- 30 August 2018 17:26
Top Drive Systems Market: A Spotlight On Automotive Technology
Top drive system is a big motor system, which incorporates electrical, hydraulic, mechanical, and communication integration used as drilling rig to drill a borehole. Top drill can drill 18–27 m depending on drilling rig size. A top drive is a modern rotating system and used by oil operators and drilling contractors. Top drive is installed on a vertical carrier (dolly track) which acts as a rail track, that allows straight movement, up and down while drilling and tripping. Top drive system consist of eight major components such as elevator, bail or link, IBOP, rotating head, top drive motor, dolly track, hook, and travelling block.
Rising demand for innovative and cost-effective technologies for extraction of natural resources and growing energy consumptions are key factors boosting growth of the global top drive systems market. In addition, high demand for oil rigs and rising safety concerns near oil rigs are major factors expected to fuel growth to the global top drive systems market over the forecast period. However, high cost and lack of professional workforce are key factors restraining growth of the global top drive systems market. Additionally, stringent environmental regulations and oil leak problems are major factors expected to hamper growth of the global top drive systems market over the forecast period.
The global top drive systems market is segmented on the basis of technology, vessel type, application, and region. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Currently, the market in North America dominates the global top drive systems market in revenue terms. This can be attributed to increase in drilling activities and drilling rigs, coupled with technological advancements in the region. The market in Asia Pacific accounts for the second highest revenue share contribution to the global top drive systems market followed by Europe, owing to growing adoption of top drive system in oil and gas industry in the region. Also, market in the Middle East is expected to show significant growth on the global top drive systems market over the forecast period, due to presence of onshore production facilities.