Drilling Elevators Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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Drilling Elevators Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : January, 2023 | Energy & Mining

Report Digest

Oilfield Drilling Elevators Market: Snapshot

The oilfield drilling elevators constitute hoisting tools that support the handling of shoulder pipes, drill collar, and casing. The drilling elevators are widely used in oilfield operations. The demand for drilling elevators is increasing as the delays in drilling activities can incur extra costs to the oilfield operators. The drilling elevators are designed to raise and lower the drilling pipe. The rising demand for drilling elevators in the oilfields has augmented the growth of the drilling elevators market during the forecast period of 2020-2030.

The stellar oil industry has contributed to the growth of the global drilling elevators market by initiating various developments. For instance, MSE-350 is a robotics-based technology that offers premium safety features, and NOV, a premium class elevator, facilitates hands-free handling of pipes. Thus, the adoption of automation technologies coupled with safety features has fueled the growth of the drilling elevators market.

The drilling operations involved in oilfields pose security threats to the operators. Hence, there is a need for safe drilling operations. Owing to this factor, the demand for drilling elevators has led to the growth of the drilling elevators market. Further, the oil and gas industry is quite lucrative and offers exciting opportunities to the players operating in the drilling elevators market. The vendors are in constant search of potential drilling areas to expand their reach. All these aspects act as a growth booster for the drilling elevators market.

The companies in the drilling elevators market are striving to increase their revenues through R&D activities, strategic collaborations, and investments. The players in the drilling elevators market are also focusing on making a mark across the oilfield operations. Therefore, the growing influence of drilling elevators in numerous industries may serve as growth accelerators for the drilling elevators market. In addition, R&D activities help in developing new formulations and strategies. Thus, these aspects eventually increase the growth rate of the drilling elevators market. Strategic collaborations are also crucial for the growth of the drilling elevators market. The players indulge in mergers, acquisitions, joint ventures, and partnerships. These activities assist in increasing the influence of the players in the drilling elevators market.

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. 

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. 

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: 


  • Onshore
  • Offshore

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