Market Research Report
Oilfield Drilling Derrick and Mast Market by Application and Geography - Global Forecast and Analysis 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||907874|
|Published||Content info||145 Pages
Delivery time: 1-2 business days
|Oilfield Drilling Derrick and Mast Market by Application and Geography - Global Forecast and Analysis 2019-2023|
|Published: August 21, 2019||Content info: 145 Pages||
Technavio's oilfield drilling derrick and mast market analysis considers sales from both onshore and offshore. Our analysis also considers the sales of oilfield drilling derrick and mast in APAC, Europe, North America, South America, and MEA. In 2018, the onshore segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the recovery of crude oil prices increased oil and gas E&P activities in shale and oil gas reservoirs will play a significant role in the onshore segment to maintain its market position. Also, our global oilfield drilling derrick and mast market report looks at factors such as increasing active rig count, growing upstream investment, and rising global energy demand. However, challenges associated with rig floor operations, adoption of alternative energy sources, and fluctuations in oil and gas prices may hamper the growth of the oilfield drilling derrick and mast industry over the forecast period.
Energy security is essential to meet the energy demand generated by the growing population and industrial developments. Thus, oil and gas E&P companies are exploring untapped resources using the technological advances happening in the industry. To cater to the issue of declining oil and gas production and maximize the revenue from such oilfields, operators are increasing investments in mature oil and gas fields. The governments of various countries are undertaking initiatives for energy security and increasing their oil and gas production. This will lead to the expansion of the global oilfield drilling derrick and mast market at a CAGR of almost 6% during the forecast period.
Vendors are focusing on technological advances to enhance the speed of oil and gas drilling operations and reduce the chances of accidents. Derrick and mast technologies also aim at increasing the strength and durability. Derricks and mast are used in oilfield drilling rigs to support the crown block and the drill string used during drilling a wellbore. Technological advances in oilfield drilling derricks focus on increasing their load capacity so that drilling rig operators can increase the weight of the drill string and casings suspended from form the oil and gas drilling rigs. The use of tensile steel reduces the weight of these components substantially. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global oilfield drilling derrick and mast market during the forecast period 2019-2023, view our report.
With the presence of several major players, the global oilfield drilling derrick and mast market is fragmented. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading oilfield drilling derrick and mast manufacturers, that include Chengdu Zhonghang Machinery Co. Ltd., CMIC Ocean En-Tech Holding Co. Ltd., Drillmec Spa, Lee C. Moore, A Woolslayer Co., MHWirth AS, National Oilwell Varco Inc., Schlumberger Ltd.
Also, the oilfield drilling derrick and mast 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.