Global Oilfield Drilling Elevators Market Report 2019-2023 - Increasing Global Active Rig Count, Growing Upstream Investments, Rising Global Energy Demand
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.
Market Dynamics
The 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.
Segments Analyzed
The oilfield drilling elevators market analysis considers sales from both onshore and offshore applications. The 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.
Competitive Landscape
With the presence of several major players, the global oilfield drilling elevators market is fragmented. The 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 N.V.
National Oilwell Varco Inc.
Weatherford International PLC
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.
Key Topics Covered
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
Market ecosystem
Market characteristics
Market segmentation analysis
PART 04: MARKET SIZING
Market definition
Market sizing 2018
Market size and forecast 2018-2023
PART 05: FIVE FORCES ANALYSIS
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market condition
PART 06: MARKET SEGMENTATION BY APPLICATION
Comparison by application
Onshore - Market size and forecast 2018-2023
Offshore - Market size and forecast 2018-2023
Market opportunity by application
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
Geographic comparison
North America - Market size and forecast 2018-2023
MEA - Market size and forecast 2018-2023
APAC - Market size and forecast 2018-2023
Europe - Market size and forecast 2018-2023
South America - Market size and forecast 2018-2023