Power Slip Lifter Market To Grow With an Impressive CAGR During The Forecast Period
Global Power Slip Lifter Market is driven by rising concerns
regarding oil spills in the forecast period, 2023-2027.
According
to TechSci Research report, “Power Slip Lifter Market - Global Industry Size,
Share, Trends, Opportunity and Forecast, 2017-2027”,
The global power slip lifter market may show a robust growth in the forecast
years, 2023-2027 with an anticipated CAGR value. The market growth can be
attributed to the factors like increasing demand for the safer oil rig
equipment. Demand for more efficient drilling equipment, pipe handling
equipment, and safer to handle tools is driving the growth of the global slip
lifter market in the upcoming five years. Oil drilling equipment are quite
specific and perform integrated and specialized functions. Surging demand for
the sophisticated drilling and handling system further supports the growth of
the global power slip lifter market in the net five years. Increased investment
and governmental funding in the oil and gas industry such that better equipment
and tools can be utilized, and oil production can be increased. Surging demand
for increasing oil production to insatiate the increasing oil consumption from
various end use industries is also responsible for the further growth of the
global power slip lifter market in the future five years.
Furthermore,
increasing research and innovative product development and increasing market
player involvement for the advancement of the equipment and tools also
substantiate the growth of the global power slip lifter market in the forecast
years, until 2027. Oil and gas industry is ever expanding, therefore not too
concerning factors are present that may hold back the future market growth.
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The
global power slip lifter market segmentation is based on type, bushing,
location, holding component, regional distribution, and competitive landscape.
Based on type, the market is divided between hydraulic and pneumatic. Hydraulic
power slip lifters are anticipated to hold the largest revenue shares of the
market and dominate the market segment in the next five years on the account of
increasing offshore oil drilling sites. Demand for power slip lifter for
offshore sites is also increasing due to concerns over oil spills, and rig
blowouts. Oil spills in the ocean further creates hazard for the marine life
and destroys the marine ecosystem altogether. The losses incurred affects
environment on multiple level, pollution of water bodies, loss of food, and
loss of marine life all upsurge the demand for better safety equipment and thus
drives the growth of the global power slip lifter market in the upcoming five
years. Pneumatic power slip lifter is also expected to register significant
growth in the future five years on the grounds of increasing number of onshore
riggs. Rising concerns regarding oil spills on oceanic water has further
shifted the drilling sites to offshore oil riggs. Increasing onshore rigs in
the United States are also responsible for further demands of power slip
lifters. Presence of oil riggs in fragile environment like arctic circle is
also driving the growth of the global power slip lifter market in the forecast
years.
Location
segment is bifurcated between offshore and onshore. Offshore locations are
anticipated to hold the largest revenue shares of the market and dominate the
segment in the upcoming five years on the grounds of availability of the
offshore oil production sites. Moreover, the oil production from the offshore
location is easier to drill and also riskier, thus demand for power slip lifter
is higher for these location and thus substantiate the growth of the global
power slip market in the forecast years, until 2027.
Some
of the market players, dominating the global market are:
- Imenco Smart Solutions
- Weatherford International
- Forum Energy Technologies Inc.
- Janki Oil Tools
- Keystone Energy Tools
- Den•Con Tool Co
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“North America region is anticipated to
dominate the regional analysis in the upcoming five years on the grounds of increasing
oil rigs. Countries like the United States and Mexico have several offshore
drill rigs. Also, Gulf of Mexico has largest oil production capacity, and gets
exploited for the extraction of oil. Safety concerns on these lands are high
due to risks of oil spills or drilling accidents on the drill floor. Rising
concerns over the safety and security of the oil production units and the
members involved further substantiate the demand and growth of the global power
slip lifter market in the next five years. New market players may focus on
research and product development for the effective functioning, and higher
safety standards would help in future brand establishment. Future growth can
also be achieved by merger and acquisitions with the global giants already
established in the market,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Power Slip Lifter Market
- Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027, 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”, has evaluated the future
growth potential of global power slip lifter and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global power slip lifter market.
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