Top drives are used for facilitating the drilling process of a borehole. They are situated on a drilling rig and provide torque to the drill string, making the drilling process easy. They are used for both onshore and offshore rigs, and can be hydraulic or electric
With increase in the demand for drilling rigs, the top drive systems market will grow as they are directly proportional to the Growth Of The Drilling Rigs Market. The key factors driving the top drive systems market include increase in exploration and production activities, technological developments, increasing safety concerns, increasing energy need from emerging economies, and technical and commercial benefits offered by top drives. The rise in the energy demand and the increase in drilling rigs have raised the importance of top drives.
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Currently, electric top drive systems represent 89% of the total market value in terms of global top drives, followed by hydraulic at 11%. Among various regions, North America dominates the market.
Scope of the report: This study estimates the global market of top drive systems till 2019. It also offers a detailed qualitative and quantitative analysis of this market. This report provides a comprehensive review of major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues of the market.
Various secondary sources have been used such as encyclopedias, directories, and databases to identify and collect information that was useful for this extensive commercial study of the global top drive systems market. The primary sources – experts, manufacturers, and service providers from the industry have all been interviewed to obtain and verify critical information as well as assess future prospects of the top drive systems market.
On the basis of type: Hydraulic and Electric
On the basis of application: Onshore and Offshore
On the basis of region: Asia-Pacific, South America, the Middle East, Africa, Europe, and North America
Major companies in the top drive systems market from each of the regions mentioned above have been considered for our study. This report includes market share analysis of key participants for the overall market and describes the competitive strategies adopted by these players. .
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The leading players of the industry have been profiled with their recent developments and other strategic industry activities. A few of the key players include National Oilwell Varco (U.S.), Tesco Corporation (U.S.), Canrig Drilling Technology Limited (U.S.), Cameron International Corporation (U.S.), Aker Solutions AS (Norway), Axon Energy Products (U.S.), Bentec GMBH Drilling & Oilfield Systems (Germany), Foremost (Canada), Honghua Group Limited (China), and Warrior Manufacturing Service Limited (Canada).
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