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According to Business News, global oil and gas exploration and development activities are increasing as global * prices are picking up. Due to rising global prices, oil and gas companies have invested in oil and gas exploration and development projects to extract oil and gas, thereby increasing oil and gas production and obtaining higher profits.
Increased drilling activity will lead to increased demand for oil and gas rigs, which in turn will increase demand for oilfield drilling equipment such as oilfield drilling elevators. 。 During the forecast period, the demand for the number of active rigs will lead to a compound annual growth rate of the global oilfield drilling elevator market approaching 6% .
Lifts for oilfield rigs are used to handle drill pipes, collars, casings and tubing while drilling. When operating rig equipment, the safety of the crew is very important because any unsafe operation of the rig equipment can cause accidents and injuries. Therefore, in order to solve this problem, many companies are introducing innovative drilling elevator technology.
Advances in drilling elevators can reduce manual operations on tubulars and drill pipes and help reduce the number of accidents on the rig floor. This development is expected to have a positive impact on overall market growth.
The market report also focused on factors such as the increase in the number of active rigs globally, increased upstream investment, and rising global energy demand. However, challenges related to rig operations, the use of alternative energy sources, and fluctuations in oil and gas prices may hinder the growth of the oilfield drilling elevator industry over the forecast period.