Global Top Drive System Market was valued US$ 1.33Bn in 2019 and is expected to reach US$ 2.15 Bn by 2027 at a CAGR of 6.19 % during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
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The key driving factors for global top drive systems market growth are a rise in a number of drilling rigs, drilling activities and an increase in exploration activities. The additional factors contributing to the growth of top drive systems market are a rise in demand for oil rigs, an increase in energy consumption and emerging technologies for the extraction of natural resources. Moreover, the use of top drive systems for on-shore and off-shore purpose and safety concerns also boosting the growth of top drive systems market. Its machinery reduces the substantial time of drilling operation making it suitable for broad adoption in applications such as land drills, ocean drills and offshore drills. However, the development of unconventional reserves, political issues, technological incompetence, environmental concerns and oil spills could restrain the growth of the global top drive market.
Top drive system market can be segmented on the basis of type depending on the components used including electric and hydraulic. The hydraulic market owns a comparatively lesser share than electric systems. This is on account of zero harmful gas emissions due to no application of hydraulic fluids.
From the application, the top drive system market can be segmented into two types including offshore and onshore. Onshore drilling dominated the global top drive systems market because of a large number of onshore fields as compared to offshore projects. The offshore rigs need advanced and precise facilities making it more capital rigorous. Moreover, these rigs are inclusive of considerable complexities and service requirement, as compared to onshore rigs. The offshore drilling market share is expected to rise over the forecast period because of more number of reserves emerging in the high seas.
North America held the largest share in the top drive systems market as a result of more number of production fields in regions of the U.S. and Mexico. Europe followed North America on account of market share. Russia is a major driller for crude oil and gas, holding a major share of the European market. Kuwait, Saudi Arabia and Iran were major countries driving the top drive system market growth in the Middle East because of the large number of onshore production facilities in this region. Whereas in Africa, Nigeria is a key country owing to the presence of drilling facilities similarly, in Latin America, Venezuela holds the majority of the exploration projects. Indonesia, Malaysia, Singapore, Vietnam and Brunei owns a majority share in the Asia Pacific region. However, China is expected to emerge as a significant market over the forecast period, because of potential oil reserves being identified in the South China Sea.
Among the key players, National Oilwell Varco is a multinational corporation based in Houston, Texas, which caters to both onshore and offshore top drive system needs. Whereas, Honghua Group Ltd., headquartered in Chengdu, Sichua, has expertise in both onshore and offshore drilling rigs and is involved in designing and manufacturing of top drive systems. Foremost Group manufactures top drive systems under mobile equipment business segment. The company offers basic power wheel and complete drive systems in the market. The hydraulic and electric top drive systems designed and manufactured by leading companies are suitable for 100, 150 and 300 tons of rated capacities
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analyzing the market segments by type, service, components, and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the top drive systems market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
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Global Top Drive Systems Market, By Type
• Electric Top Drives
• Hydraulic Top Drives
Global Top Drive Systems Market, By Application
• Onshore
• Offshore
Global Top Drive Systems Market, By Vessel Type
• Jackup Rigs
• Semisubmersible Rigs
• Drillships
Global Top Drive Systems Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Top Drive Systems Market
• National Oilwell Varco
• Canrig Drilling Technology Limited
• Tesco Corporation
• Cameron International Corporation
• Aker Solutions AS
• Axon Energy Products
• Bentec GMBH Drilling & Oilfield Systems
• Daqing Jinghong Petroleum Equipment Corporation
• Honghua Group Limited
• Warrior Manufacturing Service Limited
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