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

  • Apr 10, 2019
  • Business Wire

LONDON--(BUSINESS WIRE)--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).

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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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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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 -

Some of the key topics covered in the report include:

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