In 2023, the power swivel market is anticipated to be worth US$ 1,356.3 million. During the projection period, it is expected to expand at a CAGR of 4.4%, exceeding US$ 2,086.2 million by 2033. Increased drilling for oil and gas, rising demand for well intervention services, and the discovery of unconventional resources are all contributing reasons to the market's growth.
The demand for effective drilling operations and well maintenance is driving a major increase in the worldwide power swivel market. Power swivels are essential for turning the drill string during drilling operations, which makes wellbore building possible. Furthermore, the need for power swivels in the oil and gas sector is being driven by the increased emphasis on workover and completion operations to maximize well production.
Other Drivers Propelling the Demand for Power Swivels include:
Challenges for Companies/Manufacturers in the Power Swivel Market:
Opportunities in the Power Swivels Industry:
Latest Trends in the Power Swivel Market:
Attributes | Details |
---|---|
Power Swivels Market Size (2023) | US$ 1,356.3 million |
Power Swivels Market Projected Size (2033) | US$ 2,086.2 million |
Value CAGR (2023 to 2033) | 4.4% |
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From 2018 to 2022, the global power swivel market experienced a CAGR of 4.4%, reaching a market size of US$ 1,356.3 million in 2023.
The power swivel industry had substantial expansion during this time, which was fueled by a number of causes. Power swivel demand has increased as a result of escalating oil and gas drilling activity, notably in areas like North America and Asia-Pacific. Shale gas and tight oil exploration as well as the demand for effective drilling operations and well intervention services all contributed to the market's expansion.
From 2023 to 2033, the power swivel market is anticipated to maintain its upward trend, exceeding US$ 2,086.2 million by 2033 year at a CAGR of 4.4%. Manufacturers of power swivels have a lot of chances due to the rising worldwide demand for oil and gas as well as the exploitation of Deepwater and ultra-Deepwater deposits. The market's growth will be fueled by the oil and gas sector's continued need for well intervention services, effective drilling operations, and cutting-edge technology adoption.
Future market growth will also be influenced by the incorporation of digital technologies like IoT and automation in power swivels as well as the increased emphasis on environmentally friendly drilling techniques. Power swivel producers will be well-positioned to benefit from the rising demand for power swivels from 2023 to 2033 if they engage in R&D, innovation, and strategic alliances to suit the changing market requirements. Modern technology used in the oil and gas sector.
Country | The United States |
---|---|
Market Size (US$ million) by End of Forecast Period (2033) | US$ 245.3 million |
CAGR % 2023 to End of Forecast (2033) | 5.1% |
The power swivel industry in the United States is expected to reach a market size of US$ 245.3 million by 2033, expanding at a CAGR of 5.1%. The power swivel market in the United States is poised for growth due to the increasing emphasis on efficient drilling operations and the exploration of domestic oil and gas reserves. Several factors are expected to drive the demand for power swivels in the country, including:
Country | China |
---|---|
Market Size (US$ million) by End of Forecast Period (2033) | US$ 431.7 million |
CAGR % 2023 to End of Forecast (2033) | 4.8% |
The power swivel market in China is projected to reach a market size of US$ 431.7 million by 2033, with a CAGR of 4.8% during the forecast period. The power swivel industry in China is expected to experience significant growth driven by several factors.
Firstly, the increasing demand for energy and the rapid development of various industries, including manufacturing, construction, and oil and gas, are expected to drive the demand for power swivels in China. The growing industrial activities and infrastructure projects necessitate efficient drilling operations, well intervention services, and the exploration of domestic energy resources.
Country | Japan |
---|---|
Market Size (US$ million) by End of Forecast Period (2033) | US$ 102.3 million |
CAGR % 2023 to End of Forecast (2033) | 4.2% |
The power swivel market in Japan is anticipated to achieve a market size of US$ 102.3 million by 2033, exhibiting a CAGR of 4.2% during the forecast period. The market in Japan is poised for growth due to the increasing adoption of power swivels across diverse industries such as oil and gas, geothermal exploration, and environmental monitoring.
The Japanese market's expansion can be attributed to several factors. Firstly, in the oil and gas sector, there is a growing emphasis on efficient drilling operations and well intervention services to enhance productivity and reduce operational costs. Power swivels, with their ability to provide rotational torque during drilling and well intervention activities, offer enhanced drilling efficiency and versatility.
