Draw Works Market Expanding at a considerable CAGR during 2023-2028

According to MarkNtel Advisors study the Global Draw Works Market is projected to grow at a considerable CAGR during the forecast period, i.e., 2023-28. The growth of the market would be propelled mainly by the ever-increasing oil & gas exploration activities across different regions worldwide, rising deepwater & ultra-deepwater exploration, and technological advancements in drilling technologies. Besides, the development of shale gas & tight oil, mounting offshore oil & gas production, and the growing replacement & upgradation of aging drilling equipment are also expected to boost the market in the forecast years.

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Key Findings of the Study: Draw Works market

Rapidly Rising Oil & Gas Exploration & Production Activities: The global demand for energy, particularly oil & gas, continues to rise due to various aspects like surging population levels, industrialization, & urbanization, among others. As a result, there is an ongoing need for exploration & production activities to meet the energy requirements of various industries worldwide. Draw works are essential components of drilling rigs used extensively in extracting oil & gas from wells. Hence, the need for draw works equipment remains crucial as long as there is a demand for oil & gas. Moreover, the production of shale gas & tight oil resources, especially across the US & Canada, is also pushing the demand for draw works equipment to support drilling activities in these unconventional reservoirs. Hence these aspects are projected to drive the Draw Works Market during 2023-28.

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Scope of the Report and Draw Works Market Segmentation:

By Component

• Drum - Market Size & Forecast 2018-2028, (USD Million)
• Power Source- Market Size & Forecast 2018-2028, (USD Million)
• Reduction Gear - Market Size & Forecast 2018-2028, (USD Million)
• Brake - Market Size & Forecast 2018-2028, (USD Million)
• Auxiliary Brake - Market Size & Forecast 2018-2028, (USD Million)
• Others - Market Size & Forecast 2018-2028, (USD Million)

By Power Source

• AC - Market Size & Forecast 2018-2028, (USD Million)
• DC- Market Size & Forecast 2018-2028, (USD Million)

By Application

• Offshore - Market Size & Forecast 2018-2028, (USD Million)
• Onshore- Market Size & Forecast 2018-2028, (USD Million)

By Speed

• Single Speed Gear Driven- Market Size & Forecast 2018-2028, (USD Million)
• Dual Speed Gear Driven - Market Size & Forecast 2018-2028, (USD Million)

Here, onshore applications hold a prominent market share, mainly due to the availability and increasing number of onshore rigs across different regions worldwide.

Draw Works Market Development:

• On 31 January 2023, NOV Inc., formerly National Oilwell Varco, launched the new AgitatorZP System, a friction reduction tool without pressure limitations. Specifically designed for applications with standpipe pressure limitations, the AgitatorZP System maximizes weight transfer and improves directional control & overall drilling performance in extended-reach laterals.
• On 14 March 2022, UBOC (Umid Babek Operating Company) project for an offshore drilling facility utilized for drilling 10 wells in the "UMID 2", the second largest natural gas field in Azerbaijan, got reactivated after being put on hold initially due to the global pandemic, for which Drillmec will supply the 3000 HP drilling package and a variety of services ranging from basic design as well as detailed engineering of the drilling facility.
• On 28 October 2021, Schlumberger and Drillmec announced their collaboration to deliver a drilling automation solution that enables drilling contractors & operators to optimize their drilling processes while improving safety & overall rig performance through better decision-making

Geographical Analysis:

By Region

• North America
• South America
• Europe
• Asia-Pacific
• The Middle East and Africa

Of all regions globally, Asia-Pacific is projected to acquire a significant share of the Draw Works Market during 2023-28.

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