Drilling Elevators Market Scope Emerging Trends and High Growth Rate by 2028
Oilfield Drilling Elevators Market: Overview
Companies providing oilfield drilling services recently released reports on their Q2 revenues. Such reports help investors to gauge the potential of markets related to the drilling industry. The global demand for oilfield drilling elevators is expected to rise as new drilling sites get discovered. As the latest development in the oilfield industry, drilling operations will commence at the Karabakh oilfield of Azerbaijan in the last quarter of 2019. The Baker Hughes Rig Count helps investors in gauging the potential of the oilfield drilling elevators market. The rig count provides weekly information about new well being bought, and the subsequent deals.
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The use of drilling elevators comes in handy for a number of operations across oilfields. The need for smooth drilling operations arises from the sensitive nature of oilfield. Delays or lags in drilling activities can put extra cost burden on the oilfield operators. Hence, the demand for oilfield drilling operators shall grow as oilfield operators look to increase the efficiency and agility of drilling operations.
Despite the affluence of the oil industry, the global oilfield drilling elevators market could encounter roadblocks to growth. Permian Basin, which is the largest oilfield in the US, recently suffered a decline in drilling activities. This is due to the unavailability of pipelines for transporting reserves from the basin. Similar patterns have been recorded across other regional oilfields as well.
A review on the global oilfield drilling elevators market gives valued insights on key market trends. The global oilfield drilling elevators market can be segmented on the basis of the following parameters: application and region. Based on application, onshore drilling operations are expected to gain popularity in the years to follow.
Global Oilfield Drilling Elevators Market: Notable Developments
The presence of a stellar oil industry has paved way for multiple developments in the global oilfield drilling elevators market.
- MSE-350, developed by Nabors Industries Ltd., is a multi-size elevator that can cut through thick sections, and is capable of handling multiple pipes. The system is based on robotic control technology, and has a premium safety feature for weight balance. This development could compel other market players to study the employability of robotic technologies to develop better elevators.
- NOV also offers a premium class of elevators that facilitate hands-free handling of pipes. The use of automation technologies in oilfield elevators shall drive demand across the global market. Moreover, confidence in the safety features of newly-developed devices shall also bring in voluminous revenues into the global market.
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Some of the key vendors operating in the global oilfield drilling elevators market are:
- Yantai Jereh Oilfield Services Group Co. Ltd.
- Forum Energy Technologies Inc.
- National Oilwell Varco Inc.
- Frank’s International NV
- Weatherford International Plc
Global Oilfield Drilling Elevators Market: Growth Drivers
- Safety Concerns to Drive Demand for Elevators across Oilfields
Operations within oil and gas industry pose severe safety risks for the employees and workers. In this scenario, it is important to have proper drilling infrastructure than can ensure safety of workers. This factor has played a key role in propelling demand within the global oilfield drilling elevators market.
- Discovery of New Oilrigs
Drilling operations can be accelerated if new oilrigs or drilling sites are discovered. Due to the lucrative nature of the oil and gas industry, national leaders are constantly on the lookout for potential oilrigs and drilling areas. The discovery of a new rig offers lucrative opportunities to vendors operating in the global oilfield drilling elevators market.
- Global Oilfield Drilling Elevators Market: Regional Outlook
The oilfield drilling elevators market in the Middle East and Africa has had tremendous success over the past decades. The oil and gas sector in the Middle East shall grow as the region increases its export volumes.
The global oilfield drilling market is segmented on the basis of:
Application
- Onshore
- Offshore
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