Hydraulic Segment to Dominate Power Swivel Industry with 5.9% CAGR through 2033.The hydraulic segment is projected to dominate the power swivel industry with a CAGR of 5.9% from 2022 to 2033. This segment holds a significant market share in 2023 due to its versatility, efficiency, and operational reliability.
Hydraulic power swivels are widely utilized in various drilling operations, offering precise control and smooth rotation. Their hydraulic systems provide high torque output, enabling efficient drilling and well intervention activities in challenging environments. The increasing demand for advanced drilling technologies, coupled with the growth of oil and gas exploration and production activities, is driving the adoption of hydraulic power swivels. These swivels offer superior performance in terms of torque, speed, and load capacity, enhancing drilling efficiency and overall operational productivity.
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The Power Swivels industry is highly competitive, with numerous players vying for market share. In such a scenario, key players must adopt effective strategies to stay ahead of the competition.
Key Strategies Adopted by the Players
Companies invest hugely in research and development to introduce innovative products that offer enhanced efficiency, reliability, and cost-effectiveness. Product innovation enables companies to differentiate themselves from their competitors and cater to the evolving needs of customers.
Key players in the industry often form strategic partnerships and collaborations with other companies to leverage their strengths and expand their reach in the market. Such collaborations also allow companies to gain access to new technologies and markets.
The Power Swivels industry is witnessing significant growth in emerging markets such as China and India. Key players are expanding their presence in these markets by establishing local manufacturing facilities and strengthening their distribution networks.
Key players in the Power Swivels industry often engage in mergers and acquisitions to consolidate their market position, expand their product portfolio, and gain access to new markets
Key Players in the Power Swivels Industry
Key Developments in the Power Swivels Market:
Increasing oil and gas exploration activities drive sales.
The adoption of smart power swivels equipped with sensors is the top key trend.
The market is forecast to register a CAGR of 4.4% through 2033.
The market generated a revenue of US$ 1,356.3 million in 2023.
NOV Rig Technologies, Tesco Corporation, and Innovex are the key players.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand Side Trends 1.3. Supply Side Trends 1.4. Technology Roadmap 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Key Market Trends 3.1. Key Trends Impacting the Market 3.2. Product Innovation / Development Trends 4. Key Success Factors 4.1. Product Adoption / Usage Analysis 4.2. Product USPs / Features 4.3. Strategic Promotional Strategies 5. Global Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033 5.1. Historical Market Volume (Unit) Analysis, 2018 to 2022 5.2. Current and Future Market Volume (Unit) Projections, 2023 to 2033 5.3. Y-o-Y Growth Trend Analysis 6. Global Market - Pricing Analysis 6.1. Regional Pricing Analysis By System 6.2. Global Average Pricing Analysis Benchmark 7. Global Market Demand (in Value or Size in US$ Million) Analysis 2018 to 2022 and Forecast, 2023 to 2033 7.1. Historical Market Value (US$ Million) Analysis, 2018 to 2022 7.2. Current and Future Market Value (US$ Million) Projections, 2023 to 2033 7.2.1. Y-o-Y Growth Trend Analysis 7.2.2. Absolute $ Opportunity Analysis 8. Market Background 8.1. Macro-Economic Factors 8.1.1. Global GDP Growth Outlook 8.1.2. Global Automotive industry Overview 8.1.3. Manufacturing Value-Added 8.1.4. Industry Value Added 8.1.5. Parent Market Outlook 8.1.6. Other Macro-Economic Factors 8.2. Forecast Factors - Relevance & Impact 8.2.1. Top Companies Historical Growth 8.2.2. GDP Growth forecast 8.2.3. Manufacturing Industry forecast 8.2.4. Global Urbanization Growth Outlook 8.2.5. Business Climate 8.2.6. Covid-19 Impact Assessment 8.2.7. End-use Industry Growth Outlook 8.3. Value Chain 8.3.1. Product Manufacturers 8.3.2. End Users 8.3.3. Avg. Profitability Margins 8.4. COVID-19 Crisis – Impact Assessment 8.4.1. Current Statistics 8.4.2. Short-Mid-Long Term Outlook 8.4.3. Likely Rebound 8.5. Market Dynamics 8.5.1. Drivers 8.5.2. Restraints 8.5.3. Opportunity Analysis 8.6. Global Supply Demand Analysis 8.7. Key Regulations & Certifications 8.8. Production Process Overview 8.9. Trade Scenario 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By System 9.1. Introduction / Key Findings 9.2. Historical Market Size (US$ Million) and Volume Analysis By System, 2018 to 2022 9.