In the Oil & Gas industry, a crown block is a stationary section containing pulleys across which the drill line is threaded. This is in contrast to the traveling block, and it is the combination of these two types of blocks along with the drill line which enables the lifting of loads heavier than what a solitary line could support. Thus, a crown block is an important part of the drilling equipment arsenal aiding in geological exploration, well repair & maintenance, and overall environmental management.
Due to the advent of natural gas fired electrical generation, gas exploration has reached record levels and this naturally becomes the chief driver for the crown block market. Newly commissioned onshore rigs have to conform to the latest EHS guidelines and the best kind of drilling equipment is necessary for this purpose. Possible threat of new entrants could however render the existing crown block model obsolete. Therein lies the opportunity for innovation in the crown block’s design so as to mitigate this threat effectively.
The technological segmentation is done on the basis of the crown block’s weight which is adjusted in accordance to its desired load bearing capacity and applied pressure. The regional segmentation for this industry will be done as North America, Europe, Asia Pacific, and Rest of the World (ROW). Countries such as China, Russia, United States, Iraq, Saudi Arabia, and Colombia are likely to witness a surge in the demand for crown block setups.
Some of the key players in the crown block market include Schlumberger, National Oilwell Varco, GE Oil & Gas, Aker Solutions, Baker Hughes, Halliburton, among others.