Hydraulic Casing Jacks Market: Overview
Hydraulic casing jacks are used as lifting equipment for lifting of casing, tubing & drill pipes and are also used to easily pull out trapped pipes or broken parts from deep digs. Tools, such as pup joints, pick-up subs, stop subs and others, are used with hydraulic casing jacks to perform efficient drilling and pulling operations. Industry leaders, for instance CASINJAC, INC., are providing truck loaded hydraulic casing jacks on rental basis for performing drilling operations. In modern hydraulic casing jacks, the loading truck is connected with hydraulic casing jacks for the supply of air for compression. In offshore applications, the entire hydraulic casing jacks assembly is broken down into small components for reducing the usage of heavy cranes or lifting equipment.
With the help of hydraulic casing jacks, the hanger and other trapped objects can be pulled out in under 40 minutes. Hanzik Hydraulics Inc. has designed a model of hydraulic casing jacks with the capacity of 600,000 pounds. This hydraulic casing jack can pull out medium size hangers in under 40 to 45 minutes. Manufacturers are highly focused on reducing the gross weight of the hydraulic jack casing assembly by using lightweight materials, which can be easily connected with the entire assembly of hydraulic casing jacks. In terms of growth, the hydraulic casing jacks market is projected to be highly lucrative owing to significant government investments being made on oil and gas drilling operations.
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Hydraulic Casing Jacks Market: Dynamics
Increasing labor cost coupled with rising demand for natural gas from end use sectors is anticipated to drive the hydraulic casing jacks market during the forecast period. For fixing the entire assembly of hydraulic casing jacks, there is no need for beam or supporting structure. Furthermore, government regulations pertaining to designing and development of hydraulic casing jacks are also projected to boost the hydraulic casing jacks market over the slated time period. In addition, by using hydraulic casing jacks, the time of rigging casing jacks can be reduced. Therefore, the hydraulic casing market is projected to witness traction in the drilling equipment industry. Rental services of hydraulic casing jacks are also expected to foster the growth of the market as middle-class people can also use hydraulic casing jacks for safely pulling out trapped parts of pipes in less time.
High installation cost, lack of awareness and requirement of skilled workers for operating truck loaded hydraulic casing jacks are some of the factors likely to hinder the growth of the hydraulic casing market during the forecast period. Moreover, for generating hydraulic pressure, an additional compressor is required, which increases the overall system cost. These factors might hamper the growth of the hydraulic casing jacks market during the forecast period.
Hydraulic Casing Jacks Market: Segmentation
On the basis of loading capacity, the Hydraulic Casing Jacks market can be segmented as:
- less than 100 tons
- 100 to 200 tons
- 200 to 300 tons
- 300 to 400 tons
- 400 to 500 tons
- More than 500 tons
On the basis of end use, the hydraulic casing jacks market can be segmented as:
- Oil and gas industry
- Construction industry
- Mining industry
- Others
On the basis of application, the hydraulic casing jacks market can be segmented as:
- Onshore
- Offshore
On the basis of sales channel, the Hydraulic Casing Jacks market can be segmented as:
- OEM
- Aftermarket
Hydraulic Casing Jacks Market: Regional Outlook
China is projected to dominate the hydraulic casing jacks market over the slated time period owing to growing construction activities and increasing number of oil and gas projects in the region. North America is expected to gain noteworthy traction in the hydraulic casing jacks market due to increasing oil and natural gas exploration activities. In Latin America, Mexico is projected to grow with impressive growth rate owing to growing onshore and offshore exploration. Middle East and Africa is projected to register addressable growth rate in the hydraulic casing jacks market due to increasing export of oil and gas. In Middle East and Africa region, GCC countries are projected to account for significant value share in the hydraulic casing jacks market owing to growing government investments on exploration of oil and gas.
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Hydraulic Casing Jacks Market: Key Participant
Some of the market participants identified across the value chain of the Hydraulic casing jacks market:
- CASINJAC, INC.
- Atlas Manufacturing Ltd.
- Ardy Rigging Ltd.
- Vandec Industrial Hydraulics
- Hanzik Hydraulics Inc.
- Starline Inc
- Archway Engineering (UK) Ltd.
- Sumitomo Corporation
- L. Martin Co.
- ITC Hydraulic Services Ltd.