San Francisco, California, Nov 02, 2018: A report by TMR Research, titled, “Oil Derrick Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” finds that oil derricks are seeing increasing uptake in different offshore oil and gas rigs. Those are meant to provide support to the gigantic structures of the hydraulic or electric top drive finding usage in oil rigs. However, since derricks are massive structures, they need to assembled one piece at a time or dissembled while being moved from one position to other.
Get Sample Copy of this Report @
Serving to boost the global oil derrick market is the development of more advanced products that are capable of withstanding greater loads. Manufacturers are also experimenting with lightweight composite materials such as fiberglass, graphite, and Kevlar that can bring down weights drastically. Another noticeable trend in the global oil derrick market is the high uptake of automation. Besides, players are also seen experimenting with the design to increase the applications.
The global oil derrick market is mainly being boosted by the increasing oil exploration and production activities. This is mainly because of the surging need for energy worldwide. An oil derrick enables controlling reservoir drilling for oil and gas. Currently, North America is playing a key role in generating demand in the global oil derrick market. This is because of the increasing exploration and extraction of shale oil in the region.
Read Comprehensive Overview of Report @
The global oil derricks market is being driven by the other application of the product. For example, there are certain special designs meant carry out functions that include scooping out precious resources from the earth. With respect to design, the global oil derrick market can be broadly divided into drilling derrick, jack-up derrick, and rotary derrick.
Some of the prominent participants in the global oil derrick market that have been profiled in the report are Superior Energy Services, Inc., Quail Tolls, Weatherford International Ltd., Schlumberger Company, Total Oilfield Rentals LP, and Precision Drilling Corporation.