Global Oilfield Drilling Elevators Market 2019-2023
Global Oilfield Drilling Elevators Market: About this market
Oilfield drilling elevators are used to fasten drill pipes, drill collars, and the casing to raise and lower pipes in and out of the wellbore during oil and gas drilling operations. Technavio’s oilfield drilling elevators market analysis considers sales from both onshore and offshore applications. Our analysis also considers the sales of oilfield drilling elevators 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 increasing oil and E&P activities, especially in shale reserves, will play a significant role in the onshore segment to maintain its market position. Also, our global oilfield drilling elevators market report also looks at factors such as increasing global active rig count, growing upstream investments, rising global energy demand. However, challenges associated with rig floor operations, adoption of alternative energy sources, fluctuations in oil and gas prices may hamper the growth of the oilfield drilling elevators industry over the forecast period.
Global Oilfield Drilling Elevators Market: Overview
Increasing global active rig count
Oil and gas E&P activities are increasing worldwide, following the recovery of global crude oil prices. Owing to the increase in global crude oil prices, oil and gas companies are investing in oil and gas E&P projects to extract oil and gas, and thus enhance oil and gas production and earn greater profits. The increase in drilling activities will lead to a rise in the demand for oil and gas drilling rigs, and in turn, for oilfield drilling equipment such as oilfield drilling elevators. This demand for active rig count will lead to the expansion of the global oilfield drilling elevators market at a CAGR of almost 6% during the forecast period.
Advances in drilling elevator technology
Elevators in oilfield drilling rigs are used to handle drill pipes, drill collars, casings, and tubing pipes while drilling a wellbore. The safety of the crew while handling the rig floor equipment is important as any unsafe handling of the rig floor equipment can lead to accidents and injuries. Therefore, to address this issue, many companies are introducing innovative drilling elevator technology. The advances in drilling elevators can reduce the manual handling of tubular and drill pipes and help to lower the number of accidents on the rig floor. 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 elevators market during the forecast period 2019-2023, click here.
With the presence of several major players, the global oilfield drilling elevators 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 elevators manufacturers, that include Forum Energy Technologies Inc., Frank's International NV, National Oilwell Varco Inc., Weatherford International Plc, and Yantai Jereh Oilfield Services Group Co. Ltd.
Also, the oilfield drilling elevators 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.
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