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Global Oilfield Crown Block Market Will Grow at a CAGR of 6% during 2019-2023 | Technavio

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Technavio has announced the release of their research report on the
global oilfield crown block market for the forecast period 2019-2023.
This global oilfield crown block market analysis report segments the
market by application (onshore and offshore) and geography (APAC,
Europe, MEA, North America, and South America).

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The global oilfield crown block market will grow at a CAGR of nearly 6% during the period 2019-2023. ...

The global oilfield crown block market will grow at a CAGR of nearly 6% during the period 2019-2023. (Graphic: Business Wire)

Global oilfield crown block market size will grow by almost USD 2,112
thousand during 2019-2023, at a CAGR of nearly 6%. To safeguard the
operating conditions of oilfield crown blocks, several monitoring
systems are developed to overcome failures and poor judgment by workers.
These monitoring systems backed with several features ensure accurate
measurement of the oilfield crown block position and enhance safety.
Several sensors are fitted in the rig derricks that deliver real-time
data about the oilfield crown block. This growing trend improves the
safety of various components and will contribute to the growth of the
market during the forecast period.

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Increase in active rig count

The increase in onshore and offshore oil and gas drilling projects and
deepwater drilling activities is attracting large investments from the
oil and gas companies. This has led to a rise in the demand for oil and
gas drilling rigs. Recently, TRANSOCEAN LTD. and Chevron Corporation
signed a rig design and construction management contract. Saudi Arabian
Oil Co. too recently entered a JV with National Oilwell Varco to
increase its operations in Saudi Arabia. Also, the steady recovery in
global crude oil prices has led to an increase in a number of active
rigs deployed in onshore and offshore drilling activities. Many such
factors will drive the growth of the global oilfield crown block market.

“North America will witness a faster growth in the market during the
forecast period. The US Government promotes the exploration of
unconventional energy sources such as shale oil and tight gas to produce
oil and natural gas. This has led to a significant increase in drilling
activities in the US. APAC has the highest demand for crude oil and gas
globally. The improved economic conditions among the APAC countries are
increasing the demand for energy. To support the demand, both onshore
and offshore projects are observing strong growth in the region. These
factors will collectively push the growth of global oilfield crown block
market”, says an analyst at Technavio.

Recently, Halliburton signed a deal with Saudi Arabian Oil Co. to
support oil and gas production in Saudi Arabia. The deal supports the
country’s long-term goals of increasing its natural gas production to
meet the domestic demand for petrochemicals. Royal Dutch Shell Plc has
announced to resume its deepwater oil and gas exploration in the
Mediterranean Sea off the coast of Egypt. The growth in the demand for
oil and gas production is encouraging many companies to invest in the
oilfield crown block market.

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the market and the segmentation covered in this report

This global oilfield crown block market industry research report
provides an in-depth analysis of the major drivers, upcoming trends, and
challenges that will impact market growth over the forecast period. The
report analyzes the competitive landscape and offers details on several
oilfield crown block manufacturers including –

  • American Block Inc.
  • MHWirth
  • Puyang Sida Petroleum Machinery Co. Ltd
  • The Crosby Group

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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