The global top drive systems market will grow at a CAGR of almost 6% during 2018-2023, and the market size will increase by USD 45.49 million during 2019-2023. The market’s growth momentum is expected to accelerate throughout the forecast period.

To identify growth opportunities in the top drive systems market, the market has been segmented into regions that are growing faster than the overall market. These regions have been pitted against regions that have a slower growth rate than the global market in 2018-2023. APAC and North America will grow faster than the overall market. The growth of Europe, MEA, and South America will be slower than the global market.

Some of the key findings from our top drive systems market forecast report are summarized below

Top Drive Systems Market

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Top drive systems are used in onshore and offshore applications. The adoption of these systems was high in onshore applications in 2018, and this segment’s position will remain unchanged throughout the forecast period. During 2019-2023, the growth rate of the onshore segment will be faster than the global market growth.

The market is fragmented, and the degree of fragmentation is expected to remain the same till 2023. The accelerating growth will provide immense growth opportunities to market participants. To make the most of the opportunities, top drive systems companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

This market report provides a detailed analysis of the market by application (onshore and offshore), type (hydraulic), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including GDS International LLC, MHWirth AS, Nabors Industries Ltd., National Oilwell Varco Inc., and Schlumberger Ltd.