Power Slip Lifter Market is expected to Grow with a CAGR of 9.72% through 2030
The Power Slip Lifter Market
is driven by the increasing demand for efficient and safe pipe handling
solutions in the oil and gas industry, as operators seek to enhance operational
efficiency and reduce downtime.
According to TechSci Research
report, “Power Slip Lifter Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2030F”, the Global Power Slip Lifter Market was valued at USD 5.27 billion in 2024 and is expected to reach USD 9.28 billion by 2030 with a CAGR of 9.72% during the forecast period. The Power Slip Lifter Market is witnessing a significant shift towards automation and digitization, driven by the increasing need for efficiency, safety, and cost reduction in drilling operations. Oil and gas companies are continuously seeking ways to optimize their processes by minimizing human intervention in high-risk activities such as pipe handling and casing operations. Power slip lifters, which are integral in securing drill pipes and casings, are being enhanced with automated and remotely operated systems to reduce manual labor and improve operational precision. The integration of digital technologies such as IoT-enabled sensors, real-time monitoring systems, and predictive maintenance capabilities is further strengthening the adoption of power slip lifters. These innovations help detect potential malfunctions before they cause downtime, reducing maintenance costs and improving equipment lifespan.
Automated power slip lifters contribute to enhanced workplace safety by minimizing the risk of human error and workplace injuries, which are prevalent in traditional manual lifting methods. As regulatory bodies enforce stricter workplace safety norms, the demand for automated power slip lifters is expected to surge. Oil and gas operators are also investing in digital twins and AI-driven analytics to optimize drilling efficiency, further driving the market’s growth. Additionally, offshore and deepwater drilling projects, which require high precision and reliability, are accelerating the demand for smart power slip lifters equipped with advanced monitoring and control systems. The increasing trend of automation in the oil and gas industry aligns with the global push towards digital transformation, making power slip lifters a crucial component in modernized drilling rigs. This trend is expected to continue shaping the market, as technological advancements improve operational safety, reduce downtime, and enhance overall efficiency in oilfield operations.
Browse over XX Market data
Figures spread through XX Pages and an in-depth TOC on the "Global Power Slip Lifter Market.”
Based on the Bushing, Casing
Bushing segment held the largest Market share in 2024. The Power Slip Lifter
Market in the Casing Bushing segment is experiencing significant growth due to
the increasing demand for efficient and reliable solutions in the oil and gas
industry, particularly in drilling and casing operations. Power slip lifters
are critical tools used to handle and manipulate casing strings during well
construction, providing essential support in the casing bushing process. The
rising demand for oil and gas exploration, especially in deepwater, offshore,
and unconventional reservoirs, is driving the need for advanced power slip
lifters. These lifters play a crucial role in enhancing the efficiency, safety,
and speed of casing operations by securely lifting and handling heavy casing
pipes with precision, ensuring minimal downtime and improving overall
productivity on drilling rigs. As the oil and gas industry continues to explore
challenging and deeper wells, the need for robust and high-capacity lifting
equipment that can withstand extreme pressures and harsh environmental conditions
has become paramount. Power slip lifters, particularly in the casing bushing
segment, offer greater load handling capabilities and improved operational
safety compared to manual lifting methods. This increased safety feature is
particularly crucial as the industry places greater emphasis on reducing
workplace accidents and enhancing the safety of its operations.
Additionally,
technological advancements in power slip lifter design, such as automation and
integration with advanced monitoring systems, are contributing to the market’s
growth. These innovations enable better control, real-time monitoring, and more
efficient management of casing operations, further boosting the demand for
power slip lifters in the casing bushing segment. Furthermore, the growing
focus on operational efficiency, reduced maintenance costs, and minimizing
downtime in the oil and gas industry is accelerating the adoption of power slip
lifters, as they provide a more cost-effective and streamlined solution
compared to traditional methods. With the increasing complexity of drilling
operations and the need for more sophisticated equipment, power slip lifters in
the casing bushing segment are becoming indispensable tools for modern oil and
gas exploration. The push for automation in drilling operations, combined with
the ongoing development of high-performance materials and designs, is further
enhancing the capabilities and reliability of power slip lifters, making them
an essential component in modern well construction. As a result, the power slip
lifter market in the casing bushing segment is expected to continue to grow,
driven by ongoing advancements in technology, safety, and operational
efficiency, with a strong outlook for future demand across global oil and gas
operations.
Based on the region, Asia
Pacific is the fastest-growing region in the Power Slip Lifter Market, driven
by rapid industrialization, increasing energy demand, and a surge in offshore
and onshore exploration activities. As the region's oil and gas industry
continues to expand, particularly in countries like China, India, and Southeast
Asia, the demand for advanced equipment like power slip lifters to handle
drilling pipes and tubing safely and efficiently is growing. The rise of
deepwater and offshore drilling projects, along with the ongoing development of
unconventional oil and gas reserves, is accelerating the need for more reliable
and automated pipe handling solutions.
Technological advancements in
the region, including automation and energy-efficient systems, are contributing
to market growth by enhancing operational efficiency and safety in drilling
operations. Additionally, Asia Pacific’s increasing focus on improving safety
standards and reducing operational downtime is further driving the adoption of
innovative power slip lifter technologies. Government initiatives, investments
in infrastructure, and regulatory support in countries like India and Australia
are also fostering the expansion of the oil and gas sector, which in turn
boosts the demand for power slip lifters. As exploration and drilling
activities intensify, Asia Pacific is expected to continue its leadership in
the global power slip lifter market, with sustained growth anticipated in the
coming years.
Major companies operating in
the Global Power Slip Lifter Market are:
- Imenco Smart Solutions
- Weatherford International Plc
- Forum Energy Technologies,
Inc.
- Janki Oil Tools
- Den-Con Tool Company
- Baker Hughes Company
- Schlumberger Limited
- Drillmec S.p.A.
Download Free Sample Report
Customers can also request
10% free customization in this report.
“The Global Power Slip Lifter
Market is expected to rise in the upcoming years and register a significant
CAGR during the forecast period. The Power Slip Lifter Market is positioned for
significant growth, driven by the rising demand for efficient and secure pipe
handling solutions within the oil and gas sector. As exploration and drilling
activities, particularly in offshore and deepwater fields, expand, the need for
advanced power slip lifters that enable safe, rapid, and precise handling of
drill pipes and tubing is increasing. Technological advancements, such as
automation, remote control functionalities, and energy-efficient systems, are unlocking
new market opportunities. Furthermore, the growing emphasis on enhancing safety
standards and minimizing operational downtime in drilling operations is
expected to further drive the demand for innovative power slip lifter
technologies. Therefore, the Market of Power Slip Lifter is expected to boost
in the upcoming years.,” said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based global management consulting firm.
“Power Slip Lifter Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented, By Type (Hydraulic, Pneumatic), By Bushing (Casing Bushing, Master Bushing), By Location (Offshore, Onshore), By Holding Component (Drill Pipe Slips, Drill Collar Slips, Casing Slips, Others), By Region, By Competition, 2020-2030F”, has evaluated the future
growth potential of Global Power Slip Lifter Market and provides statistics
& information on the Market size, structure, and future Market growth. The
report intends to provide cutting-edge Market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Power Slip Lifter Market.
Contact
Techsci Research LLC
420 Lexington Avenue,
Suite 300, New York,
United States-
10170
Tel: +13322586602
Email: [email protected]
Website: www.techsciresearch.com