Ozone Market Reports projects that the Top Drive Systems market size will grow from USD 1287.6 Million in 2017 to USD 1847.3 Million by 2023, at an estimated CAGR of 6.2%. The base year considered for the study is 2017, and the market size is projected from 2018 to 2023.
Top drive is a device on a drilling rig that provides rotational force to facilitate the process of drilling a wellbore; earlier rotary table was used for the same purpose. They are basically an innovative technology to replace Kelly and rotary table, and can be defined as a hydraulic or electrical motor suspended in the mast of the drilling rig. It drives and rotates the drill string and bit, hence making the drilling process easy. Growth in drilling & exploration activities and increasingly strict environmental regulations and norms related to safer oil exploration activities are expected to be the major drivers of the market globally.
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By Market Players:
Cameron International Corporation , Honghua Group Limited , National Oilwell Varco, Inc. , Tesco Corporation , Axon Energy Products , Bentec GmbH Drilling & Oilfield Systems , Canrig Drilling Technology Limited , Daqing Jinghong Petroleum Equipment Corporation , Panjin Liaohe Oilfield Tianyi Petroleum Equipment Company Limited , Warrior Manufacturing Services Limited,
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