Insights Into The Top Drive Systems Market’s Growth Opportunities Through 2023-2032 – Includes Top Drive Systems Market Growth
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The increase in the number of drilling rigs is likely to stimulate innovation in the manufacturing of top drive systems, boosting the market over the forecast period.
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 global top drive systems market size is expected to reach $2.02 billion in 2027 at a CAGR of 5.9%.
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Global Top Drive Systems Market Segments Include:
- By Type: Electric Top Drives, Hydraulic Top Drives
- By Vessel Type: Jackup Rings, Semisubmersible Rings, Drillships
- By Application: Mining, Oil And Gas, Construction, Other Application Types
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global top drive systems market in 2021.
Major Market Players in the top drive systems market include National Oilwell Varco, Canrig Drilling Technology Limited, Tesco Corporation, Cameron International Corporation, Aker Solutions AS, Axon Energy Products, Bentec GMBH Drilling and Oilfield Systems.
Technological developments are a major trend that is gaining traction in the top drive systems market. Companies in the top drive systems market are implementing new technologies to maintain their market position. For example, National Oilwell Varco Inc., a US-based energy sector business, launched the new Agitator ZP System technology, a novel zero-pressure technology, in January 2023. This method enhances directional control, weight transfer, and overall drilling performance in long-reach laterals. This also allows for additional freedom when drilling with a friction reduction tool that is not pressure limited.
The Top Drive Systems Global Market Report 2023 provides a top drive systems market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The top drive systems market forecast analyzes top drive systems market size, top drive systems market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Top drive systems are mechanical components on drilling rigs that are made up of one or more electric or hydraulic motors connected to the drill string by a short pipe known as the quill. The top drive rotates the drill string during the drilling process. To turn a shaft onto which the drill string is screwed, at least 1,000 horsepower is required. Top drives can be used instead of more traditional rotary tables or Kelly drives.
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