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Top Drive Systems Market Worth $1,541.6 Million by 2020


News provided by

MarketsandMarkets

25 May, 2015, 14:30 GMT

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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.

Speak to Analyst @http://www.marketsandmarkets.com/speaktoanalyst.asp?id=226505365

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.

Browse Related Reports 

Subsea Control Systems Market by Types (Underwater and Topside), Application (Production, Processing & Others), Components (SCM, Umbilical Termination Assembly, Umbilical, MCS, Sensors, & Others) & by Region- Global Trends and Forecasts to 2019

http://www.marketsandmarkets.com/Market-Reports/subsea-control-systems-market-64465256.html

Completion Equipment and Services Market by Type (Packers, Sand Control Tools, Multi-Stage Fracturing Tools, Liner Hangers, Smart Wells, Safety Valves, and Other), by Application (Onshore, Offshore) & Geography - Global Trends & Forecast to 2019

http://www.marketsandmarkets.com/Market-Reports/completions-tools-equipment-market-10119998.html

About MarketsandMarkets 

MarketsandMarkets is world's No. 2 firm in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.

M&M's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.

We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.

Contact:
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Suite 800, Dallas, TX 75252
Tel: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit MarketsandMarkets Blog @ http://www.marketsandmarketsblog.com/market-reports/energy-and-power
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