The global pipe handling system market is estimated to be around US$ 25.5 Mn in 2022 and is expected to rise by the end of 2032 to US$ 40 Mn, growing at a CAGR of 4.5% throughout the period from 2022-2032. The demand for pipe handling systems is driven by various industries across geographies such as oil & gas, mining, and construction. These systems aid in the safe and efficient transfer and handling of pipes, which are the most widely used pipe equipment for operations that involve drilling and transportation. The rise in global energy exploration activities, especially in offshore drilling, has increased the demand for advanced pipe handling systems. Furthermore, automation in the handling system is becoming more prominent due to companies' efforts in saving on labor costs, improvement in safety features, and obtaining high efficiency in operation.
Get Free Sample Copy of This Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=7107
Technological advancements are also playing a vital role in the growth of the market. Modern pipe handling systems have been equipped with state-of-the-art robotics, automation, and monitoring systems to optimize the processes and minimize downtime. In trying to cope up with fluctuating market conditions and growing environmental scrutiny, oil and gas companies have intensified efforts to acquire automated solutions that offer them operational resilience as well as cost efficiency. However, advanced pipe handling systems come with a high entry cost and high maintenance costs, which makes it challenging for small companies. This is a restraint on the market to a certain extent.
The stringent environmental regulations compel companies toward sustainable solutions and drive influence behind market dynamics.
Market Future Outlook
The market for pipe handling systems should expand steadily in the near term. Their growing usage is associated with greater automation and the need to access energy resources. Market prognoses suggest that this industry sector should post a compound annual growth rate of 6-7% in the next decade. In the oil and gas industry, in particular, and as companies transition into increasing complexities of drilling operations in harsh environments, the demand for strong and reliable pipe handling solutions will only continue to grow.
On the other hand, the pipe handling systems market is also anticipated to grow rapidly with renewable energy projects. Although changing pipe transportation and installation procedures for geothermal energy projects, offshore wind farms, and other emerging fields might be a chance for producers, further market growth will be supported by IoT and AI technology through real-time data analysis, predictive maintenance, and improved operational efficiency.
Key Companies Profiled
- NOV, lnc
- Cameron (Schlumburger)
- Royal IHC
- Igus Gmbh
- Weatherford
- NABORS Industries
- Yantai Jereh Oilfield Services Group Co Ltd
Market Insights
The leading market for North America is primarily based on the scale of oil and gas industries in that region, plus the reason being that regions place a significant emphasis on advanced technology in drilling and pipe transportation. Huge demand is being seen in the United States; shale gas projects are prevalent along with other drilling offshore projects. To add to that, stringent safety regulations and the region's emphasis on operational efficiency have driven the adoption of automated and semi-automated pipe handling systems.
This being the case, the Asia-Pacific region is most likely to grow the fastest due to its growing energy demands from developing economies like China and India. The countries are investing heavily in infrastructure development and also on urbanization, which primarily requires efficient pipe handling systems. Rising mining and construction activities are witnessing market growth in this region.
Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=RC&rep_id=7107
Competitive Landscape
It is a moderately fragmented market, and thus, many large companies are competing based on technological innovations, safety features, and efficiency of the system. Large oilfield service companies like NOV and Schlumberger are undertaking significant research and development to keep themselves in charge and also focus on automation and AI-powered solutions. Smaller companies, as well as emerging players, follow a niche approach by offering customized solutions for specific requirements of the industry, especially in emerging markets.
The competitive scenario is becoming more intense because companies battle to deliver value in the form of integrated solutions and maintenance services, among others. Automating and digitalizing the market is growing, which imposes challenges and opportunities for the industry. Therefore, it needs to keep the technological advancements as well as customer service at par levels. It can further be deduced that determination for safety and compliance with environmental regulations itself contributes to the competitive dynamics, as such concerns gain an advantage over competing companies that can offer this sustainable, cost-effective solution.
About Fact.MR :
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.
Contact:
US Sales Office
11140 Rockville Pike
Suite 400 Rockville, MD 20852
United States Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Sales Team: sales@factmr.com
