Drilling Drives Market: Introduction

  • Drilling drives are a system used in drilling activities, both onshore and offshore. Drilling drives are available in two types: Kelly drives and Top drives. Top drives for drilling dominate the market of drilling drives due to their superiority in various functionalities compared to Kelly drives, such as fast operation, efficiency, and safety, and consist of a hydraulic system to move links and elevators. Drilling drives are ideally suited for various drilling methods such as rotary percussive drilling, pure rotary drilling, and overburden drilling. Drilling drive systems are customized systems that are designed for specific drilling operation requirements. Drilling drives consist of a wide range of accessories to configure optimum drilling operation and mounting facilities to change drives and methods in the shortest possible time to provide maximum flexibility.
  • Different types of drilling drives are available based on type, machine, deployment, and vessel type.

Key Drivers of the Drilling Drives Market

  • An increase in oil exploration in oil & gas fields due to the rise in demand for energy across the globe is a major factor driving the growth of the drilling drives market.
  • Technological advancements and increasing safety concerns is also a major factor impacting the market of drilling drives as these drive systems are efficient and safe to use.
  • An increase in capital expenditure by various national oil companies in developing countries across the globe for exploring new wells to increase domestic production and to reduce dependence on oil & gas imports is another factor that drives the growth of the drilling drives market.
  • Growth of various industries such as manufacturing, chemicals, pharmaceuticals, shipping, and aviation has significantly increased the demand for petroleum products, as diesel and petrol play a crucial role in these industries. The increasing demand for petroleum products drives the drilling drives market.

Restraints of the Drilling Drives Market

  • The major restraint of the drilling drives market is the uncertainty of international crude oil prices that limits investors and oil & gas companies from investing in new projects to avoid losses.
  • Another factor that can hamper the market growth of drilling drives is the risk of failure in different methodologies such as mechanical, electrical, hydraulics, and online monitoring systems as they require precise integration.

North America to Hold Major Share of the Global Drilling Drives Market

  • North America holds major share of the global drilling drives market owing to the increased drilling activities in the region. The recent developments of horizontal drilling and advanced technologies have increased the demand for faster and cost-efficient drilling drive systems in the region.
  • Kuwait, Saudi Arabia, and Iran are the major countries driving the drilling drives market growth owing to a large number of onshore production facilities in the Middle East.

Key Manufacturers Active in the Drilling Drives Market Include:

  • Aker Solutions ASA
  • Schlumberger Limited
  • Atlas Copco Ltd.
  • Bentec Gmbh Drilling & Oilfield Systems
  • Drillmec Inc.
  • Herrenknecht Vertical Gmbh
  • Warrior Rig Technologies Limited
  • National-Oilwell Varco, Inc.
  • China National Petroleum Corporation (CNPC)
  • AXON EP, Inc.
  • Nabors Industries Ltd.

Companies such as Maersk Drilling are focusing on their new product Horizon56 to drive offshore digitalization to ease the process of drilling.

Aker Solutions launched its versatile modular top drive MH MDDM 1000™ that meets 6th generation drilling requirements and can be repaired quickly.

Key manufacturers of drilling drives are also focusing on various inorganic growth strategies such as acquisitions, mergers, and collaborations.

Global Drilling Drives Market: Research Scope

Global Drilling Drives Market, by Machine

  • Hydraulic
  • Electric

Global Drilling Drives Market, by Type

  • Kelly Drive
  • Top Drive

Global Drilling Drives Market, by Deployment

  • Onshore
  • Offshore

Global Drilling Drives Market, by Distribution channel

  • Direct Sales
  • Indirect Sales 

Global Drilling Drives Market, by Region

  • North America
    • The U.S.
    • Canada
    • Rest of North America
  • Europe
    • France
    • Germany
    • Italy
    • U.K.
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East and Africa
  • South America
    • Brazil
    • Rest of South America

Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.

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Drilling Drives Market