Oilfield Drilling Elevator Market Scope
Oilfield drilling elevators are hoisting tools for handling shoulder drill pipe, casing, tubing and drill collar in the oil and gas field. The Elevators are designed and manufactured according to API Spec 8A-Specification for drilling and production hoisting equipment. They are used to raise and lower the drilling pipe in and out of the drilling hole by latching around the top of the drill string pipe joints. These elevators are hinged and the drilling rig team can open and close them by using the latch with handles on either side of the elevator.
According to AMA, the Global Oilfield Drilling Elevator market is expected to see growth rate of 5.57%The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Oilfield Drilling Elevator market throughout the predicted period.
Forum Energy Technologies (United States), National Oilwell Varco (United States), Weatherford International (United States), Jereh Group (China), Texas International (United States), Frank's International NV (Netherlands), Schlumberger Limited (United States), Keystone Energy Tools LLC. (United States), Genesis Oilfield Pipe & Supply, Inc (United States) and Acadiana Manufacturing LLC (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Paramount Oil Tools & Equipment (United States) and Offshore Energy Inc (United States).
Segmentation Overview
The study have segmented the market of Global Oilfield Drilling Elevator market by Type (Elevator With Stress Joints, Elevator With Buoyancy Cans and Other), by Application (Onshore and Offshore) and Region with country level break-up.
On the basis of geography, the market of Oilfield Drilling Elevator has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Advances in Drilling Elevator Technology
Market Growth Drivers:
Growing Innovations in Pipe Handing Systems and Rising in Deepwater and Ultra-deepwater Projects
Challenges:
Rig Floor Operations and Fluctuations in Oil and Gas Prices may Hamper Market
Restraints:
Rising Adoption of Alternative Energy Sources
Opportunities:
Rising Upstream Investments by the Various Oil and Gas Industry
On 24th February 2020, Schlumberger announced the opening of a world-class manufacturing center in King Salman Energy Park (SPARK) that supports Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) program to promote economic growth. The center will manufacture various technologies including liner hangers and packers and valve technologies, such as GROVE valves and ORBIT rising stem ball valves, to help improve the efficiency of oil and gas operations in the Kingdom and neighboring countries.
Key Target Audience
Oilfield Drilling Elevator Manufacturers, Oil and Gas Industry, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Other
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.