The kelly drives the market at a CAGR of almost 6% during the forecast period

NEW YORK, July 2, 2019 /PRNewswire/ —

Global Kelly Drives Market: About this market

A Kelly drive is a well drilling device fitted on an oil and gas drilling rig, which is used to transfer the rotation motion to the drilling string in the drilling rig. Our kelly drives market analysis considers the application of kelly drives in onshore wells and offshore wells. Our analysis also considers the sales of the kelly drive in North America, MEA, APAC, Europe, and South America. In 2018, the onshore segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the high investments in onshore oil and gas E&P projects will play a significant role in the onshore segment to maintain its market position. Also, our global kelly drives market report looks at factors such as the rise in global energy demand, increasing E&P activities, and increasing active rig count. However, the volatility of crude oil prices, increasing adoption of top drive systems, and stringent government regulations may hamper the growth of the kelly drives the industry over the forecast period.

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Global kelly drives market: Overview

Increasing E&P activities

The rising global energy demand and technological advancements in the oil and gas industry have led to the increased exploration activities of untapped reserves. Oil and gas companies are increasingly adopting unconventional drilling technologies to explore the large shale deposits in the US and Canada. The rising investments in E&P activities are expected to drive the adoption of kelly drives for E&P activities. This will be a significant factor responsible for the growth of the kelly drives the market at a CAGR of almost 6% during the forecast period.

Emergence of automated drilling rigs

Rig operators are increasingly focusing on automating drilling rigs to reduce severe accidents and explosions caused by human errors. Automated drilling rigs can compare and analyze a large amount of data collected by the sensors for making correct decisions. The automation of drilling rigs is expected to reduce the risk of accidents caused due to human error and increase the efficiency of oil and gas drilling operations. The emergence of automated drilling rigs will be crucial kelly drive market trend fueling the growth of the market.

For the detailed list of factors that will drive the global kelly drives market during the forecast period 2019-2023, click here.

Competitive Landscape

With the presence of several major players, the global kelly drives market is fragmented. Our robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading kelly drives manufacturers, that include National Oilwell Varco Inc., NERUM ENERGY LLC, RM Holding BV, Schlumberger Ltd., and Vallourec SA.

Also, the kelly drives market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.

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