Oilfield Catwalks Market To Grow With Impressive CAGR During the Forecast Period
Global Oilfield Catwalks Market is driven by advancing oil
machinery in the forecast period, 2023-2027.
According
to TechSci Research report, “Oilfield Catwalks Market - Global Industry Size,
Share, Trends, Opportunity and Forecast, 2017-2027”, The
global oilfield catwalks market has a potential to project an impressive CAGR
toward forces growth in the period, 2023-2027, on the account of increasing
demand for the better equipment for the oil production and excavation. Rapidly
increasing demand for the oil and gas from various industries is driving the
growth of the global oilfield catwalk market in the upcoming five years. Also
increased production of oil & gas to compensate the increasing need for oil
and gas demands for more efficient equipment and thereby supporting the growth
of the global oilfield catwalk market in the next five years. Additionally,
increasing global energy demand is substantiating the growth of the global
oilfield catwalk market in the future five years. Rapidly increasing number of
discovered wells and growing exploration & production activities are also
aiding to the growth of the global oilfield catwalks market in the forecast
years, until 2027. Moreover, added advantages of the oilfield catwalks like minimize
manual handling during oil excavation, maximize safe working load, better
safety features such as ramping speed down at the end of travel, overload
protection, emergency load lowering, and fail to safe braking, are also
responsible for the futuristic increasing demands for the oilfield catwalk and
thus drives the growth of the global oilfield catwalk market in the forecast
period.
Furthermore,
increasing number of market players involved in the evolution and advancement
of the oil machinery and equipment is also driving the growth of the global
oilfield catwalk market in the next five years.
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The
global oilfield catwalks market segmentation is based on type, location,
application, regional distribution, and competitive landscape. Based on type,
the market is fragmented into mechanized, hydraulic, and automated. A
mechanized catwalk is used to speed up and simplify the pipe handling
throughout drill floor from the pipe rack. An elevator is used to lift the
pipes up to the drill floor. The equipment eliminates interim storage thus
making it time-efficient. A remote controlled panel is used to operate the
catwalk from the drill floor thus minimizing any safety risks. Hydraulic
catwalk supports better safety during transportation of tubular and pipes during
the process. The hydraulic catwalk is a push-pull type of catwalk which uses
ramp and skate for the transportation process. Since the equipment is hydraulic
powered, it is controlled by a manual control box along with a wireless remote
to be operated from the drill floor. Automated catwalk eliminates human
intervention with the pipes and tubular completely. The machinery is most
efficient for the safety concerns. It also offers the services of enhanced
efficiency to the process meanwhile ensuring maximum safety thus is most
preferred for the oil and gas drilling. The increased preference and maximum
safety advantage ensure the growth of the global oilfield catwalk market in the
upcoming five years.
On
the basis of location, the market is differentiated between onshore and
offshore. Onshore locations are anticipated to hold the largest revenue shares
of the market and dominate the location market segment in the upcoming five
years on the grounds of increasing onshore excavations of oil and gas. Also,
rapidly increasing onshore reservoirs in the North American regions is further
driving the growth of the sub-segment along with the growth of the global
oilfield catwalk market in the next five years.
Some
of the market players, dominating the global market are :
- Forum Energy Technologies Inc.
- Sub-drill Supply Limited
- Schlumberger Limited
- Autobahn Industries
- Janki Oil Tools,
- Drilltech Group
- Hot-Hed International
- Machine Tech Services
- Ray Oil Tool Co.
The
existing market players are highly invested in research and product development
along with viable service provisions for the consumers. New market entrants may
follow similar strategies along with merger and acquisition methods for future
brand establishment.
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“North America region is anticipated to
dominate the regional analysis of the global oilfield catwalks market in the
upcoming five years on the account of rapidly increasing oil and gas
production. Surge in the demand for the oil and gas along with the derived
products is anticipated to drive the growth of the global oilfield catwalk
market in the next five years in the region. Major economies like the United
States and Mexico are some of the leading industries of oil production and
excavation from the reservoirs. Regions like Gulf of Mexico are highly
productive areas that provide oil excavation in large quantities and thus
drives the growth of the global oilfield catwalks market in the future five
years. Increasing onshore excavation is also substantiating the growth of the
global oilfield catwalks market in the future five years,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global management
consulting firm.
“Oilfield catwalks Market
- Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027, Segmented By Type
(Mechanized, Hydraulic, Automated), By Location (Onshore, Offshore), By
Application (Rod Handling, Productivity, Cycle Time, Rapid Rig-Up, Wireless
Control System), By Region”, has evaluated the future
growth potential of global oilfield catwalks 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 oilfield catwalks market.
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