The GLOBAL ELECTRIC TOP DRIVE SYSTEM MARKET is an in-depth analysis of:
- market size
- and technologies
- key trends
- market drivers
- deployment models
- future roadmap
- 2027 forecast.
The report also shows forecasts for Top Drive Systems market consumption, revenue, production, and growth of the market.
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FUTURE DEVELOPMENT and FORECASTS
The report forecast global Top Drive Systems market to grow to reach 132.8 billion Million USD in 2020 with a CAGR of 4.1% during the period 2020-2027. There will also be increase in demand for energy efficient systems( mainly renewable power)
The top drive systems market is further thought to witness high growth rate due to substitution of rotary table. A rotary table can normally drill 30 feet. However, a top drive system rig can drill upto 60 to 90 feet of a drill pipe, depending on the type of drilling rig. It also minimizes the chance of drill pipe making connections with the wellbore. this is prevented by providing long sections. The new system is also time effecient. A normal rotary table rigs requires withdrawal of the whole string from the well bore. The top drive system’s mechanism allows a huge time reduction.
MAJOR PLAYERS in TOP DRIVE SYSTEMS MARKET:
- Axon Energy Products
- Bentec GmbH Drilling
- Oilfield Systems
- China National Petroleum Corporation
- MHWirth AS
- Nabors Industries Ltd
- National Oilwell Varco
- Schlumberger Limited
- Warrior Rig Technologies Limited
ELECTRIC TOP DRIVE SYSTEM MARKET SHARE
Top drive systems are of two types, hydraulic and electric. The majority share of the total market is owned by Electric top drive system .The factors driving the top drive system market are:
- increasing exploration and production activities
- influencing technological developments
- rising energy need from emerging economies
- offering safety concerns along with commercial & technical benefits
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ELECTRIC TOP DRIVE SYSTEM MARKET SIZE
Top drive system can be classified of 2 types on the basis of their size. these are electric and hydraulic. Electric-based top drive systems hold the largest market share across the globe. They also hold the title of biggest in size.