Global Top Drive Systems Market Report 2023: Forecast Market Size, Growth Rate And Key Drivers

3 Jul, 2023

The global top drive systems market size is expected to grow from $1.50 billion in 2022 to $1.60 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global top drive systems market size is expected to reach $2.02 billion in 2027 at a CAGR of 5.9%.

Global Top Drive Systems Market Key Driver

The rising number of drilling rigs is likely to fuel the expansion of the top drive systems market in the coming years. A drilling rig is an integrated system that drills into the ground's subsurface to make wells, such as water or oil wells, or holes for piling and other building purposes. The top drive of a drilling rig is a mechanical component that delivers torque clockwise to the drill string to form a borehole and serves as an alternative to the Kelly drive and rotary table. As the number of drilling rigs increases, so does the demand for top drive systems.

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Global Top Drive Systems Market Segments

The global top drive systems market is segmented:
1) By Type: Electric Top Drives, Hydraulic Top Drives
2) By Vessel Type: Jackup Rings, Semisubmersible Rings, Drillships
3) By Application: Mining, Oil And Gas, Construction, Other Application Types
4) By Geography: The regions covered in the top drive systems market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global top drive systems market.

Major Top Drive Systems Industry Players

National Oilwell Varco, Canrig Drilling Technology Limited, Tesco Corporation, Cameron International Corporation, Aker Solutions AS, Axon Energy Products, Bentec GMBH Drilling and Oilfield Systems, Honghua Group Limited, Warrior Manufacturing Service Limited, Schlumberger Limited, Nabors Industries Ltd., Foremost Group, MHWirth AS, Drillmec SpA, GDS International LLC, Svenska Kullagerfabriken AB (SKF), KCA Deutag, Herrenknecht Vertical Gmbh, NOV Inc., China National Petroleum Corporation, Daqing Jinghong Petroleum Equipment Corporation

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Top Drive Systems Market Overview

Top drive systems refer to a mechanical component on a drilling rig composed of one or more electric or hydraulic motors connected to the drill string by a short pipe known as the quill. During the drilling process, the top drive rotates the drill string. This rotation requires at least 1,000 horsepower to turn a shaft onto which the drill string is screwed. Top drives can be utilized in place of more standard rotary tables or Kelly drives.

Top Drive Systems Global Market Report 2023 provides data on the global top drive systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The top drive systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.