PUBLISHER: The Business Research Company | PRODUCT CODE: 1288696
PUBLISHER: The Business Research Company | PRODUCT CODE: 1288696
“Top Drive Systems Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on top drive systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for top drive systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The top drive systems market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the top drive systems market are National Oilwell Varco, Canrig Drilling Technology Limited, Tesco Corporation, Cameron International Corporation, Aker Solutions AS, Axon Energy Products, Bentec GMBH Drilling and Oilfield Systems, Honghua Group Limited, Warrior Manufacturing Service Limited, Schlumberger Limited, Nabors Industries Ltd., Foremost Group, MHWirth AS, Drillmec SpA, GDS International LLC, Svenska Kullagerfabriken AB (SKF), KCA Deutag, Herrenknecht Vertical Gmbh, NOV Inc., China National Petroleum Corporation, and Daqing Jinghong Petroleum Equipment Corporation.
The global top drive systems market is expected to grow from $1.50 billion in 2022 to $1.60 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The top drive systems market is expected to reach $2.02 billion in 2027 at a CAGR of 5.9%.
The top drive systems market consists of sales of drill strings, and rotatory drives. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Top drive systems refer to a mechanical component on a drilling rig composed of one or more electric or hydraulic motors connected to the drill string by a short pipe known as the quill. During the drilling process, the top drive rotates the drill string. This rotation requires at least 1,000 horsepower to turn a shaft onto which the drill string is screwed. Top drives can be utilized in place of more standard rotary tables or Kelly drives.
North America was the largest region in the top drive systems market in 2022. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the top drive systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of top drive systems are electric top drives and hydraulic top drives. Electric top drives refer to those built with an electric motor and gear drive to revolve the drill string. The various vessel types include jack-up rings, semisubmersible rings, and drillships. These are used in various applications such as mining, oil and gas, construction, and others.
The increase in the number of drilling rigs is expected to propel the growth of the top drive systems market going forward. A drilling rig is an integrated system that penetrates the subsurface of the ground to create wells, such as water or oil wells, or holes for piling and other building needs. A drilling rig's top drive is a mechanical component that transmits torque clockwise to the drill string to create a borehole and serves as an alternative to the Kelly drive and rotary table, as a result, the increasing number of drilling rigs increases the demand for top drive systems. For instance, in February 2023, according to the Oil & Gas Journal, a US-based magazine platform, the number of drilling rigs in the USA increased from 635 rigs in Feb 2022 to 761 rigs in Feb 2023, with a rise of 126 units. Therefore, the increase in the number of drilling rigs drives the top drive systems market.
Technological advancements are a key trend gaining popularity in the top drive systems market. Companies operating in the top drive systems market are adopting new technologies to sustain their position in the market. For instance, in January 2023, National Oilwell Varco Inc., a US-based energy industry company, launched the new Agitator ZP System technology, an innovative zero-pressure technology. This system improves directional control and maximizes weight transfer and overall drilling performance in extended-reach laterals. This also provides greater flexibility during drilling applications with a friction reduction tool without pressure limitations.
In February 2022, National Oilwell Varco (NOV) Inc., a US-based provider of equipment and components used in the oil and gas drilling processes, acquired AFGlobal Corporation for an undisclosed amount. Through this acquisition, AFGlobal's superior MPD (managed pressure drilling) equipment and controls combined with NOV's unique MPD products and services create a new best-in-class offering, putting NOV at the forefront of the MPD revolution. AFGlobal Corporation is a US-based company that manufactures advanced drilling systems and also provides related services such as top drive repair, and hydraulic drive repair.
The countries covered in the top drive systems market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The top drive systems market research report is one of a series of new reports from The Business Research Company that provides top drive systems market statistics, including top drive systems industry global market size, regional shares, competitors with a top drive systems market share, detailed top drive systems market segments, market trends, and opportunities, and any further data you may need to thrive in the top drive systems industry. This top drive systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.