Global Top Drive System Market was valued US$ 1.33Bn in 2019 and is expected to reach US$ 2.15 Bn by 2027 at a CAGR of 6.19 % during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
The key driving factors for global top drive systems market growth are a rise in a number of drilling rigs, drilling activities and an increase in exploration activities. The additional factors contributing to the growth of top drive systems market are a rise in demand for oil rigs, an increase in energy consumption and emerging technologies for the extraction of natural resources. Moreover, the use of top drive systems for on-shore and off-shore purpose and safety concerns also boosting the growth of top drive systems market. Its machinery reduces the substantial time of drilling operation making it suitable for broad adoption in applications such as land drills, ocean drills and offshore drills. However, the development of unconventional reserves, political issues, technological incompetence, environmental concerns and oil spills could restrain the growth of the global top drive market.
Top drive system market can be segmented on the basis of type depending on the components used including electric and hydraulic. The hydraulic market owns a comparatively lesser share than electric systems. This is on account of zero harmful gas emissions due to no application of hydraulic fluids.
From the application, the top drive system market can be segmented into two types including offshore and onshore. Onshore drilling dominated the global top drive systems market because of a large number of onshore fields as compared to offshore projects. The offshore rigs need advanced and precise facilities making it more capital rigorous. Moreover, these rigs are inclusive of considerable complexities and service requirement, as compared to onshore rigs. The offshore drilling market share is expected to rise over the forecast period because of more number of reserves emerging in the high seas.