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Global Oilfield Traveling Blocks Market 2019-2023 | 6% CAGR Projection Over the Next Five Years | Technavio

October 29, 2019 GMT
Global Oilfield Traveling Blocks Market 2019-2023 | 6% CAGR Projection Over the Next Five Years | Technavio
Global Oilfield Traveling Blocks Market 2019-2023 | 6% CAGR Projection Over the Next Five Years | Technavio

LONDON--(BUSINESS WIRE)--Oct 29, 2019--

The oilfield traveling blocks market size is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global oilfield traveling blocks market 2019-2023. (Graphic: Business Wire)

The increasing active rig count is one of the major reasons for the oilfield traveling blocks market growth. With the recovery in crude oil prices, the oil and gas E&P activities are regaining momentum across the world, thereby increasing the attractiveness of oil and gas production. Moreover, upstream oil and gas companies are investing in E&P projects to boost the production from oil and gas reservoirs and reap profits from the higher crude oil prices. Also, several oil and gas drilling contracts are being awarded to oilfield drilling service providers. Therefore, the recovery of crude oil prices has resulted in an increase in the number of active rigs globally, which in turn, has fostered the demand for oil and gas drilling rig components and equipment such as traveling blocks.

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As per Technavio, the technological advances will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global Oilfield Traveling Blocks Market: Technological Advances

With the growth in offshore oil and gas production, the focus has been shifting toward higher hookload capacities that are required to drill deeper wells. However, this is a time-consuming operation. Hence, a multi-speed traveling block has emerged as an advanced solution to solve the offshore hookload and speed problem. A multi-speed block introduces a variable transmission ratio to the hoisting system, which is achieved by changing the number of sheaves moving with the traveling assembly. Moreover, the multi-speed block enables the use of lesser wire that needs to be pulled/slacked when the gear ratio is changed, without reducing heavy lifting capabilities. Such technological developments increase operational efficiency and safety of workers involved in drilling projects, thereby leading to market growth.

“Apart from the technological advances, other factors such as the declining cost of raw materials, rise in unconventional drilling activities, and rising investments in upstream oil and gas sector, are expected to drive market growth during the forecast period,” says a senior analyst at Technavio.

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Global Oilfield Traveling Blocks Market: Segmentation Analysis

This market research report segments the oilfield traveling blocks market by application (onshore and offshore) and geographical regions (North America, MEA, APAC, Europe, and South America).

The North American region led the market in 2018, followed by MEA, APAC, Europe, and South America respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the substantial growth in energy demand in the region.

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Some of the key topics covered in the report include:

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191029005886/en/

CONTACT: Technavio Research

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SOURCE: Technavio Research

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PUB: 10/29/2019 07:00 PM/DISC: 10/29/2019 07:01 PM