Kelly drive Market

The kelly drive is drilling equipment for the oil sector. An oil well drilling tool fitted to oil or gas drilling rigs is called a kelly drive.

WILMINGTON, DE , UNITED STATES, February 5, 2024 /EINPresswire.com/ -- The global Kelly drive market was valued at $1.6 billion in 2021, and is projected to reach $2.3 billion by 2031, growing at a CAGR of 3.7% from 2022 to 2031.

The kelly drive is drilling equipment for the oil sector. An oil well drilling tool fitted to oil or gas drilling rigs is called a kelly drive. Kelly uses a piece of pipe with a polygonal which runs through a rotary table and a matching polygonal or splined bushing.

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Automated drilling rigs and top drive systems have replaced Kelly drive systems in the drilling industry, projecting a subdued growth rate for the Kelly drive market due to future market dominance by automated technologies. The adoption of top drives has significantly enhanced safety and efficiency in drilling operations, facilitating easier target attainment. Despite its cost-effectiveness compared to other methods, the Kelly drive system is notably slow, while upcoming technologies promise higher operational speeds. Given the high costs associated with drilling operations in oil fields, efficient operation is imperative.

The growth of the Kelly drive market is propelled by activities in shale oil and gas exploration, alongside advancements in oil and gas exploration techniques. The Kelly drive's ability to enhance output, manage operational costs, and minimize unplanned equipment and well shutdowns is driving its market share within the drilling industry. Moreover, the flourishing oil and gas drilling sector and the increasing adoption of modern drilling technologies are further fueling the growth of the Kelly drive market. Major oil and gas companies stand to benefit from the development of shale gas resources, presenting them with new opportunities for expansion.

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On the basis of type, the square kelly segment garnered 62.0% in terms of revenue and hexagonal kelly is expected to grow at the highest CAGR of 3.9% during the forecast period. Square Kelly is in greater demand due to its extensive use in shale drilling activities. The hexagonal kelly retains more CAGR than the square kelly, as the hexagonal kelly is stronger and can be used for hard rock applications.

On the basis of component, the kelly bars segment garnered 51.21% in terms of revenue and is anticipated to grow at a CAGR of 4.0% during the forecast period. Bars are used more to manage drilling operations. Kelly bars are attached to each end and drilled into the stem. More bars are needed to reach deep oil reserves, creating a large kelly bars market in the global kelly drive market.

On the basis of application, the onshore segment garnered 85.45% in terms of revenue and expected to grow at a CAGR of 3.8% during the forecast period. Rising rock, deep-water drilling and production activities is driving the market growth.

On the basis of region, the North America region garnered 45.75% share in terms of revenue and anticipated to grow at a CAGR of 4.0% during the forecast period. In U.S., several new drilling operations coming in future which will increase the demand for kelly drive in the operation. U.S. oil & gas companies have come across with gas fields with reserves.

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The Kelly Drive represents drilling machinery utilized in the oil industry. It serves as a vital component for drilling wells in both oil and gas exploration. Specifically designed to operate within drilling rigs, the Kelly Drive consists of a pipe equipped with a polygonal shape that interacts with a corresponding polygonal or splined bushing as it rotates through a rotary table.

The kelly drive market is segmented into type, component, application, and region. On the basis of type, the kelly drive market is fragmented into square kelly and hexagonal kelly. By component, the market is classified into kelly bars, kelly bushing, and kelly spinner. On the basis of application, the market is divided into onshore and offshore. Region-wise, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA. The kelly drive market share is analysed across all significant regions and countries and segments.

Key Findings of the Study:

By type, the square kelly segment is anticipated to register the highest CAGR of 3.6% during the forecast period.
By component, the kelly bars segment gained 51% share in 2021 in terms of revenue
By application, the onshore segment gained 85% share in 2021 in terms of revenue
By region, North America garnered the highest share of 45% in 2021, in terms of revenue, growing at a CAGR of 4.0%.
Competitive Analysis:

The Kelly Drive Industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Key Market Players:

Liebherr-International Deutschland GmbH
NOV Inc.
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
BAUER Maschi

David Correa
Allied Market Research
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