Market Research Report
Global Oilfield Traveling Blocks Market 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||895030|
|Published||Content info||129 Pages
Delivery time: 1-2 business days
|Global Oilfield Traveling Blocks Market 2019-2023|
|Published: July 24, 2019||Content info: 129 Pages||
Technavio's oilfield traveling blocks market analysis considers sales from the onshore and offshore segments. Our analysis also considers the sales of oilfield traveling blocks in APAC, Europe, MEA, North America, and South America. In 2018, the onshore segment held the highest market share, which is expected to remain prevalent over the forecast period. Factors such as the expansion of upstream oil and gas companies across geographies and the development of intelligent rigs will significantly help the market segment in maintaining its leading position. Also, our global oilfield traveling blocks report has observed market growth factors such as rising investments in upstream oil and gas sector, rise in global demand for oil and gas, and increasing active rig count. However, volatility in oil and gas prices, competition from other energy sources, and risks associated with drilling rig operations may hamper the growth of the oilfield traveling blocks industry over the forecast period.
Recovery in crude oil prices has increased oil and gas E&P activities. As a result, active rig count has increased. Consequently, the demand for rig components and equipment, such as traveling blocks, has increased. As a result, the oilfield traveling blocks market will record a substantial growth at a CAGR of almost 6% during the forecast period.
Vendors are innovating oilfield traveling blocks to enhance their functionalities. For instance, vendors are offering multi-speed traveling blocks, which are less complex and efficient. As a result, the demand for these devices is increasing. Therefore, this trend will have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global oilfield traveling blocks market during the forecast period 2019-2023, view our report.
With the presence of several major players, the global oilfield traveling blocks market is fragmented. This report provides a detailed analysis of several leading oilfield traveling blocks manufacturers, which include American Block Inc., Bentec GmbH Drilling & Oilfield Systems, Chengdu Zhonghang Machinery Co. Ltd., National Oilwell Varco Inc., The Crosby Group LLC, and Yantai Jereh Oilfield Services Group Co. Ltd.
Also, the oilfield traveling blocks market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Key leading countries