United States, Rockville MD, July 20, 2022 (GLOBE NEWSWIRE) -- As per latest market analysis by Fact.MR, a market research and competitive intelligence provider, consumption of pipe handling systems over the past half-decade increased at a sluggish CAGR of around 0.2%. In offshore environments, utilization of pipe handing systems stood at 143 units in 2021. In addition, due to the presence of extensive displacement activities, drilling rigs generated demand worth US$ 17.25 Mn in the same year.
As per detailed analysis by Fact.MR, pipe handling system sales accounted for 8%-10% of the global material handling market value in 2021, with this share expected to increase to 12%-15% by 2032. This is mainly due to rising adoption of automation technologies in the oil & gas industry.
Furthermore, surging application of pipe handling systems for drilling and workover applications is likely to supplement growth of the market over the period of 2022-2032, which is anticipated to expand at a CAGR of 4.5% through 2032. Increased spending on the exploration of unconventional reservoirs will push demand for pipe handling systems, especially in Indo-China, Russia, and the United States.
For Critical Insights on this Market, Request for More Info at:
https://www.factmr.com/connectus/sample?flag=S&rep_id=7107
Key Takeaways from Market Study
- By product type, horizontal pipe handling systems are expected to remain the most dominant and reach a valuation of US$ 26.51 Mn by 2031.
- By operational type, the semiautomatic vertical segment is projected to account for the highest valuation of US$ 16.26 Mn.
- On the basis of drive system, demand for hydraulic systems is likely to grow 1.6X by 2031.
- On the basis of rig type, the drilling rigs sub-segment is likely to witness the highest CAGR of 4.7% over the forecast period.
- Middle East & Africa market is expected to observe an absolute $ opportunity of US$ 4.04 Mn during 2021 to 2031.
- North America market is set to gain 124 BPS by 2031.
- Utilization of pipe handling systems in offshore platforms is projected to surge 1.4X over the next ten years.
“Higher efficiency and reducing rig time and integration with automation offered by pipe handling systems is a dominating factor driving product adoption in the oil & gas sector,” says a Fact.MR analyst.
Based on Fact.MR’s research, a total of 254 units of pipe handing systems were sold, including horizontal pipe handling, vertical pipe handling, and horizontal-to-vertical pipe handling systems, in 2021, across the globe. Global volume of pipe handling systems is projected to reach 341 units by the end of 2032.
To Gain In-Depth Insights on Pipe Handling System Market, Request Methodology at
https://www.factmr.com/connectus/sample?flag=RC&rep_id=7107
Country-Wise Analysis
- The United States is considered as an emerged leading consumer and producer of pipe handling systems. The nation currently accounts for US$ 7.87 Mn and utilizes 76 units of pipe handling systems in oil & gas fields.
- Expanding drilling & production activities in the U.S. is poised to generate an absolute $ opportunity of US$ 5.31 Mn during the period of forecast. In addition, the U.S. holds 78.9% share in the North America pipe handling system market.
- GCC countries has been one of the most lucrative markets driving the consumption of pipe handling systems over the past decade. This regional market value currently stands at US$ 4.8 Mn, and likely to expand at a CAGR of around 4.7% over the decade.
Market Developments
NOV, lnc, Cameron (Schlumburger), Royal IHC , Royal IHC, Weatherford, Drillmec, NABORS Industries, RAAH International., NABORS Industries, Drillmec, EFC Group, and Yantai Jereh Oilfield Services Group Co Ltd are some of the major manufacturers of pipe handling systems.
Leading players are more focused on the development of versatile pipe handling systems for oil & gas, refineries, and associated industries. A versatile product ensures the handling of drilling pipes, casing, BHA, and other pipes while using a single pipe handling system in drilling and workover rigs.
