Torquing Tools Market for the Offshore Industry Upcoming Trends, Growth Drivers and Challenges – Forecast to 2023
Increasing demand for the oil and gas coupled with growing exploration and production activities are the key factors of growth in the offshore industry. In turn, this drives growth in the torquing tools market. Increase in number of offshore platforms coupled with depleting oil and gas reserves are expected to fuel an additional demand for the torquing tools in the offshore industry. Additional investment is required to balance between the depleting reserves and growing energy demand and further increase efficient extraction of the oil and gas. This factors support growth in the offshore industry. Continuous technological advancements are observed in the oil and gas industry over the past few years and it has been estimated that torquing tools will be a growing product segment of this industry. Increasing deepwater and ultra-deepwater activities is also likely to propel growth in the torquing tools in the offshore industry. The market players in the oil and gas offshore industry are continually focusing on developing programs to increases productivity, reduce application cost, and improve safety standards for the labor force.
The global torquing tools market for the offshore industry can be broadly classified into categories: equipments, application, end-user industry, and geography. On the basis of equipments, the torquing tools market can be segmented as electric torque wrenches, pneumatic torque wrenches, hydraulic torque wrenches, hydraulic torque pumps, wind turbine bolt tensioning, and hydraulic bolt tensioners among others. The market segmentation on the basis of application of torquing tools can be done by identifying the application areas of the torquing tools in the offshore industry. The application of torquing tools can include blowout preventer (BOP), pumps, heat exchangers, crackers, reactors, valve covers, pipe flanges, compressor stations, pipelines, wellheads, and mud pumps. On the basis of end-user industry, the torquing tools market for the offshore industry can be segmented as wind energy and oil and gas industry.
The market for the torquing tools in the offshore industry is likely to grow at moderate rates in the future. The rising energy demand for oil and gas and wind energy sources is one of the strongest drivers of growth in the torquing tools market for the offshore industry. It has been expected that the market players will be investing in sustainable and innovative solutions over the forecast period. Support from universities and research institutes are also likely to impact overall growth of offshore industry in the future. Financial conditions and risks associated largely with offshore industry are likely to have negative impact on the growth of this market. For instance, in spite of its various advantages, wind energy is capital intensive in the investment phase and is dependent on stable conditions for financial supports and investments. This exposes risk to the investors in this technology. Political climate will have a decisive impact on the growth of offshore industry. However, political targets and climate can be one of the major growth drivers in the industry, if they are backed up by favorable conditions. Growth in the offshore industry will drive substantial growth in the adoption rate of the torquing tools. Plethora of growth opportunities exist in the global torquing tools market on account of growing energy demand.
Some of the key players in the torquing tools market for the offshore industry include Clover Tool Company, Forum Energy Technologies (FET), Hytorc Div Unex Corporation, Offshore Bolting LLC., TJ Tools, ITH Bolting Technology, and Underwater Engineering Services Ltd.