Oilfield Rotary Table Market: Introduction
- Oilfield rotary table is a spinning section of the drilling rig that provides power to turn the drill string in a clockwise direction to facilitate the process of drilling an oil and gas well. Drilling rigs have a rotary table either as backup or primary system to rotate the drill string.
Key Drivers & Restrains of Oilfield Rotary Table Market
- Increase in demand for drilling rigs due to rise in investments in exploration and production of unconventional and conventional reserves, owing to the gradual recovery in global crude oil prices, is anticipated to drive the oilfield rotary table market during the forecast period. For instance, as per Baker Hughes, the number of active rig count across the world, increased from 1,593 unit in 2016 to 2,211 unit in 2018.
- Introduction of rig fleet expansion programs to support upstream growth plans by enhancing the crude oil production capacity is expected to propel the oilfield rotary table market. For instance, In November 2019, ADNOC drilling introduced a rig fleet expansion program to increase crude oil production capacity by 5 million barrels per day (Mbpd) by 2030. According to the expansion program, in the first phase, ADNOC acquired four UAE-built technologically advanced land rigs at a total value of over US$ 100 million.
- Technological advancement in drilling rig design, in order to enhance efficiency of oil & gas drilling operations and minimize human error, is projected to propel the demand for oilfield rotary table during the forecast period. For instance, in May 2019, Maersk launched the first hybrid, low emissions rig.
- High cost associated with drilling activity is anticipated to hamper the market during the forecast period
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Onshore Segment to Hold Major Share of Global Oilfield Rotary Table Market
- The global oilfield rotary table market can be segmented based on application and region
- Based on application, the global oilfield rotary table can be classified into onshore and offshore. The onshore segment is expected to expand considerably due to a rise in the investments to enhance production of crude oil and gas in brown fields. The offshore segment is anticipated to expand at a rapid pace during the forecast period due to abundant availability of unconventional and conventional oil and gas reserves in deep and ultra-deep water location.
- North America to Hold Major Share of Global Oilfield Rotary Table
- In terms of region, the global oilfield rotary table market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The oilfield rotary table market in North America is expected to expand at a significant pace during the forecast period due to ongoing investments in exploration & production of unconventional resources including shale gas
- Oilfield rotary table market in Asia Pacific is anticipated to expand at a prominent CAGR during the forecast period due to a surge in the demand for crude oil and gas, primarily in India, South Korea, Japan, and China from petrochemical, chemical and manufacturing sectors in these countries. Moreover, stabilization of crude oil prices along with an increase in disposable income, changing demographics, and expansion of population are further expected to fuel the market in the region. For instance, according to stats collected by BP, the consumption of crude oil in Asia Pacific increased from 1,651.3 million tons oil equivalent in 2017 to 1,695.4 million tons oil equivalent in 2018.
- The oilfield rotary table market in Europe is also projected to expand during the forecast period due to ongoing investments in offshore drilling activities to safeguard the nation’s energy security by ensuring the security of oil supplies.
- The oilfield rotary table market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period due to abundant availability of untapped potential of oil & gas reserves. For instance, in 2018, Saudi Arabia accounted for 15.7% share of global proved oil reserves, i.e. 266.2 billion barrels of proved oil reserves.
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Key Players Operating in Global Oilfield Rotary Table Market
Leading companies operating in the global oilfield rotary table market include Schlumberger Limited, YZS, Pickett Oilfield, LLC, Shaanxi FYPE Rigid Machinery Co., Ltd., MHWirth, and National Oilwell Varco, Inc.
Global Oilfield Rotary Table Market: Research Scope
Global Oilfield Rotary Table Market, by Application
Global Oilfield Rotary Table Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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