- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”. Global power tong market is anticipated to register an impressive growth with a CAGR during the forecast period, 2023-2027, due to growing demand for oil extraction equipment. Demands for the higher performance of the drilling equipment, safety equipment installed, and other tools and machinery required for the smooth oil draws, drive the growth of the global power tong market in the upcoming five years. The power tongs are specifically designed for use on locations where limited working areas, reduced manual handling and running performance is critical. Thus, factors such as oil reserve taps in the regions with difficult terrain, lesser availability of the workforce, complicated drilling like directional drilling is required; are some of the major factors further substantiating the growth of the global power tong market in the next five years. Concern toward oil spillage and wastage of oil & gas along with drastic effects on the site and environment hurting the ecosystem, further demands highly efficient drilling and safety equipment thereby substantiating the growth of the global power tong market in the forecast years through 2027F.
Moreover, implementation of stringent government regulations towards environmental pollution from conventional fuels and enhanced focus on electrification are some of the factors positively influencing the global power tong market in the future five years. Besides, increased demand for offshore drilling application is set to increase on account of increase in water drilling and production activities thereby the demands for the drilling equipment including power tongs have enhanced and thereby aids the industrial growth of the market in the forecast period.
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The global power tong market segmentation is based on type, product type, function, location, regional distribution, and competitive landscape. Based on type, the market is differentiated between hydraulic and pneumatic. Hydraulic power tongs are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on account of growing number of offshore oil drilling sites. Surge in the demand for oil production, stringent regulations for oil spillage in the oceans and water bodies, that harms the marine life, and the ecosystem further facilitates the growth of the global power tong market in the future five years. By product type, the market is further segmented into chisel tong, casing tong, rotary tong, manual tong, and others.
Based on function, the market is distinguished between breakout tong and makeup tong. Breakout tongs are the large-capacity self-locking wrenches that are used to grip drill string components and apply torque to the equipment such that effective drilling can be conducted. the breakout tongs are the active tongs during breakout operations. A similar set of tongs is tied off to a deadline anchor during breakout operations to provide backup to the connection, not unlike the way a plumber uses two pipe wrenches in an opposing manner to tighten or loosen water pipes, except that breakout tongs are much larger. Makeup tongs are large capacity self-locking wrenches too. As a matter of efficiency, one set of tongs is essentially tied off with a cable or chain to the derrick, and the other is actively pulled with mechanical catheads. The breakout tongs are the active tongs during breakout (or loosening) operations. The makeup tongs are active during makeup (or tightening) operations.
By location, the market is bifurcated between offshore and onshore location. Offshore locations are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the grounds of higher number of offshore locations of oil rigs. Growing consumption and thus the demand to produce more oil & natural gases the demands for the offshore oil drilling have increased and drives the growth of the global power tong market in the next five years.
The market analysis also studies the regional segmentation, divided among Asia-Pacific region, North American region, European region, South American region, and Middle East & African region.
Some of the market players, dominating the global power tong market are :
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“North America region is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the grounds of increasing oil excavation activities in the countries like the United States and Mexico. Surge in the research and technological advancement in the drilling equipment also facilitates the growth of the market in the future five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Power Tong Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Type (Hydraulic, Pneumatic), By Product Type (Chisel Tong, Casing Tong, Rotary Tong, Manual Tong, Others), By Function (Breakout Tong, Makeup Tong), By Location (Offshore, Onshore), By Region”, has evaluated the future growth potential of global power tong and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global power tong market.
