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 : October, 2020 | Energy & Mining | PPT format

Report Digest


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: 

Application 

  • Onshore
  • Offshore

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?