San Francisco, CA -- (SBWire) -- 04/16/2019 --The global oilfield crown block market is gaining from mechanical advantages of crown block as part of hoisting system in drill rigs.

Hoisting system is a key component of drilling operations, as the system is responsible for lifting and lowering major equipment for drilling or completing a well.

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Physically, crown block comprises a fixed set of pulleys, through which the drilling line is threaded. Crown block is a component of block and tackle of hoisting system of drill rigs, when combined with traveling block and drill line provides the ability to lift hundreds or thousands of pound weight.

The report on oilfield crown block market identifies key trends and growth opportunities in the said market between 2018 and 2028. This is provided based on analysis of past and current trends in the oilfield crown block market. The geographical distribution of the oilfield crown block market and prevailing competitive dynamics are some other key aspects of this report.

Global Oilfield Crown Block Market: Notable Developments

The oil and gas sector makes news every now and then. Technological advancements, discovery of new reservoirs, price fluctuations, and political factors influence trends in the oil and gas and its ancillary industries. This includes oilfield crown block industry as well.

The Crosby Group LLC – the Dallas-based world's largest lifting, rigging, and material handling hardware company. Apart from commercial gains, the company plans to donate up to US$25,000 to the Children of Fallen Patriots. The donation will be from Q2 proceedings of popular wire rope clips. This highlights social and charitable initiatives of players in the oilfield crown block market pursued along with commercial operations.
In another development, The Crosby Group completed the acquisition of Straightpoint U.K. - a leading manufacturer of load cells and force measurement equipment. The acquisition includes manufacturing facility and headquarters of Straightpoint.

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Following this, Straightpoint's U.K. facility will become Crosby's center of excellence for load monitoring and measurement. The acquisition is effective from January 2, 2019.
Key players operating in the global oilfield crown block market include American Block Inc., MHWirth, CHENGDU ZHONGHANG MACHINERY CO. LTD., The Crosby Group, and Puyang Sida Petroleum Machinery Co. Ltd.

Global Oilfield Crown Block Market: Key Trends

At present, mounting demand for oil and gas to serve numerous end-use industries is indirectly benefitting oilfield crown block market. Oil and gas exploration from both conventional and non-conventional reservoirs requires specific assembly. The assembly is composed of a number of smaller equipment.

Crown block is a key component of the hoisting system of a drill rig. Crown block displays a number of features that aid the mechanical strength of a drill rig. In addition, crown block is quenching treated, displays anti-abrasion with a long service life.

Besides this, deepwater and ultra-deepwater sea exploration initiatives is serving to indirectly boost the oilfield crown block market. Discovery of oil wells and natural gas wells offshore has aroused the interest of several oil and gas companies in the world to carry out exploration.

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Oil and gas exploration at offshore locations requires special assembly, of which crown block is a key component. This provides stimulus to the oilfield crown block market.

Lastly, shale boom especially in the U.S. has served to stoke demand for drilling equipment. Harnessing oil and gas from shale involves horizontal drilling and hydraulic fracturing that employs special assembly. The entire assembly includes a number of smaller equipment, which includes crown block. Thus, the crown block market is benefitted.