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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