Portland, OR, Jan. 17, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global kelly drive market garnered $1.6 billion in 2021, and is estimated to generate $2.3 billion by 2031, manifesting a CAGR of 3.7% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.6 billion |
| Market Size in 2031 | $2.3 billion |
| CAGR | 3.7% |
| No. of Pages in Report | 222 |
| Segments covered | Type, Component, Application, and Region. |
| Drivers | Surge in oil exploration activity High demand for the petroleum products |
| Opportunities | Advances in technology and equipment |
| Restraints | High cost |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global kelly drive market, owing to implementation of global lockdown which resulted to temporary closure of oil exploration activity.
- Supply chain was disrupted due to import & export restrictions. Industry faced shortage of labor due to social distancing norms.
- However, the market got recovered soon in the post-pandemic.
The research provides detailed segmentation of the global kelly drive market based on type, component, application, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on type, the square kelly segment accounted for the highest share in 2021, contributing to more than three-fifths of the global kelly drive market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the hexagonal kelly segment is expected to manifest the highest CAGR of 3.9% from 2022 to 2031.
Based on component, the kelly bars segment accounted for the highest share in 2021, contributing to more than half of the global kelly drive market, and is expected to maintain its lead in terms of revenue during the forecast period. This segment is expected to manifest the highest CAGR of 4.0% from 2022 to 2031.
Based on application, the onshore segment accounted for the highest share in 2021, contributing to more than four-fifths of the global kelly drive market, and is expected to maintain its lead in terms of revenue during the forecast period. This segment is expected to manifest the highest CAGR of 3.8% from 2022 to 2031.
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Based on region, North America held the largest share in 2021, contributing to nearly half of the global kelly drive market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 4.0% during the forecast period. The research also analyzes regions including Europe, LAMEA, and Asia-Pacific.
Leading market players of the global kelly drive market analyzed in the research include, NOV Inc., SANY Group, BAUER Maschinen GmbH (Subsidiary of BAUER Group), Jereh Global Development LLC (As a Subsidiary of Jareh Group) and Liebherr-International Deutschland GmbH, Bridges Equipment LTD, Lake Petro., TEXAS INTERNATIONAL OILFIELD TOOLS, LTD, Goldman, Tianhe Oil Group Co. Ltd., XI'AN KINGWELL OILFIELD MACHINERY CO.,LTD, El Didi Group.
The report provides a detailed analysis of these key players of the global kelly drive market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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