Global Power Slip Lifter Market is driven by rising concerns regarding oil spills in the forecast period, 2023-2027.
According to TechSci Research report, “Power Slip Lifter Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, The global power slip lifter market may show a robust growth in the forecast years, 2023-2027 with an anticipated CAGR value. The market growth can be attributed to the factors like increasing demand for the safer oil rig equipment. Demand for more efficient drilling equipment, pipe handling equipment, and safer to handle tools is driving the growth of the global slip lifter market in the upcoming five years. Oil drilling equipment are quite specific and perform integrated and specialized functions. Surging demand for the sophisticated drilling and handling system further supports the growth of the global power slip lifter market in the net five years. Increased investment and governmental funding in the oil and gas industry such that better equipment and tools can be utilized, and oil production can be increased. Surging demand for increasing oil production to insatiate the increasing oil consumption from various end use industries is also responsible for the further growth of the global power slip lifter market in the future five years.
Furthermore, increasing research and innovative product development and increasing market player involvement for the advancement of the equipment and tools also substantiate the growth of the global power slip lifter market in the forecast years, until 2027. Oil and gas industry is ever expanding, therefore not too concerning factors are present that may hold back the future market growth.
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The global power slip lifter market segmentation is based on type, bushing, location, holding component, regional distribution, and competitive landscape. Based on type, the market is divided between hydraulic and pneumatic. Hydraulic power slip lifters are anticipated to hold the largest revenue shares of the market and dominate the market segment in the next five years on the account of increasing offshore oil drilling sites. Demand for power slip lifter for offshore sites is also increasing due to concerns over oil spills, and rig blowouts. Oil spills in the ocean further creates hazard for the marine life and destroys the marine ecosystem altogether. The losses incurred affects environment on multiple level, pollution of water bodies, loss of food, and loss of marine life all upsurge the demand for better safety equipment and thus drives the growth of the global power slip lifter market in the upcoming five years. Pneumatic power slip lifter is also expected to register significant growth in the future five years on the grounds of increasing number of onshore riggs. Rising concerns regarding oil spills on oceanic water has further shifted the drilling sites to offshore oil riggs. Increasing onshore rigs in the United States are also responsible for further demands of power slip lifters. Presence of oil riggs in fragile environment like arctic circle is also driving the growth of the global power slip lifter market in the forecast years.
Location segment is bifurcated between offshore and onshore. Offshore locations are anticipated to hold the largest revenue shares of the market and dominate the segment in the upcoming five years on the grounds of availability of the offshore oil production sites. Moreover, the oil production from the offshore location is easier to drill and also riskier, thus demand for power slip lifter is higher for these location and thus substantiate the growth of the global power slip market in the forecast years, until 2027.
Some of the market players, dominating the global market are:
- Imenco Smart Solutions
- Weatherford International
- Forum Energy Technologies Inc.
- Janki Oil Tools
- Keystone Energy Tools
- Den•Con Tool Co
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“North America region is anticipated to dominate the regional analysis in the upcoming five years on the grounds of increasing oil rigs. Countries like the United States and Mexico have several offshore drill rigs. Also, Gulf of Mexico has largest oil production capacity, and gets exploited for the extraction of oil. Safety concerns on these lands are high due to risks of oil spills or drilling accidents on the drill floor. Rising concerns over the safety and security of the oil production units and the members involved further substantiate the demand and growth of the global power slip lifter market in the next five years. New market players may focus on research and product development for the effective functioning, and higher safety standards would help in future brand establishment. Future growth can also be achieved by merger and acquisitions with the global giants already established in the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Power Slip Lifter Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027, Segmented By Type (Hydraulic, Pneumatic), By Bushing (Casing Bushing, Master Bushing), By Location (Offshore, Onshore), By Holding Component (Drill Pipe Slips, Drill Collar Slips, Casing Slips, Others), By Region”, has evaluated the future growth potential of global power slip lifter and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global power slip lifter market.
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