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 & Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 5.78 Billion
CAGR (2026-2031)	9.71%
Fastest Growing Segment	Pneumatic
Largest Market	North America
Market Size (2031)	USD 10.08 Billion

Market Overview

The Global Power Slip Lifter Market will grow from USD 5.78 Billion in 2025 to USD 10.08 Billion by 2031 at a 9.71% CAGR. The Power Slip Lifter is a specialized hydraulic or pneumatic device designed to automate the setting and removing of slips within the rotary table of a drilling rig, thereby eliminating the need for manual lifting by rig personnel. The market is primarily supported by stringent safety regulations aimed at reducing rig floor injuries and the operational imperative to enhance drilling efficiency by minimizing connection times. According to the Organization of the Petroleum Exporting Countries, in 2024, global oil demand expanded by 1.5 percent to reach an average of 103.84 million barrels per day, underscoring the sustained need for robust drilling equipment.

One significant challenge that could impede market expansion is the high initial capital investment required to integrate these automated systems into legacy drilling fleets. The cost of retrofitting older rigs often deters operators from upgrading despite the long term safety and operational benefits.

Key Market Drivers

Rising global investments in oil and gas exploration activities serve as a primary catalyst for the Global Power Slip Lifter Market. As operators expand into challenging environments, including deepwater reserves, the necessity for tubular handling equipment capable of managing heavier loads becomes critical. This financial surge enables drilling contractors to procure mechanized rig floor machinery, thereby driving the uptake of hydraulic and pneumatic slip lifting devices to replace manual interventions. According to the International Energy Agency, June 2024, in the 'World Energy Investment 2024' report, global upstream oil and gas investment is projected to increase by 7 percent to reach USD 570 billion in 2024. This substantial capital allocation directly supports the modernization of drilling fleets required to meet elevated production targets.

The accelerated adoption of drilling rig automation and digitalization is equally instrumental in propelling market growth. Operators are increasingly implementing hands-free technologies to remove personnel from the hazardous Red Zone, necessitating the integration of automated power slips that interface with centralized rig control systems. This transition enhances operational consistency and significantly reduces non-productive time associated with manual handling. According to SLB, October 2024, in the 'Third-Quarter 2024 Results' press release, Digital & Integration revenue grew 11 percent year-on-year to USD 1.09 billion, highlighting the industry's rapid pivot toward automated solutions. Sustained infrastructure development further underpins this demand; according to Saudi Aramco, in 2024, second-quarter capital expenditures rose to USD 12.1 billion, demonstrating the continued financial scale available for deploying advanced drilling technologies.

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Key Market Challenges

The high initial capital investment required to integrate automated systems represents a formidable barrier to the growth of the Global Power Slip Lifter Market. Operators managing legacy fleets often find the cost of retrofitting older rigs with hydraulic or pneumatic power slip lifters prohibitively expensive compared to the immediate operational gains. This financial burden compels many drilling contractors to prioritize capital discipline and delay technology upgrades, thereby restricting the widespread adoption of these safety-enhancing devices to primarily high-specification newbuilds rather than the vast existing fleet.

Consequently, the market experiences stagnated growth as the pace of fleet modernization slows and new construction remains minimal. According to the International Association of Drilling Contractors, in 2025, the United States active rig fleet contracted to 613 units while fleet additions totaled only nine rigs, representing the lowest annual number of new units since 2021. This significant decline in fleet renewal and expansion demonstrates the financial caution prevalent in the industry, which directly curtails the available opportunities for power slip lifter integration.

Key Market Trends

The integration of IoT-enabled predictive maintenance systems is fundamentally altering the Global Power Slip Lifter Market by shifting maintenance strategies from reactive to proactive. By embedding sensors that monitor critical parameters such as hydraulic pressure, clamping force, and cycle duration, operators can detect anomalies indicative of component wear before a failure occurs. This capability is crucial for minimizing non-productive time, as slip lifter malfunctions can halt drilling operations entirely and incur significant costs. The industry's commitment to these digital solutions is reflected in the financial performance of major technology providers; according to Baker Hughes, January 2025, in the 'Fourth Quarter 2024 Results' press release, the Industrial & Energy Technology segment delivered a 21 percent year-over-year revenue increase, largely fueled by the expansion of industrial digitalization and asset performance management solutions.

