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Global Top Drive System Market

  • 4100.00 Dollar US$
  • Published date: August 21, 2020
    • Pune, Maharashtra, India [ Ads Views - 13 ]

Global Top Drive System Market was valued US$ 1.33Bn in 2018 and is expected to reach US$ 2.15 Bn by 2026 at a CAGR of 6.19 % during the forecast period. The key driving factors for global top drive systems market growth are a rise in a number of drilling rigs, drilling activities and an increase in exploration activities. The additional factors contributing to the growth of top drive systems market are a rise in demand for oil rigs, an increase in energy consumption and emerging technologies for the extraction of natural resources. Moreover, the use of top drive systems for on-shore and off-shore purpose and safety concerns also boosting the growth of top drive systems market. Its machinery reduces the substantial time of drilling operation making it suitable for broad adoption in applications such as land drills, ocean drills and offshore drills. However, the development of unconventional reserves, political issues, technological incompetence, environmental concerns and oil spills could restrain the growth of the global top drive market. The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis. Top drive system market can be segmented on the basis of type depending on the components used including electric and hydraulic. The hydraulic market owns a comparatively lesser share than electric systems. This is on account of zero harmful gas emissions due to no application of hydraulic fluids.

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