North America Oilfield Roller Chain Market to Cross $146 million by 2022
According to a recently published TechSci Research report, “North America Oilfield Roller Chain Market By Application, By Type, By Country, Competition Forecast & Opportunities, 2012 – 2022”, oilfield roller chain market in the region is anticipated to cross $ 146 million by 2022, on account of rise in exploration of shale gas, tight oil and other unconventional resources in North America. Over the past decade, countries such as the US and Canada, have experienced substantial growth in demand for unconventional fossil fuels such as shale gas and tight oil, majorly produced by using horizontal drilling. In 2014, horizontal well count stood at more than 20,000 in the United States.Total volume of shale gas reserves in the US stood at around 24.4 trillion cubic meter (TCM), followed by Mexico at 19.3 TCM and Canada at 11 TCM. Such factors are expected to positively impact the market in the coming years.
United States and Canada held the largest shares in North America oilfield roller chain market. United States and Canada are centers for shale gas developments in North America due to availability of large proven reserves and also have advanced drilling and fracturing technologies and infrastructure, which are expected to contribute to the market in the course of next five years. In 2016, hoisting operation, by application segment, captured the largest share in the market and is predicted to continue holding the market on the back growing number of oil and gas rigs in the region. The second largest share was held by sucker rod pump followed by mud pump and others in the indicated year. On account of surge in rig count drive chains that are majorly employed in power transmission are estimated to command the market through 2022. Some of the prominent players operating in the market include Rexnord Corporation, Diamond Chain Company, Inc., Emerson Bearing Company and Hale Brothers, Inc.
“Recovery in oil and gas prices, increasing horizontal drilling, and rising exploration of unconventional reserves are forecast to propel North America oilfield roller chain market during 2017-2022. Additionally, enhanced oil recovery techniques such as carbon capture sequestration, microbial EOR, etc., and surge in drilling activities across the region are anticipated to drive the market through 2022.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“North America Oilfield Roller Chain Market By Application, By Type, By Country, Competition Forecast & Opportunities, 2012 – 2022” has evaluated the future growth potential of North America oilfield roller chain market and provides statistics and information on market structure and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in North America oilfield roller chain market.
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