Global Oilfield Drilling Elevators Market 2019–2023 | Advances in Drilling Elevator Technology to Boost the Market Growth | Technavio
The oilfield drilling elevators market size is expected to post a CAGR of almost 6% during 2019–2023, according to the latest market research report by Technavio. Request a free sample report
The increasing drilling activities have led to a rise in the demand for oil and gas drilling rigs. Oilfield drilling elevators are used during oil and gas drilling operations for the makeup and breakout of drill pipes. Thus, the rise in the global active rig count will fuel the growth of the oilfield drilling elevators market during the forecast period.
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As per Technavio, the advances in drilling elevator technology will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019–2023.
Oilfield Drilling Elevators Market: Advances in Drilling Elevator Technology
The unsafe handling of rig floor equipment can lead to accidents and injuries. Thus, many companies are striving to introduce innovative drilling elevator technology that can address this issue. The advances in drilling elevators can reduce manual handling of tubular and drill pipes and help to lower the number of accidents on the rig floor. Companies are introducing BXS elevators, which provide reliable operation along with a simplified hydraulic system. Thus, the advances in drilling elevator technology will fuel the market growth during the forecast period.
“Apart from the advances in drilling elevator technology, other factors such as the growing upstream investments, rising global energy demand, innovations in pipe handling systems, and the rise in deepwater and ultra-deepwater projects will have a significant impact on the growth of the oilfield drilling elevators market value during the forecast period,” says a senior analyst at Technavio.
Oilfield Drilling Elevators Market: Segmentation Analysis
This market research report segments the oilfield drilling elevators market by application (onshore and offshore), and geographic regions (APAC, Europe, North America, South America, and MEA).
The North American region led the oilfield drilling elevators market in 2018, followed by MEA, APAC, Europe, and South America, respectively. The growth of the oilfield drilling elevators market share in North America can be attributed to several factors, such as the increase in oil and gas discoveries along with rising investments and initiatives by various governments in the region.
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