DALLAS, May 25, 2015 /PRNewswire/ --
The report "Top Drive Systems Market by Type
(Electric & Hydraulic), Application (Onshore & Offshore),
Vessel Type (Jackup, Drillship, Semi-Submersible), & Region
(North & South Americas, Europe, APAC, Middle
East & Africa) - Global
Trends & Forecasts to 2020", defines and segments the
global top drive market with an analysis and revenue forecast. The
Top Drive Market is projected to grow from an estimated value of
$1,270.2 Million in 2014 to
$1,541.6 Million by 2020, at a CAGR
of 5.7% from 2015 to 2020.
Browse 89 market data Tables and 43 Figures
spread through 172 Pages and in-depth TOC
on "Top Drive Systems Market"
http://www.marketsandmarkets.com/Market-Reports/top-drive-systems-market-226505365.html
Early buyers will receive 10% customization on this
report.
North America:
The largest region for the top drive
market:
North America holds the largest
market due to rise in exploration & drilling activities and an
increase in the number of drilling rigs. The U.S. dominates the
market in this region due to the development of shale gas and
technological innovations. The demand for top drive for onshore as
well as offshore purposes is boosting the region's global
position.
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However, with the current declining oil price scenario, there
has been a fall in the demand for top drives due to a decrease in
the number of drilling rig counts in 2015; it is estimated that the
total rig count has fallen to around 500 rigs. Although, the top
drive market has seen a slight dip in 2015, it is expected to start
witnessing growth from 2016. The effect of low oil prices is
expected to last for only a short term period.
Electric: Largest market, by type:
Top drives can be classified on the basis of their size and the
type of motor used to rotate the drill pipe. There are two major
types of top drive systems, namely electric and hydraulic.
Electric-based top drive systems hold the largest market share
across the globe. To increase the efficiency of the drilling
process in order to maximize production, companies are moving
towards complete electric top drive systems instead of hydraulic
ones.
Onshore: Largest market, by application
The onshore segment holds the major share in the top drive
market. Offshore drilling requires precise and advanced
technologies, making its drilling a capital intensive one. At the
same time, complexities and service requirement are more in the
case of offshore drilling activities. Although, offshore
application holds a lesser market share, it is expected to grow at
a faster pace.
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