Top drive is a motor that is suspended from the derrick, or mast, of the rig, which provides rotational force to facilitate the process of drilling a wellbore. It drives and rotates the drill string and bit, hence make drilling process easy. Top drives play a significant role in reducing hazards and the overall cost of drilling activities. It will continue to be the predominant method of drilling wells in the future .The top drive is an alternative to Kelly/rotary table. The demand for effective and efficient drilling has increased the importance of this system for various applications such as onshore and offshore.
The top drive market has been estimated in terms of value ($Million). This report provides an analysis about the drivers, restraints, and opportunities of the global top drive market. Growth in drilling and exploration activities and increasing need for energy from emerging economies are expected to be the major drivers in increasing the usage of top drives globally. However, with the current oil price scenario, the growth would be limited this year; however, it is expected to regain its growth in the coming years once the crude price is stabilized. Furthermore, growing offshore oil & gas reserves provide huge growth opportunities to the top drive market. This report also covers the activities of major key players in this segment, and strategies adopted by them through expansions, mergers & acquisitions, and new product launches.
The global top drive market has been classified into two major segments: electric & hydraulic. The electric top drive system accounted for the major market share of 88%, followed by hydraulic top drives, which held a share of 12% in 2014.
The above figure shows the global top drive market in terms of value ($million) for various geographies from 2015 to 2020. In comparison of other regions, North America dominates the global top drive market, and is expected to continue its dominance in the near future. Major players of the top drive market include National Oilwell Varco (U.S.), Tesco Corporation (U.S.), Canrig Drilling Technology Limited (U.S.), Cameron International Corporation (U.S.), Aker Solutions AS (Norway), Axon Energy Products (U.S.), Bentec GMBH Drilling & Oilfield Systems (Germany), Foremost (Canada), Daqing Jinghong Petroleum Equipment Corporation (China), Honghua Group Limited (China), and Warrior Manufacturing Service Limited (Canada). The top drive market has been classified as follows:
• North America
• South America
• Middle East
The dominant top companies of the top drive market from each region have been covered. These market players are present mostly in North America, Europe, and Asia Pacific, and are continuously participating in competitive developments.