The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Draw Works Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.

In-Depth Market Overview of Draw Works Industry (2023-2028):

According to the latest report, The Draw Works Market is projected to grow at a considerable CAGR during the forecast period, i.e., 2023-28. The report demonstrates the prominent factors propelling the exponential growth of the Draw Works industry.

Key Takeaways: Beneficial for Stakeholders and Clients:

• Historical Data: 2019-22
• Base Year: 2023
• Forecast Period: 2023-28

What are the major Driver the Draw Works industry?

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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Draw Works Market Segmentation

The Draw Works Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

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

As per the regional aspect, the Draw Works Market is expected to be dominated by North America by capturing the potential market share.

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Top Companies in the Draw Works Market

National Oilwell Varco Inc., Schlumberger Limited DrawWorks, L.P., Loadmaster Universal Rigs, Inc, Drillmec India Pvt Ltd Alta Rig Systems Inc., Tri-Service Oilfield Manufacturing Ltd., Century Geophysical, L.L.C, Canrig Drilling Technology Ltd, Hannon Hydraulics BHL International Inc., Warrior Manufacturing Services Ltd., Drillmec Inc., Loadmaster Universal Rigs, Inc., Bronco Manufacturing LLC

Recent Developments in the Global Draw Works Market

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.

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