Exploration Efforts Boosted with Booming Oil Derrick Sales

San Francisco, California, July 06, 2017: TMR Research discusses the details on the factors of influence in oil derrick sales, in “Oil Derrick Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025.” Oil derricks are used in both onshore and offshore oilfield exploration activities. They comprise a number of intricate and complex machinery and equipment that together become an integral and critical part of the drilling process. Oil derricks support the electric top drives or the large hydraulic structures, which also makes the derricks themselves large enough structures to require assembly or dismantling every time they need to be used at a new location.

One of the key factors promoting the growth of the global oil derrick market is the increase in the number of oilfield explorative activities taken up by key regions. The economic upswing after the recent crash has fueled the industrial growth of several regions, considerably upping the demand for oil and gas, as well as the ability of each country to take up advanced exploration processes. According to the EIA, the world liquid consumption had reached a staggering 1.3 MMBD by the end of 2014 and is likely to continue increasing for the coming years.

This is reason enough for nations from the MEA, Asia Pacific, and North America to ramp up their oil and gas production levels. Both the MEA and Asia Pacific are likely to shine in the global oil derrick market over the coming years.

The global oil derrick market is, however, currently being restrained by the highly expensive nature of advanced oilfield exploration, a cost that a number of countries are still unable to take up. The long hours of exploration required and the high level maintenance activities, along with increasing worker safety concerns are pushing workers away from operating and installing oil derricks.

The key function of oil derricks is to regulate drilling activity and improve efficiency. Additionally, oil derricks can also come in specialized makes that can perform uncommon yet critical tasks, including the extraction of valuable resources from the earth. In terms of design, the global oil derrick market includes three segments, viz. jack-up derrick, drilling derrick, and rotary derrick.

The global oil derrick market is envisioned to be impacted by some of the prominent players, which are Superior Energy Services, Inc., Quail Tolls, Weatherford International Ltd., Precision Drilling Corporation, Schlumberger Company, Superior Derrick Services LLC, Total Oilfield Rentals LP, Oilfield Hire and Services, Chesapeake Oilfield Services LLC, and Raven Oilfield Rentals.