Power Tong Market Stabilizes Growth Over Higher Natural Gas Consumption
Safety concerns for drilling equipment upholds the market
growth of the Global Power tong Market.
According
to TechSci Research report, “Power Tong Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2017-2027”. Global
power tong market is anticipated to register an impressive growth with a CAGR
during the forecast period, 2023-2027, due to growing demand for oil extraction
equipment. Demands for the higher performance of the drilling equipment, safety
equipment installed, and other tools and machinery required for the smooth oil
draws, drive the growth of the global power tong market in the upcoming five
years. The power tongs are specifically designed for use on locations where
limited working areas, reduced manual handling and running performance is
critical. Thus, factors such as oil reserve taps in the regions with difficult
terrain, lesser availability of the workforce, complicated drilling like
directional drilling is required; are some of the major factors further
substantiating the growth of the global power tong market in the next five
years. Concern toward oil spillage and wastage of oil & gas along with
drastic effects on the site and environment hurting the ecosystem, further
demands highly efficient drilling and safety equipment thereby substantiating
the growth of the global power tong market in the forecast years through 2027F.
Moreover,
implementation of stringent government regulations towards environmental
pollution from conventional fuels and enhanced focus on electrification are
some of the factors positively influencing the global power tong market in the
future five years. Besides, increased demand for offshore drilling application
is set to increase on account of increase in water drilling and production activities
thereby the demands for the drilling equipment including power tongs have
enhanced and thereby aids the industrial growth of the market in the forecast
period.
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The
global power tong market segmentation is based on type, product type, function,
location, regional distribution, and competitive landscape. Based on type, the
market is differentiated between hydraulic and pneumatic. Hydraulic power tongs
are anticipated to hold the largest revenue shares of the market and dominate
the market segment in the upcoming five years on account of growing number of
offshore oil drilling sites. Surge in the demand for oil production, stringent
regulations for oil spillage in the oceans and water bodies, that harms the
marine life, and the ecosystem further facilitates the growth of the global
power tong market in the future five years. By product type, the market is
further segmented into chisel tong, casing tong, rotary tong, manual tong, and
others.
Based
on function, the market is distinguished between breakout tong and makeup tong.
Breakout tongs are the large-capacity self-locking wrenches that are used to
grip drill string components and apply torque to the equipment such that
effective drilling can be conducted. the breakout tongs are the active tongs
during breakout operations. A similar set of tongs is tied off to a deadline
anchor during breakout operations to provide backup to the connection, not
unlike the way a plumber uses two pipe wrenches in an opposing manner to
tighten or loosen water pipes, except that breakout tongs are much larger. Makeup
tongs are large capacity self-locking wrenches too. As a matter of efficiency,
one set of tongs is essentially tied off with a cable or chain to the derrick,
and the other is actively pulled with mechanical catheads. The breakout tongs
are the active tongs during breakout (or loosening) operations. The makeup
tongs are active during makeup (or tightening) operations.
By
location, the market is bifurcated between offshore and onshore location. Offshore
locations are anticipated to hold the largest revenue shares of the market and
dominate the market segment in the upcoming five years on the grounds of higher
number of offshore locations of oil rigs. Growing consumption and thus the
demand to produce more oil & natural gases the demands for the offshore oil
drilling have increased and drives the growth of the global power tong market
in the next five years.
The
market analysis also studies the regional segmentation, divided among
Asia-Pacific region, North American region, European region, South American
region, and Middle East & African region.
Some
of the market players, dominating the global power tong market are :
- Keystone Energy Tools
- Texas Intrenational Oilfield Tools Limited
- Eckel
- Weatherford International
- ProTorque
- Edcon Power Tongs and Oilfield Services Ltd.
- TNT Power Tongs
- Starr Power Tongs
- Besdrill Machinery
- McCoy Global Inc.
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“North America region is anticipated to
hold the largest revenue shares of the market and dominate the market segment
in the upcoming five years on the grounds of increasing oil excavation
activities in the countries like the United States and Mexico. Surge in the
research and technological advancement in the drilling equipment also
facilitates the growth of the market in the future five years,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global management
consulting firm.
“Power Tong Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Type
(Hydraulic, Pneumatic), By Product Type (Chisel Tong, Casing Tong, Rotary Tong,
Manual Tong, Others), By Function (Breakout Tong, Makeup Tong), By Location
(Offshore, Onshore), By Region”, has evaluated the future
growth potential of global power tong 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 tong market.
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