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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