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By System, 2023 to 2033 9.3.1. Hydraulic 9.3.2. Electric 9.3.3. Mechanical 9.4. Market Attractiveness Analysis By System 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Design 10.1. Introduction / Key Findings 10.2. Historical Market Size (US$ Million) and Volume Analysis By Design, 2018 to 2022 10.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Design, 2023 to 2033 10.3.1. Gear 10.3.2. Plate 10.3.3. Chain 10.4. Market Attractiveness Analysis By Design 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 11.1. Introduction / Key Findings 11.2. Historical Market Size (US$ Million) and Volume Analysis By Application, 2018 to 2022 11.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Application, 2023 to 2033 11.3.1. Oil and Gas 11.3.2. Geothermal Exploration 11.3.3. Environmental Monitoring 11.3.4. Others 11.4. Market Attractiveness Analysis By Application 12. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region 12.1. Introduction 12.2. Historical Market Size (US$ Million) and Volume Analysis By Region, 2018 to 2022 12.3. Current Market Size (US$ Million) and Volume Analysis and Forecast By Region, 2023 to 2033 12.3.1. North America 12.3.2. Latin America 12.3.3. Western Europe 12.3.4. Eastern Europe 12.3.5. Central Asia 12.3.6. Russia & Belarus 12.3.7. Balkan & Baltic Countries 12.3.8. Middle East and Africa (MEA) 12.3.9. East Asia 12.3.10. South Asia and Pacific 12.4. Market Attractiveness Analysis By Region 13. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 13.1. Introduction 13.2. Pricing Analysis 13.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022 13.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2023 to 2033 13.4.1. By Country 13.4.1.1. U.S. 13.4.1.2. Canada 13.4.2. By System 13.4.3. By Design 13.4.4. By Application 13.5. Market Attractiveness Analysis 13.5.1. By Country 13.5.2. By System 13.5.3. By Design 13.5.4. By Application 13.6. Market Trends 13.7. Key Market Participants - Intensity Mapping 13.8. Drivers and Restraints - Impact Analysis 14. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 14.1. Introduction 14.2. Pricing Analysis 14.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022 14.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2023 to 2033 14.4.1. By Country 14.4.1.1. Brazil 14.4.1.2. Mexico 14.4.1.3. Argentina 14.4.1.4. Rest of Latin America 14.4.2. By System 14.4.3. By Design 14.4.4. By Application 14.5. Market Attractiveness Analysis 14.5.1. By Country 14.5.2. By System 14.5.3. By Design 14.5.4. By Application 14.6. Market Trends 14.7. Key Market Participants - Intensity Mapping 14.8. Drivers and Restraints - Impact Analysis 15. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 15.1. Introduction 15.2. Pricing Analysis 15.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022 15.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2023 to 2033 15.4.1. By Country 15.4.1.1. Germany 15.4.1.2. Italy 15.4.1.3. France 15.4.1.4. U.K. 15.4.1.5. Spain 15.4.1.6. BENELUX 15.4.1.7. NORDICS 15.4.1.8. Rest of Western Europe 15.4.2. By System 15.4.3. By Design 15.4.4. By Application 15.5. Market Attractiveness Analysis 15.5.1. By Country 15.5.2. By System 15.5.3. By Design 15.5.4. By Application 15.6. Market Trends 15.7. Key Market Participants - Intensity Mapping 15.8. Drivers and Restraints - Impact Analysis 16. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 16.1. Introduction 16.2. Pricing Analysis 16.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022 16.