Key Segments of Pipe Handling System Industry Survey
- By Product Type:
- Horizontal Pipe Handling Systems
- Vertical Pipe handling Systems
- Horizontal-to-Vertical Pipe Handling Systems
- By Operational Type:
- Automatic Pipe Handling Systems
- Semi-automatic Pipe Handling Systems
- Manual Pipe Handling Systems
- By Drive System:
- Hydraulic Pipe Handling Systems
- Electric Pipe Handling Systems
- By Rig Type:
- Pipe Handling Systems for Drilling Rigs
- Pipe Handling Systems for Workover Rigs
- By Environment:
- Offshore Pipe Handling Systems
- Onshore Pipe Handling Systems
- By Region:
- North America Pipe Handling System Market
- Latin America Pipe Handling System Market
- Europe Pipe Handling System Market
- East Asia Pipe Handling System Market
- South Asia & Oceania Pipe Handling System Market
- Middle East & Africa Pipe Handling System Market
For Comprehensive Insights Ask An Analyst Here
https://www.factmr.com/connectus/sample?flag=AE&rep_id=7107
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global pipe handling system market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by product type (horizontal pipe handling systems, vertical pipe handling systems, and horizontal-to-vertical pipe handling systems), by type of operation (automatic, manual, and semi-automatic), by drive system (electric and hydraulic), by rig type (workover rigs and drilling rigs), by environment (onshore and offshore), and by region (North America, LATAM, Europe, East Asia, South Asia & Oceania, and MEA).
Fact.MR’s Domain Knowledge in Industrial Goods
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the industrial goods division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
Check out more studies related to Industrial Goods Division, conducted by Fact.MR:
Modular Chiller Market - Worldwide modular chiller sales are estimated at US$ 3.7 Bn for 2022. As per detailed industry analysis, the global modular chiller market is forecast to reach US$ 6.2 Bn by 2032, expanding at a CAGR of around 5.2% from 2022 to 2032.
Grow Light Market - Rising population has lead food constraints around the world. Building artificial environmental for growing crops and horticulture plants requires provision led grow lights to provide light spectrum similar to that of sun. This method of obtaining food crops is the major factor for the growth of global grow light market.
Integrated Passive Devices Market - Factors driving the growth of the integrated passive devices market include increased demand for integrated passive devices in consumer durables, integration of IPDs into RF applications, and rising need for miniaturised and high-performance electronic devices.
Heat Exchangers Market- Global sales of heat exchangers are expected to increase at a CAGR of 6% from 2022 to 2031. In the year 2021, the global heat exchangers market was valued at US$ 18.94 billion, and is anticipated to reach US$ 34.24 billion by 2031.
Energy Storage Systems Market - Consumption of energy storage systems is predicted to increase at a CAGR of 5.6% from 2022 to 2031, . The global energy storage systems market stands at US$ 45.1 billion in 2022, and is projected to reach a valuation of US$ 73.8 billion by the end of 2031.
Europe Air Purifier Market - Europe air purifier market is expected to register a 7.1% CAGR during the forecast period. Europe air purifier sales are projected to reach a valuation of US$ 8.85 Billion by the end of 2032, increasing from US$ 4.78 billion in 2022. As a result, the market is estimated to generate an absolute dollar opportunity of US$ 4.1 billion over the next ten years (2022-2032).
U.S. Air Purifier Market - Increased household spending coupled with the growing health-conscious population is driving the sales of air purifiers in the U.S. Household spending on improving indoor air quality almost doubled in the past three years in the country, which bodes well for air purifier suppliers in the United States.
Chillers Market - Global sales of chillers are predicted to rise at a CAGR of 2.8% from 2022 to 2032. In 2022, the global chillers market stands at a valuation of US$ 4.2 billion and is expected to reach US$ 5.5 billion by the end of 2032.
Optical Sorting Equipment Market - In 2022, the global optical sorting equipment market is valued at US$ 2.69 billion and is predicted to surge to US$ 6.15 billion by the end of 2032, with worldwide shipments of optical sorting equipment projected to increase at an impressive CAGR of 8.6% over the same period.
About Us:
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
Contact:
Mahendra Singh
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
Email: sales@factmr.com
Tel: +1 (628) 251-1583
