilfield crown blocks, which, in turn, will drive the growth of the global oilfield crown block market during the forecast period.

Key Oilfield Crown Block Market Trend

Advances in oilfield crown block-associated technologies are one of the major trends influencing the oilfield crown block market growth. Due to the criticality of the process, oilfield crown blocks require constant monitoring while operating. As a result, several monitoring systems are being developed to ensure the safety of the operating conditions of oilfield crown blocks. The monitoring and alarm systems available for oilfield crown blocks monitor and notify workers about any unsafe or unusual levels of traveling blocks that are attached to the oilfield crown block. These monitoring and control systems incorporate several features, including automatic safety interlock, zone control, data logging, speed control, weight mode, and sand-line version. These features provide several advantages to oilfield crown blocks and rigs, such as the accurate measurement of the oilfield crown block position and automatic safety limits for floor and crown impact prevention. To perform these functions, several sensors are fitted in the rig derricks to obtain the operating data from the associated components. Therefore, developments related to oilfield crown block-associated technologies aim to enhance the safety of the various rig component and will contribute to the growth of the market during the forecast period.

Key Oilfield Crown Block Market Challenge

Environmental concerns related to drilling is one of the major challenges impeding the oilfield crown block market growth. Chemicals such as hydrochloric acid, ethylene glycol, methanol, and isopropanol can damage the respiratory tract and the nervous system and cause health hazards. Methane, considered a potent GHG, is considered to be deadlier than carbon emissions as it has a higher global warming potential than carbon dioxide. Methane released into the atmosphere during the hydraulic fracturing process can have a drastic effect on climate change. Therefore, to track and control the emission of methane into the environment during the production process, operators are advised to monitor potential methane leaks during upstream oil and gas operations. Thus, to support companies that produce oil and gas and to track methane gas leaks, the Environmental Defense Fund (EDF), a US-based organization, announced the launch of MethaneSAT, a dedicated satellite by 2021, which will identify major methane leaks globally. Therefore, this will directly affect the growth of the market during the forecast period.

This oilfield crown block market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global oilfield crown block market as a part of the global oilfield equipment and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the oilfield crown block market during the forecast period.

Who is the Major Oilfield Crown Block Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• ABCO Middle East FZE
• Alco Inc.
• American Block
• Andy Petroleum Machinery Co. Ltd.
• Bharat Heavy Electricals Ltd.
• Bomcobras
• BOTTA Group Ltd.
• HMH
• Jereh Global Development LLC
• Kingwell Oilfield Machinery Co. Ltd.
• Lee C. Moore
• Shaanxi TEFICO Petroleum Mechanical and Electric New Technology Co. Ltd.
• Sichuan Zhonghang Machinery Manufacturing Group Co. Ltd.
• Sinotai Petroleum Equipment Co. Ltd.
• Spectrum Offshore and Onshore Services Pvt. Ltd.
• The Crosby Group LLC
• Tianjin Elegant Technology Co. Ltd.
• Turbo Tim
• Uralmash Oil and Gas Equipment Holding LLC
• Zhongman Oil and Gas Group Co. Ltd.

This statistical study of the oilfield crown block market encompasses successful business strategies deployed by the key vendors. The oilfield crown block market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The oilfield crown block market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Oilfield Crown Block Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the oilfield crown block market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Oilfield Crown Block Market?

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40% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for the oilfield crown block market in North America. Market growth in this region will be faster than the growth of the market in other regions.

The low availability of conventional crude oil reserves will facilitate the oilfield crown block market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The price effects of the economic slowdown caused by the COVID-19 pandemic contributed to a decrease in US petroleum and natural gas reserves in 2020. Proved crude oil and lease condensate reserves decreased by 9 billion barrels in 2020, a 19% decrease, and proved natural gas reserves decreased by just over 22 trillion cubic feet (Tcf), a 4% decrease. The implementation of mandatory lockdowns and travel restrictions led to a decrease in the demand for transportation fuel, which led to a decline in fuel prices. 

What are the Revenue-generating Application Segments in the Oilfield Crown Block Market?

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The oilfield crown block market share growth in the onshore segment will be significant during the forecast period. The major factor supporting the growth of the onshore segment of the global oilfield crown block market is the global increase in the demand for oil and gas products. Therefore, both conventional and unconventional oil and gas production activities, including shale oil production, are increasing to meet this demand. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the oilfield crown block market size and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Oilfield Crown Block Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive oilfield crown block market growth during the next five years
• Precise estimation of the 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 North America, Middle East and Africa, APAC, Europe, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of oilfield crown block market vendors

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