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2023 to 2033 16.4.1. By Country 16.4.1.1. Poland 16.4.1.2. Hungary 16.4.1.3. Romania 16.4.1.4. Czech Republic 16.4.1.5. Rest of Eastern Europe 16.4.2. By System 16.4.3. By Design 16.4.4. By Application 16.5. Market Attractiveness Analysis 16.5.1. By Country 16.5.2. By System 16.5.3. By Design 16.5.4. By Application 16.6. Market Trends 16.7. Key Market Participants - Intensity Mapping 16.8. Drivers and Restraints - Impact Analysis 17. Central Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 17.1. Introduction 17.2. Pricing Analysis 17.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022 17.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2023 to 2033 17.4.1. By System 17.4.2. By Design 17.4.3. By Application 17.5. Market Attractiveness Analysis 17.5.1. By System 17.5.2. By Design 17.5.3. By Application 17.6. Market Trends 17.7. Key Market Participants - Intensity Mapping 17.8. Drivers and Restraints - Impact Analysis 18. Russia & Belarus Market Analysis 2018 to 2022 and Forecast 2023 to 2033 18.1. Introduction 18.2. Pricing Analysis 18.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022 18.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2023 to 2033 18.4.1. By System 18.4.2. By Design 18.4.3. By Application 18.5. Market Attractiveness Analysis 18.5.1. By System 18.5.2. By Design 18.5.3. By Application 18.6. Market Trends 18.7. Key Market Participants - Intensity Mapping 18.8. Drivers and Restraints - Impact Analysis 19. Balkan & Baltic Countries Market Analysis 2018 to 2022 and Forecast 2023 to 2033 19.1. Introduction 19.2. Pricing Analysis 19.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022 19.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2023 to 2033 19.4.1. By System 19.4.2. By Design 19.4.3. By Application 19.5. Market Attractiveness Analysis 19.5.1. By System 19.5.2. By Design 19.5.3. By Application 19.6. Market Trends 19.7. Key Market Participants - Intensity Mapping 19.8. Drivers and Restraints - Impact Analysis 20. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033 20.1. Introduction 20.2. Pricing Analysis 20.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022 20.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2023 to 2033 20.4.1. By Country 20.4.1.1. India 20.4.1.2. ASEAN 20.4.1.3. Oceania 20.4.1.4. Rest of South Asia & Pacific 20.4.2. By System 20.4.3. By Design 20.4.4. By Application 20.5. Market Attractiveness Analysis 20.5.1. By Country 20.5.2. By System 20.5.3. By Design 20.5.4. By Application 20.6. Market Trends 20.7. Key Market Participants - Intensity Mapping 20.8. Drivers and Restraints - Impact Analysis 21. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 21.1. Introduction 21.2. Pricing Analysis 21.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022 21.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2023 to 2033 21.4.1. By Country 21.4.1.1. China 21.4.1.2. Japan 21.4.1.3. South Korea 21.4.2. By System 21.4.3. By Design 21.4.4. By Application 21.5. Market Attractiveness Analysis 21.5.1. By Country 21.5.2. By System 21.5.3. By Design 21.5.4. By Application 21.6. Market Trends 21.7. Key Market Participants - Intensity Mapping 21.8. Drivers and Restraints - Impact Analysis 22. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033 22.1. Introduction 22.2. Pricing Analysis 22.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022 22.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2023 to 2033 22.4.1. By Country 22.4.1.1. GCC Countries 22.4.1.2. Türkiye 22.4.1.3. Northern Africa 22.4.1.4. South Africa 22.4.1.5. Rest of Middle East and Africa 22.4.2. By System 22.4.3. By Design 22.4.4. By Application 22.5. Market Attractiveness Analysis 22.5.1. By Country 22.5.2. By System 22.5.3. By Design 22.5.4. By Application 22.6. Market Trends 22.7. Key Market Participants - Intensity Mapping 22.8. Drivers and Restraints - Impact Analysis 23. Country-wise Market Analysis 23.1. Introduction 23.1.1. Market Value Proportion Analysis, By Key Countries 23.1.2. Global Vs. Country Growth Comparison 23.2. U.S. Market Analysis 23.2.1. By System 23.2.2. By Design 23.2.3. By Application 23.3. Canada Market Analysis 23.3.1. By System 23.3.2. By Design 23.3.3. By Application 23.4. Mexico Market Analysis 23.4.1. By System 23.4.2. By Design 23.4.3. By Application 23.5. Brazil Market Analysis 23.5.1. By System 23.5.2. By Design 23.5.3. By Application 