The oilfield drilling derrick and mast market size has the potential to grow by USD 5.42 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by application (onshore and offshore) and geography (North America, MEA, APAC, Europe, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Chengdu Zhonghang Machinery Co. Ltd., Drillmec Spa, FABTECH International Ltd., Lee C. Moore, A Woolslayer Co., MHWirth AS, National Oilwell Varco Inc., Schlumberger Ltd., Superior Derrick Services LLC, Tri-Service Oilfield Manufacturing Ltd., and TSC Group Holdings Ltd.
Market Overview
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Market Competitive Analysis
The market is fragmented. Chengdu Zhonghang Machinery Co. Ltd., Drillmec Spa, and FABTECH International Ltd. are some of the major market participants. Although the increase in oil and gas E&P activities will offer immense growth opportunities, the adoption of alternative energy sources will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this oilfield drilling derrick and mast market forecast report provides a detailed analysis of the market leaders. It offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this oilfield drilling derrick and mast 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 the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- Chengdu Zhonghang Machinery Co. Ltd.
- Drillmec Spa
- FABTECH International Ltd.
- Lee C. Moore, A Woolslayer Co.
- MHWirth AS
- National Oilwell Varco Inc.
- Schlumberger Ltd.
- Superior Derrick Services LLC
- Tri-Service Oilfield Manufacturing Ltd.
- TSC Group Holdings Ltd.
Oilfield Drilling Derrick and Mast Market: Segmentation by Geography
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North America was the largest oilfield drilling derrick and mast market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Significant unconventional E&P activities, increasing oil and gas discoveries, and rising government initiatives will significantly drive oilfield drilling derrick and mast market growth in this region over the forecast period.
35% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for oilfield drilling derrick and mast in North America. Market growth in this region will be slower than the growth of the market in other regions.
Oilfield Drilling Derrick and Mast Market: Segmentation by Application
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Onshore oil and gas drilling activities play an important role in oil and gas E&P operations and the development of the oil and gas upstream sector. The operating cost of oil and gas drilling activities onshore is much lower than that of offshore drilling activities as the latter needs more advanced technologies. Therefore, oil and gas E&P companies invest more in onshore oil and gas E&P projects to gain profit margins.
However, the oilfield drilling derrick and mast market share growth by the onshore segment will be slower than the growth of the market by the offshore segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the oilfield drilling derrick and mast market size.
Oilfield Drilling Derrick and Mast Market: Key Drivers and Trends
The rising energy demand has augmented oil and gas E&P activities. As the global energy demand is expected to grow further, investments in the upstream sector will continue to rise. This will fuel the oilfield drilling derrick and mast market growth during 2020-2024, and the market is expected to register a CAGR of almost 3%. Oil and gas E&P companies are opting to explore untapped resources as the production of many oilfields is declining. As a result, companies are increasing investments in extracting oil and gas from mature fields to generate higher revenue. Also, governments of various countries are undertaking initiatives for energy security and increasing their oil and gas production. These factors have increased the adoption of unconventional drilling technologies, driving the need for oilfield drilling derrick and mast.
Vendors are focusing on increasing the load capacity, strength, and durability of oilfield drilling derricks to enhance the speed of oil and gas drilling operations and reduce the chances of accidents. These factors will increase the adoption rate and contribute to the market share of vendors. In addition to the fundamental advances, vendors such as Lee C. Moore are offering bottleneck derricks that are not only light but can also accommodate a number of drilling accessories. In addition to the rising energy demand, key oilfield drilling derrick, and mast market trends such as technological advancements will also drive market growth over the forecast period.
Oilfield Drilling Derrick and Mast Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive oilfield drilling derrick and mast market growth during the next five years
- Precise estimation of the oilfield drilling derrick and mast market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the oilfield drilling derrick and mast industry across North America, MEA, 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 drilling derrick and mast market vendors
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