Global Oilfield Drilling Elevators Market 2019-2023

Some of the key findings from our oilfield drilling elevators market forecast report are summarized below

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Global Oilfield Drilling Elevators Industry Overview

The advances in drilling elevator technology will be one of the critical oilfield drilling elevators market trends driving the growth of the market. Market vendors are focusing on the development of innovative drilling elevator technology that minimizes the chances of accidents on the rig floor because of the manual handling of pipes tubular and drill pipes. For instance, Canrig multi-size elevator, MSE-350, a single drilling elevator developed by Nabors Industries Ltd. (Nabors) can handle pipes of different dimensions while drilling a large section of the wellbore. The robotic control system in this elevator uses weight negotiation feature to ensure safe and fast pipe handling. Similarly, automatic hydraulic slip-type elevators developed by NOV have innovative features that ensure hands-free pipe handling operations and enhance safety on the rig floor. These benefits will boost the adoption of automated elevators for oil and gas drilling activities and consequently fuel the growth of the oilfield drilling elevators market.

The increase in global active rig count will also boost the demand for oilfield drilling elevators. The recovery of global crude oil prices has resulted in increased oil and gas E&P activities. Oil and gas companies are making significant investments in E&P projects to enhance oil and gas production and increase their profits. Moreover, oilfield drilling service companies, such as KCA Deutag Drilling have secured high-value contracts to provide drilling rig services to oil and gas E&P operators. This rise in drilling activities will boost the demand for oil and gas drilling rigs and increase the need for oilfield drilling equipment, such as oilfield drilling elevators. With the increasing number of active oilfield rigs, the demand for oilfield drilling elevators will also grow. Such factors are expected to fuel the growth of the oilfield drilling elevators market at a CAGR of almost 6% during the forecast period.

Top Oilfield Drilling Elevators Companies Covered in this Market Research Report

The global oilfield drilling elevators market is fragmented. To help clients improve their market position, this report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this oilfield drilling elevators market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

The report offers a detailed analysis of several leading oilfield drilling elevator manufacturers, including:

• Forum Energy Technologies Inc.
• Frank's International NV
• National Oilwell Varco Inc.
• Weatherford International Plc
• Yantai Jereh Oilfield Services Group Co. Ltd.

Oilfield Drilling Elevators Market Segmentation Based on Application

• Onshore
• Offshore

The onshore segment will account for the highest oilfield drilling elevators market share. The rising oil and gas E&P activities and the increasing demand for onshore drilling rigs are some of the significant factors boosting the demand for oilfield drilling elevators for onshore applications. This market research report provides an accurate prediction of the contribution of all segments to the growth of the oilfield drilling elevators market size.

Oilfield Drilling Elevators Market Segmentation Based on Geographic Region

• APAC
• Europe
• MEA
• North America
• South America

With a complete study of the growth opportunities for companies, it has been identified that North America will account for the highest oilfield drilling elevators market share throughout the forecast period. Factors such as increasing oil and gas discoveries and increasing investments and initiatives are contributing to the oilfield drilling elevators market growth in this region.

Key Highlights of the Global Oilfield Drilling Elevators Market for the Forecast Period 2019-2023

• CAGR of the market during the forecast period 2019-2023
• Detailed information on factors that will accelerate the growth of the oilfield drilling elevators market during the next five years
• Precise estimation of the global oilfield drilling elevators market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the oilfield drilling elevators industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on several vendors
• Comprehensive details of factors that will challenge the growth of oilfield drilling elevators companies