Top Drive Systems Market worth $1,835.84 Million by 2019, According to a New Study on ASDReports

Thursday 13 November 2014, Amsterdam

The report, now available on ASDReports, “Top Drive Systems Market by Type (Hydraulic, Electric), by Application (Onshore, Offshore-Jack-ups, Semi-Submersibles, Drillships), & by Geography - Global Trends & Forecasts to 2019", defines and segments the global top drive systems market with an analysis and market size forecast. The top drive systems market is projected to grow from an estimated value of $1477.30 million in 2012 to $1,835.84 million by 2019 at a CAGR of 7.6% from 2014 to 2019.


North America: The largest market for top drive systems market

North America holds the largest market share in 2013 for top drive systems due to rise in exploration and drilling activities and an increase in the number of drilling rigs. The U.S. dominates the market in this region due to the development of shale gas and technological innovations. Increasing demand for top drive systems in onshore as well as offshore purposes, especially in North America, is boosting the region’s global position.


Electric: Largest market by type

Top drive systems can be classified on the basis of the size and type of a motor used to rotate the drill pipe. There are two major types of top drive systems which include hydraulic and electric. Electric-based top drive systems hold the largest market share across the globe.


Onshore: Largest market by application

The onshore segment holds the major share in the top drive systems application market. The environment of offshore oilfield is completely different from onshore oil and gas fields. The technologies required are precise and advanced in the case of offshore, making its drilling a capital intensive one. At the same time, complexities and service requirement is more in case of offshore drilling activities. Although, offshore application holds a lesser market share, it is expected to grow at a faster pace.