Iron Roughneck Market: Introduction
Iron roughneck is a part of hydraulic machinery used to handle (connect or disconnect) segments of pipe during the drilling operations. Iron roughneck is a modularized and convenient product used to torque and un-torque lengths of drill pipe. The iron roughneck optimizes the efficiency of pipe handling operations providing safer alternative to the conventional techniques for make-up/break-out operations. It automates the dangerous task of connecting segments of drill pipe. The iron roughneck is manufactured according to API 7K specifications. Iron roughneck offers an advanced control system and provides precious control of the drilling hook loads. Iron roughneck enables time saving on operations and enables several simultaneous functions to be performed at the same time.
Iron Roughneck Market: Dynamics
Iron roughneck is used to manipulate the segments of pipe as they are hoisted into and out of a borehole. Previously, this work was being performed manually by workers through tongs, which is one of the most risky jobs in the drilling operation. However, with the help of iron roughneck most of this work can be done remotely with minimal manual control. Iron roughneck is increasingly adopted in drilling operations by E&P companies as it reduces the operations risks, accidents and optimizes operations and boosts efficiencies. Hence, with the increase in demand of higher efficiencies oil field operations the rig manufacturers are focusing on manufacturing sophisticated rigs, which in turn is expected to drive the iron roughneck market.
Further, as oil and gas producers are emphasizing on optimizing efficiencies and paring down the cost during production, iron roughneck manufacturers are convincing E&P companies to replace the aging rigs with sophisticated versions, which in turn is expected to boost the iron roughneck market.
With the shifting trend towards renewable energy sources in sync with global trend of sustainability the consumption petroleum as a source of energy is expected to reduce. Further, depressed crude oil prices have caused many of Exploration and Production (E&P) companies to constraint their budgets thereby declining the order intake in the oil and gas market significantly. Despite the recovery of oil prices during the year, the industry continued to cut cost and hold capital investments back. Aforementioned factor is one of the key restraining factors expected to constrain the iron roughneck market during the assessment period.
Iron roughneck improves the speed and safety of drilling operation. Iron roughneck is commonly utilized in deep-water drilling. However, over the past few years, iron roughneck are also installed onto onshore fields, but the penetration rate is very slow due to slow turnover. The iron roughneck manufacturers are continuously focusing on improving the products performance, reducing floor hazards and providing maximum uptime and improved crew safety.
Iron Roughneck Market: Segmentation
On the basis of end use, the iron roughneck market can be segmented as:
Iron Roughneck Market: Regional Outlook
North America dominates iron roughneck market and is expected to continue dominating the market throughout the forecast period. The surge in oil and gas activity across North America is expected to create new opportunities on the horizon. The rapidly evolving market, driven by advances in horizontal drilling and hydraulic fracturing is expected to drive the iron roughneck market in the region over the forecast period. Surging investment in Mexican oil & gas exploration, production and drilling activities is expected to create significant growth opportunities for the iron roughneck market growth. Positive overall economic outlook and increased energy demand driven by rapid urbanization and population growth in Asia-Pacific region, the investment in oil and gas sector is expected to increase, giving an positive outlook for iron roughneck market. Continuously increasing investment in the oil and gas sector in MEA to expand production capacity is expected to drive the demand of iron roughneck.
Iron Roughneck Market: Key Participants
Examples of some of the key players identified in the global iron roughneck market are as follows:
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