Top drives are used for onshore or offshore rigs, and can be hydraulic or electric. Earlier, the use of top drives was uncommon and rotary table/Kelly was used for the same purpose.
Pune, India -- (SBWIRE) -- 09/25/2015 -- The report "Top Drive Systems Market by Type (Electric & Hydraulic), Application (Onshore & Offshore), Vessel Type (Jackup, Drillship, Semi-Submersible), & by Region (North & South Americas, Europe, APAC, Middle East & Africa) - Global Trends & Forecasts to 2020'', defines and segments the global top drive market with an analysis and revenue forecast. The top drive market is projected to grow from an estimated value of $1,270.2 Million in 2014 to $1,541.6 Million by 2020, at a CAGR of 5.7% from 2015 to 2020.
Browse 89 market data tables and 43 figures spread through 172 pages and in-depth TOC on "Top Drive Systems Market by Type (Electric & Hydraulic), Application (Onshore & Offshore), Vessel Type (Jackup, Drillship, Semi-Submersible), & by Region (North & South Americas, Europe, APAC, Middle East & Africa) - Global Trends & Forecasts to 2020"
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North America: The largest region for the top drive market:
North America holds the largest market due to rise in exploration & drilling activities and an increase in the number of drilling rigs. The U.S. dominates the market in this region due to the development of shale gas and technological innovations. The demand for top drive for onshore as well as offshore purposes is boosting the region's global position.
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However, with the current declining oil price scenario, there has been a fall in the demand for top drives due to a decrease in the number of drilling rig counts in 2015; it is estimated that the total rig count has fallen to around 500 rigs. Although, the top drive market has seen a slight dip in 2015, it is expected to start witnessing growth from 2016. The effect of low oil prices is expected to last for only a short term period.
Electric: Largest market, by type:
Top drives can be classified on the basis of their size and the type of motor used to rotate the drill pipe. There are two major types of top drive systems, namely electric and hydraulic. Electric-based top drive systems hold the largest market share across the globe. To increase the efficiency of the drilling process in order to maximize production, companies are moving towards complete electric top drive systems instead of hydraulic ones.
Onshore: Largest market, by application
The onshore segment holds the major share in the top drive market. Offshore drilling requires precise and advanced technologies, making its drilling a capital intensive one. At the same time, complexities and service requirement are more in the case of offshore drilling activities. Although, offshore application holds a lesser market share, it is expected to grow at a faster pace.
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