23.6. Argentina Market Analysis 23.6.1. By System 23.6.2. By Design 23.6.3. By Application 23.7. Germany Market Analysis 23.7.1. By System 23.7.2. By Design 23.7.3. By Application 23.8. Italy Market Analysis 23.8.1. By System 23.8.2. By Design 23.8.3. By Application 23.9. France Market Analysis 23.9.1. By System 23.9.2. By Design 23.9.3. By Application 23.10. U.K. Market Analysis 23.10.1. By System 23.10.2. By Design 23.10.3. By Application 23.11. Spain Market Analysis 23.11.1. By System 23.11.2. By Design 23.11.3. By Application 23.12. NORDICS Market Analysis 23.12.1. By System 23.12.2. By Design 23.12.3. By Application 23.13. Poland Market Analysis 23.13.1. By System 23.13.2. By Design 23.13.3. By Application 23.14. Hungary Market Analysis 23.14.1. By System 23.14.2. By Design 23.14.3. By Application 23.15. Romania Market Analysis 23.15.1. By System 23.15.2. By Design 23.15.3. By Application 23.16. Czech Republic Market Analysis 23.16.1. By System 23.16.2. By Design 23.16.3. By Application 23.17. China Market Analysis 23.17.1. By System 23.17.2. By Design 23.17.3. By Application 23.18. Japan Market Analysis 23.18.1. By System 23.18.2. By Design 23.18.3. By Application 23.19. S. Korea Market Analysis 23.19.1. By System 23.19.2. By Design 23.19.3. By Application 23.20. India Market Analysis 23.20.1. By System 23.20.2. By Design 23.20.3. By Application 23.21. ASEAN Market Analysis 23.21.1. By System 23.21.2. By Design 23.21.3. By Application 23.22. Australia and New Zealand Market Analysis 23.22.1. By System 23.22.2. By Design 23.22.3. By Application 23.23. KSA Market Analysis 23.23.1. By System 23.23.2. By Design 23.23.3. By Application 23.24. UAE Market Analysis 23.24.1. By System 23.24.2. By Design 23.24.3. By Application 23.25. Northern Africa Market Analysis 23.25.1. By System 23.25.2. By Design 23.25.3. By Application 23.26. Türkiye Market Analysis 23.26.1. By System 23.26.2. By Design 23.26.3. By Application 23.27. South Africa Market Analysis 23.27.1. By System 23.27.2. By Design 23.27.3. By Application 23.28. Israel Market Analysis 23.28.1. By System 23.28.2. By Design 23.28.3. By Application 24. Market Structure Analysis 24.1. Market Analysis by Tier of Companies (WXYZ) 24.2. Market Concentration 24.3. Market Share Analysis of Top Players 24.4. Production Capacity Analysis 24.5. Market Presence Analysis 24.5.1. By Application Footprint of Players 24.5.2. By Regional Footprint of Players 24.5.3. By Channel Footprint of Players 25. Competition Analysis 25.1. Competition Dashboard 25.2. Competition Benchmarking 25.3. Competition Deep Dive 25.3.1. Schlumberger Limited 25.3.1.1. Overview 25.3.1.2. Product Portfolio 25.3.1.3. Profitability by Market Segments (Product/Channel/Region) 25.3.1.4. Sales Footprint 25.3.1.5. Strategy Overview 25.3.1.6. Overview 25.3.1.7. Product Portfolio 25.3.1.8. Profitability by Market Segments (Product/Channel/Region) 25.3.1.9. Sales Footprint 25.3.2. National Oilwell Varco, Inc. 25.3.2.1. Overview 25.3.2.2. Product Portfolio 25.3.2.3. Profitability by Market Segments (Product/Channel/Region) 25.3.2.4. Sales Footprint 25.3.3. Weatherford International Ltd. 25.3.3.1. Overview 25.3.3.2. Product Portfolio 25.3.3.3. Profitability by Market Segments (Product/Channel/Region) 25.3.3.4. Sales Footprint 25.3.4. NOV Rig Technologies 25.3.4.1. Overview 25.3.4.2. Product Portfolio 25.3.4.3. Profitability by Market Segments (Product/Channel/Region) 25.3.4.4. Sales Footprint 25.3.5. Rubicon Oilfield International 25.3.5.1. Overview 25.3.5.2. Product Portfolio 25.3.5.3. Profitability by Market Segments (Product/Channel/Region) 25.3.5.4. Sales Footprint 25.3.6. Drilling Tools International 25.3.6.1. Overview 25.3.6.2. Product Portfolio 25.3.6.3. Profitability by Market Segments (Product/Channel/Region) 25.3.6.4. Sales Footprint 25.3.7. MSI Oilfield Products 25.3.7.1. Overview 25.3.7.2. Product Portfolio 25.3.7.3. Profitability by Market Segments (Product/Channel/Region) 25.3.7.4. Sales Footprint 25.3.8. Tasman Oil Tools 25.3.8.1. Overview 25.3.8.2. Product Portfolio 25.3.8.3. Profitability by Market Segments (Product/Channel/Region) 25.3.8.4. Sales Footprint 26. Primary Insights 27. Assumptions and Acronyms Used 28. Research Methodology
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