Draw Works Market to Grow with Technological Advancement during the Forecast Period
Demand for renewable sources of energy and power to drive the
growth of global draw works market in the forecast period, 2022-2026.
According
to TechSci Research report, “Draw Works Market - Global Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2016-2026”
The global draw works market would potentially project an impressive growth in
the forecast period, 2022-2026, with an impressive CAGR on account of increasing
demand for the oil and gas supplies.
Expanding
oil and gas industry and increasing demand for the upstream and downstream
products is further driving the growth of the global draw works market in the
upcoming five years. Chemical industry is also actively demanding the supply of
oil and gas for the functioning of various equipment and machinery along with
the necessity of by products for chemical extraction, and thus supporting the
growth of the global draw works market in the next five years. The machinery is
an integral part of complete oil drilling rig for the flaccid movement of the
rigs to move up and down along with transporting through the transportation
tank in and out of rigs, the integral advantages of the machinery is a
beneficial factor and is expected to substantiate the growth of the global draw
works market in the future five years. Although, fluctuating oil prices might
impact the market growth negatively and put a mild restraint over the growth.
Governments in the countries like Saudi Arabia, Nigeria and the UAE, invest
huge finances in the oil and gas extraction in their lands and offshore wells.
Extraction of crude oil in these countries is major economical reliant sector, that
might affect the growth of the global draw works market in the forecast years.
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Draw Works Market"
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The
global draw works market is segmented on the basis of component, power source,
application, speed, competitional landscape, and regional distribution.
Segmentation on the basis of power source is differentiated into AC, DC. Draw
works powered by DC that is direct charge of energy is anticipated to hold the
largest revenue shares of the market and assert the dominance over the market due
to advantages of DC in the functioning of heavy machinery like oil drilling
rigs. Moreover, the direct charges of energy are easier to change the speed of
the working of draw works. Additionally, the DC charge lines experience lesser
stress during energy transmission. It has less corona loss and reduced
interference with communication circuits. AC power sources are anticipated to
register fastest growing CAGR in the upcoming five years due to technological
advancements. The AC lines assure safety and efficiency of the working of the
machinery and thus contribute to the demand as well as growth of the global
draw works market in the next five years.
Based
on application, the market is segmented into onshore and offshore. Onshore applications
are anticipated to hold the largest revenue shares of the market and dominate
the market segment due to availability and increasing number of onshore rigs.
Maximum number of oil drilling rigs are established on land. By the end of the
year 2020, 843 onshore rigs were operational. More market players are joining
the market and further aiding the growth of the global draw works market.
Key
market players in the global draw works market include:
·
National
Oilwell Varco Inc.
·
Schlumberger
Limited
·
Draw
Works, L.P.
·
Loadmaster
Universal Rigs, Inc.
·
Drillmec
India Pvt Ltd.
·
Alta
Rig Systems Inc.
·
Tri-Service
Oilfield Manufacturing Ltd.
·
Century
Geophysical, L.L.C.
·
Hannon
Hydraulics
·
Canrig
Drilling Technology Ltd.
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“North America is anticipated to
dominate the market in the upcoming five years on account of increasing
drilling activities in the countries like the United States. Moreover, increase
in the production of shale gas and strategies of the new energy reforms by the
United States government is also expected to drive the growth of the global
draw works market in next five years. Demand for oil and gas in the automotive
industry and increased consumption of oil and gas is increasing at an alarming
rate and thus substantiating the growth of the global draw works market in the
future five years,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based Global management consulting firm.
“Global Draw works Market
- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast,
2016-2026, Segmented By Component
(Drum, Power Source, Reduction Gear, Brake, Auxiliary Brake, Others), By Power
Source (AC, DC), By Application (Onshore, Offshore), By Speed (Single Speed
Gear Driven, Dual Speed Gear Driven), By Region”, has evaluated the future
growth potential of global draw works market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global draw works market.
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