Simultaneously, the market is witnessing a decisive transition towards electrically powered slip lifting mechanisms to align with industry-wide decarbonization mandates. Unlike traditional hydraulic systems, which pose environmental risks due to potential fluid leaks and require energy-intensive pumps, electric actuators offer precise control with zero fluid discharge and lower energy consumption. This shift is accelerating as drilling contractors strive to meet stringent environmental, social, and governance (ESG) targets by replacing conventional machinery with cleaner alternatives. The impact of these sustainability initiatives is evident in fleet operations; according to Helmerich & Payne, December 2024, in the '2024 Sustainability Report', the company achieved a 10.7 percent reduction in normalized greenhouse gas emissions in fiscal 2024, reinforcing the operational pivot towards electrified rig infrastructure and low-emission equipment.

Segmental Insights

Based on recent market research, the Pneumatic segment is identified as the fastest-growing category within the Global Power Slip Lifter Market. This accelerated growth is primarily driven by the critical emphasis on safety and environmental compliance in oil and gas drilling operations. Pneumatic systems utilize compressed air rather than hydraulic fluid, effectively eliminating the risk of hazardous leaks and minimizing fire risks in volatile rig environments. Consequently, operators are increasingly adopting these units to adhere to stringent occupational safety standards. Furthermore, the operational simplicity and cost-efficiency of pneumatic maintenance contribute significantly to their rising demand among drilling contractors.

Regional Insights

North America maintains a dominant position in the Global Power Slip Lifter Market, driven primarily by extensive exploration activities and the expansion of shale gas projects. This regional leadership is reinforced by stringent safety frameworks established by organizations such as the Occupational Safety and Health Administration (OSHA), which prioritize the reduction of manual handling injuries on drilling rigs. Consequently, operators invest in mechanized solutions to ensure compliance and enhance operational efficiency. The continuous development of onshore and offshore energy sectors further consolidates North America as the primary hub for these essential drilling components.

Recent Developments

• In November 2024, Keystone Energy Tools showcased its new Slip Lifting Device at the ADIPEC exhibition, positioning it as a significant safety innovation for the drilling industry. The pneumatic unit was designed to enable hands-free operation of slips, effectively automating a task that traditionally required the manual effort of multiple crew members. The company highlighted that the device, nicknamed "the backsaver," minimized the need for personnel to remain in high-risk zones on the rig floor. This launch addressed the market's demand for cost-effective alternatives to expensive power slip systems by utilizing existing rig components to reduce physical strain.
• In November 2024, Velesto Energy Berhad entered into a strategic collaboration with Petronas and National Oilwell Varco to implement mechanized automation and robotics in drilling operations. The parties signed a Memorandum of Understanding to integrate advanced technologies, including automated slip handling and robotic pipe manipulation, into Velesto's rig fleet. This partnership aimed to enhance operational performance and safety by reducing manual intervention during critical rig floor processes. The initiative reflected a broader industry trend toward adopting automated solutions to optimize well construction efficiency and mitigate risks associated with traditional manual handling methods.
• In October 2024, Forum Energy Technologies announced its third-quarter financial results, revealing a notable surge in demand within its Drilling and Completions segment. The company reported that orders for this segment increased by 18% to $130 million, a growth primarily driven by robust international interest in drilling-related capital equipment and handling tools. This category includes essential rig floor equipment such as power slips and lifters. The organization attributed the positive performance to a favorable product mix and heightened drilling activity in global markets, which reinforced the continued necessity for efficient tubular handling solutions.
• In April 2024, National Oilwell Varco reported the successful deployment of its first ATOM RTX land robotics system on a drilling rig in Canada. This advanced automation solution utilized multiple robotic arms to execute complex tasks on the drill floor, including the handling of slips during tripping and drilling operations. By effectively removing personnel from hazardous red zones, the system demonstrated significant improvements in rig site safety and operational consistency. The company noted that this deployment marked a critical step in the commercial adoption of robotics for land drilling, validating the technology's ability to replace manual slip handling.

Key Market Players

• 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

By Type	By Bushing	By Location	By Holding Component	By Region
Hydraulic Pneumatic	Casing Bushing Master Bushing	Offshore Onshore	Drill Pipe Slips Drill Collar Slips Casing Slips Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Power Slip Lifter Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Power Slip Lifter Market , By Type:

• Hydraulic
• Pneumatic

• Power Slip Lifter Market , By Bushing:

• Casing Bushing
• Master Bushing

• Power Slip Lifter Market , By Location:

• Offshore
• Onshore

• Power Slip Lifter Market , By Holding Component:

• Drill Pipe Slips
• Drill Collar Slips
• Casing Slips
• Others

• Power Slip Lifter Market , By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE