Global Oilfield Rotary Table Market 2019-2023
Global Oilfield Rotary Table Market: About this market
A rotary table is a device, which is fitted on an oil and gas drilling rig. It is used to transfer the rotary motion to the kelly drive system. thereby rotating the drill string to facilitate the process of drilling an oil or gas well. Technavio’s oilfield rotary table market analysis considers sales from both onshore and offshore application. Our analysis also considers the sales of oilfield rotary table 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 gas 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 rotary table market report also looks at factors such as growing upstream oil and gas investments, rising global oil and gas demand, increasing global active rig count. However, increasing adoption of top drive system-equipped drilling rigs, volatility in global crude oil prices, stringent regulations on environmental pollution from oil and gas E&P operations may hamper the growth of the oilfield rotary table industry over the forecast period.
Global Oilfield Rotary Table Market: Overview
Increasing global active rig count
Globally, oil and gas E&P activities are increasing with the gradual recovery in global crude oil prices. With crude oil prices rising, oil and gas companies are investing in oil and gas E&P projects to extract oil and gas from unexplored reserves and enhance production from existing oil and gas reservoirs and thus, increase their profits. Increasing drilling activities will lead to a rise in the demand for oil and gas drilling rigs. This increasing global active rig count will lead to the expansion of the global oilfield rotary table market at a CAGR of almost 6% during the forecast period.
Emergence of automated drilling rigs
The oil and gas industry have developed many automated oil and gas drilling rig technologies. For instance, Sekal AS, an international technology company, offers real-time dynamic monitoring and integrated drilling process automation in the oil and gas industry. The company provides DrillTronics, a powerful tool for enhancing the safety and efficiency of oil and gas drilling operations. The automation of drilling rigs will increase the efficiency of oil and gas drilling operations, and thus, oil and gas companies will prefer less expensive rotary table and kelly drive systems over top drive systems on drilling rigs. 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 rotary table market during the forecast period 2019-2023, click here.
With the presence of several major players, the global oilfield rotary table 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 rotary table manufacturers, that include Chengdu Zhonghang Machinery Co. Ltd., CMIC Ocean En-Tech Holding Co. Ltd., MHWirth AS, National Oilwell Varco Inc., RM Holding BV, and Schlumberger Ltd.
Also, the oilfield rotary table 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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