COVID-19 Impact on Power Slip Lifter Market
- The COVID-19 outbreak is hampering the power slip lifter demand in many applications. To curb the spread of coronavirus, many governments across the globe enforced lockdown measures. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are hampering the demand for power slip lifters.
- Key players operating in the power slip lifter market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players have spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic.
- The COVID-19 outbreak has directly affected the production and demand for power slip lifters. The industrial shutdown caused by the COVID 19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
Key Drivers of Power Slip Lifter Market
- Increasing demand for infrastructure and strict environmental norms and regulations are key factors driving the power slip lifter market. Government regulations mandate certain standards and waterproofing materials to be followed in major parts of the world. Some countries in Europe follow the roofing standards. These standards play a vital role in prompting consumers to prefer power slip lifters. Increasing investments in the commercial construction sector of emerging countries such as India and Indonesia is expected to boost the power slip lifter market.
- Rise in usage of power slip lifter in construction applications is expected to boost the market during the forecast period. Power slip lifter is widely used in residential and non-residential construction projects.
Restraints of Power Slip Lifter Market
- The key restraining factor in the power slip lifter market is the fluctuating price of raw materials. Instability in raw material prices can restrict the growth of the power slip lifter market. In addition, substitutes developed due to research and development can hamper the market growth during the forecast period.
Asia Pacific to Constitute Significant Share of Global Power Slip Lifter Market
- In terms of region, the global power slip lifter market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is one of the key consumers of power slip lifters. The market in the region is anticipated to expand at a faster pace than that in other regions during the forecast period. Expansion of the construction industry is expected to drive the power slip lifter market in Asia Pacific during the forecast period.
Competitive Landscape of Global Power Slip Lifter Market
Major players operating in the global power slip lifter market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
- Weatherford International
- Imenco Smart Solutions
- Janki Oil Instruments
- Keystone Power Instruments
- Forum Energy Technologies Inc
- Applied Technologies Inc
Global Power Slip Lifter Market: Research Scope
Global Power Slip Lifter Market, by Type
Global Power Slip Lifter Market, by Bushing
- Casing Bushing
- Master Bushing
Global Power Slip Lifter Market, by Location
Global Power Slip Lifter Market, by Holding Component
- Drill Pipe Slips
- Drill Collar Slips
- Casing Slips
Global Power Slip Lifter 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
- South Africa
- Rest of Middle East & Africa
Power Slip Lifter Market Introduction
- Power slip lifters are pipe handling systems that can lift drill collar slips, casing slips, drill pipe slips, and other types of slips into and out of the rotary table. Both pneumatic and hydraulic systems use the lifter. The system is frequently controlled by a distant or operation valve, which initiates the lifting and delivering functions without requiring any human interaction, reducing the risk of accidental slips, injuries, and other safety hazards. Power slip lifters are designed to set faster and provide self-centering in the bushing, reduce tool mishandling, and increase equipment life by preventing wear-and-tear that can occur during moving.
- Power slip lifter benefit drilling crews looking to cut costs. Hydraulic and air-powered models save time and money while improving safety. Reduced downtime improves the drilling project's overall efficiency.