Safety Clamp Market Projected to Register a Robust Growth Through 2027
Growing need to enhance safety during oil exploration
activities to drive the growth of the global safety clamp market.
According to TechSci Research report on, “Safety
Clamp market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
2017-2027”, the
global safety clamp market is anticipated to witness robust CAGR over the
forecast period 2023-2027. The market growth can be attributed to the increase
in oil & gas exploration activities and enhanced focus of organizations on improving
the safety of operators engaged in drilling. Safety clamps serve as a backup
safety mechanism to guard against dropping flush-joint pipe, streamlined drill
collars, etc. and provide more control in case of component failure during
downhole operations. Rapid urbanization and industrialization have led to a
surge in need for energy. Hence, power generation companies are continuously
exploring new offshore and onshore locations to fulfill the growing energy
needs for domestic and industrial purposes. Various industry players are
striving to perform research & development activities and advancing
drilling equipment to maximize their output, which is expected to contribute to
the global safety clamp market growth. Besides, market players are involved in
research & development to improve the quality and efficiency of safety
clamps. Emergence of new varieties of safety clamps by market players to
further enhance the efficiency of drilling operations is expected to boost the
growth of safety clamp market in the coming years. New rules and standards
issued by OSHA to regulate the safety of workers involved in drilling process
is further expected to fuel the demand for safety clamps, which is anticipated
to boost their market growth.
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The
global safety clamp market is segmented on the basis of type, product type,
location, and region.
Based on the product type, the market is further divided
into tubing and casing. The casing segment is expected to hold the largest
share in the global safety clamp market, owing to their greater adoption for
creating a uniform gripping pressure to prevent risks of crushing thin wall
pipes. Casing safety clamp acts as individual gripping member to hold down
against floatation of surface pipe while cementing. However, these safety
clamps are used in conjunction with slips and are not designed to hold or hoist
the string weight.
Based
on product type, the market is divided into Type T, Type C, and Type MP. The
Type MP segment is anticipated to hold the largest share in the market during
the forecast period. The Type MP segment is designed to offer significant
flexibility as they are adjustable to a variety of tubular. Hence, Type MP is
being widely utilized by oil and gas companies to carry out different gripping
functions with the same kind of tool.
Based
on location, the market is bifurcated into onshore and offshore. The offshore
segment is expected to hold the largest share in the global safety clamp during
the forecast period, owing to the advancement in drilling technologies like
vertical and horizontal drilling. Besides, an increase in investments by
various countries across the world to discover new oil reserves are aiding the
market growth.
A
list of major market players of the global safety clamp market includes:
- Texas International
- Janki Oil Tools
- Autobahn Industries
- Keystone Pipe Handling Tools
- Premium Oilfield Technologies
- General Petroleum Oil Tools
- FYPE Rigid Machinery Co. Ltd.
- Alco Group
- Shaanxi Gaoton Highlong Machinery Co. Ltd.
- Rbdxki Co. Ltd.
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“Rising
number of deep-water and ultra-deep-water oil and gas excavation activities to
extract hydrocarbons essential for energy generation in counties such as
Nigeria, Brazil, Saudi Arabia, etc. are anticipated to fuel the growth of the
global safety clamp market. Furthermore, shifting focus of oil and gas
companies on shale gas reserves and other unconventional oil fields are likely
to propel the market growth. Various companies are focusing on the organic and
inorganic growth strategies for finding lucrative growth opportunities in the
forecast period, which is expected to drive the global safety clamp market.”
said Mr. Karan Chechi, Research Director, TechSci Research, a research based
global management consulting firm.
“Safety Clamp market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Type (Tubing, and
Casing), By Product Type (Type T, Type C, Type MP), By Location (Onshore,
Offshore) and By Region” has evaluated the future growth potential of global safety
clamp market 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 safety clamp market.
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