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Oil & Gas Pipe Handling Equipment Market

Oil & Gas Pipe Handling Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Oil & Gas Pipe Handling Equipment: Introduction

  • Rapid globalization has led to a surge in demand for energy. Oil and gas plays a vital role in meeting the increasing demand for energy. Natural gas is the cleanest burning and fastest growing fossil fuel, contributing almost one-third of total energy demand growth through the last decade. Oil is the raw material that is used as feedstock for many chemical products. Gasoline is extracted from oil, which plays an important role as a conventional fuel.
  • The oil & gas industry is mainly divided into three major activities: upstream, midstream, and downstream. Upstream activities involve drilling and production, while midstream activities involve transfer of crude oil from extraction place to refineries. Downstream activities involve transfer of refined products to end-users. Pipe handling equipment plays a major role in upstream activities. Pipe handling equipment ensures safe, fast, and profitable drilling.
  • In order to develop oil and gas reserves, it is necessary to drill through thousands of meters of thick rock layers. Downhole tools of varying thickness and diameters are used to perform these drilling operations. These tools are required to withstand high vibration frequency in the process. Vibrations can lead to reduced rate of penetration or premature failure in the tool. In turn, this could lead to an increase in downtime for upstream activities, thus resulting in a rise in operational expenses. Pipe handling equipment minimizes the detrimental effects of vibration caused and ensures smooth drilling operations.

Key Drivers and Restraints of Oil & Gas Pipe Handling Equipment

  • Oil and natural gas meet 50% of the world’s energy demand, according to the International Energy Agency.
  • According to the International Energy Agency, petrochemical products are expected to be the pillars of growth of the oil industry during the forecast period. Global oil consumption is projected to reach 104.1 mb/d by 2026, representing an increase of 4.4 mb/d from that in 2019.
  • Drive by governments toward low carbon future may impact the consumption of oil and natural gas, leading to limited production of oil & natural gas. This is expected to affect the capture of oil and gas reserves by drilling (upstream activities). In turn, this is estimated to hamper the global oil & gas pipe handling equipment market.

COVID-19 Impact Analysis on Oil & Gas Pipe Handling Equipment Market

  • Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, have come to a halt because of lockdowns. Supply could not adjust to the drop in consumption. This resulted in considerable buildup of gas in storage. Low prices and unprecedented drop in demand has created difficulties for the upstream sector in regions with unfavorable production economies. This adversely impacted the global oil & gas pipe handling equipment market.

Oil & Gas Pipe Handling Equipment Market Segmentation

  • The global oil & gas pipe handling equipment market can be segmented based on equipment type and application
  • In terms of equipment type, the global oil & gas pipe handling equipment market can be divided into elevators, slips, power tongs, iron roughnecks, safety clamps, stabbing guides, dies & inserts, and others
  • In terms of application, the global oil & gas pipe handling equipment market can be classified into onshore and offshore

Oil & Gas Pipe Handling Equipment Market: Regional Segmentation

  • In terms of region, the global oil & gas pipe handling equipment market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
  • According to Rystad Energy, well service spending is expected to rise to US$ 54 Bn by the end of 2021 from US$ 50 Bn in 2020 in North America. Thus, oil & gas pipe handling equipment market is projected to expand at a rapid pace in the region in the near future. 
  • According to the Oil and Gas Journal, well intervention in Middle East & Africa is anticipated to rise at a faster pace, with around 10,000 active offshore wells on oil fields with average well age of 16-21 years compared to average well age of 10-15 years in other regions. This is anticipated to boost the market in the region during the forecast period. 

Key Players Operating in Global Market

  • Forum Energy Technologies, Inc.
  • Keystone Energy Tools LLC
  • Schlumberger
  • Columbia Industries
  • Bauhuis B.V.
  • Tasman
  • Parveen Industries Pvt. Ltd.
  •  IRE Oil & Gas FZE
  • JARP Industries
  • Ranger Oilfield Products, LLC.
  • Danfoss

Global Oil & Gas Pipe Handling Equipment Market: Research Scope

Global Oil & Gas Pipe Handling Equipment Market, by Equipment Type

  • Elevators
  • Slips
  • Power Tongs
  • Iron Roughnecks
  • Safety Clamps
  • Stabbing Guides
  • Dies & Inserts
  • Others

Global Oil & Gas Pipe Handling Equipment Market, by Application

  • Onshore
  • Offshore

Global Oil & Gas Pipe Handling Equipment Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
Oil & Gas Pipe Handling Equipment Market

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