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Top Drive Systems Market


Energy & Power
Drilling Equipment

The global top drive market is estimated to reach $1,541.6 Million by 2020, at a projected CAGR of 5.7% during the forecast period, indicating a high demand in onshore and offshore applications. The electric top drive market is estimated to reach a value of $1,381.3 Million whereas the hydraulic top drive market is projected to reach $160.3 Million by 2020.

Top drive is a device on a drilling rig that provides rotational force to facilitate the process of drilling a wellbore; earlier rotary table was used for the same purpose. They are basically an innovative technology to replace Kelly and rotary table, and can be defined as a hydraulic or electrical motor suspended in the mast of the drilling rig. It drives and rotates the drill string and bit, hence making the drilling process easy. Growth in drilling & exploration activities and increasingly strict environmental regulations and norms related to safer oil exploration activities are expected to be the major drivers of the market globally.

Furthermore, with the current declining oil price scenario, there is a fall in demand for top drives due to a decrease in the drilling rig count in 2015; it is estimated that the total rig count has fallen to around 500 rigs. Therefore, the top drive market has seen a slight dip in 2015; however, it is expected to regain its growth from 2016.

Top drives play a significant role in reducing hazards and the overall cost of drilling activities. It will continue to be the predominant method of drilling wells in the future. The biggest markets for top drives include North America, Europe, Asia Pacific, Africa, the Middle East, and South America. The figure below shows the global top drive market by region in 2014.

Top Drive Market Share (Value), by Region, 2014

Top Drive Systems Market

Source: MarketsandMarkets Analysis

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