The Top Drive Systems Global Market Report 2023, provides comprehensive information on the top drive systems market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Top Drive Systems Global Market Report 2023, the 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%.
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Technological advancements are a key trend gaining popularity in the top drive systems market. Companies operating in the top drive systems market are adopting new technologies to sustain their position in the market. For instance, in January 2023, National Oilwell Varco Inc., a US-based energy industry company, launched the new Agitator ZP System technology, an innovative zero-pressure technology. This system improves directional control and maximizes weight transfer and overall drilling performance in extended-reach laterals. This also provides greater flexibility during drilling applications with a friction reduction tool without pressure limitations.
The 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
North America was the largest region in the top drive systems market in 2022.
The table of contents in TBRC’s top drive systems market report includes:
- Executive Summary
- Top Drive Systems Market Characteristics
- Top Drive Systems Market Trends And Strategies
- Top Drive Systems Market – Macro Economic Scenario
- Top Drive Systems Market Size And Growth
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- Africa Top Drive Systems Market
- Top Drive Systems Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Top Drive Systems Market
- Top Drive Systems Market Future Outlook and Potential Analysis
- Appendix
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