In a latest report published by Fact.MR- a market research and competitive intelligence provider- master bushing machines sales are predicted to increase in 2021, as the incidence of the COVID-19 pandemic staves off.
During the pandemic crisis, factory closures and cessation of commercial drilling operations largely constrained master bushing sales. With the intensity of the pandemic fading, outdoor exploration activities are leading to a resumption of drilling projects, thus restoring demand.
This research report by Fact.MR examines global master bushing sales from 2016 to 2020, and provides forecasts from 2021-2031.
Significant Developments in the Master Bushing Industry
Caterpillar, a prominent industrial equipment manufacturer, offers two distinct systems: the Abrasion Undercarriage System and the Heavy-Duty Extended Life (HDXL) Undercarriage System with DuraLink.
In addition to replacing SystemOne, it has been field-tested for use in abrasive materials, including sand, mud, crushed stone, clay, and gravel. Cat offers an Abrasion Undercarriage System as a factory-installed option or as a replacement option on all new D1 to D6 (small to medium) dozers as well as legacy D3 to D6 models.
Undercarriage systems powered by Cat Heavy Duty Extended Life (HDXL) are designed for low-to-medium abrasion, medium- to high-impact applications such as hard rock and landfills.
In September 2020, Hitachi ABB Power Grids announced the launch of its TXpert Ecosystem for the digitalization of transformers. The ecosystem facilitates data-driven intelligence and decision-making for the operation and maintenance of transformers and power grids.
The company offers a comprehensive portfolio of products, software, and services that work together and can be integrated with other digital equipment from other manufacturers.
The company has developed its own in-house scalable TXpertTM Ecosystem, featuring an open platform based on security standards developed by expert engineers to enable seamless collaboration between customers, partners, and peers.
In a recent report by CIGRE, the windings, tap-changers, and bushings of transformers are the most common locations for transformer faults. These issues are all mitigated through the TXpertTM Ecosystem.
Through their TXpertTM Ecosystem solutions for digital asset management of bushings, the firm can track the health of bushings in real-time, which allows us to take corrective action before bushing failure is likely.
Demand for Cost Effective Techniques Owing to Declining Oil Prices Amplifies Market Growth
Master bushing is mainly used in the well-drilling industry. It is mainly required for drilling oil wells, water wells, and heavy underground drilling. It is also known as rotary bushing.
Master bushing helps in rotating the kelly which makes it super easy for the oil drilling machine to be used effectively. It helps reduce labor costs and efforts put by manpower for heavy underground drilling.
Master bushing comprises two types, firstly those which function to move the square drive kelly bushing and secondly those which move the pin drive kelly bushing.
Numerous innovations have been introduced by prominent manufacturers, positively impacting market growth. Previously, master bushing could only be used with adapters and spacers, but now only one needs to be used.
Such an innovation has proven to elongate lifespans of master bushings, helping achieve significant cost savings. This factor is anticipated to widen growth prospects for the market in forthcoming years.
Off-Shore Drilling Generates Heightened Revenue for Master Bushing
Unceasing demand for oil by various industries is continuing to keep demand for master bushing systems elevated since the past several years.
Governments across the world are allocating massive proportions of their annual budgets to fulfilling this demand for oil, leading to an increasing in off-shore drilling and exploration projects. This, in turn, is positively influencing sales of master bushing systems.
Additionally, new technologies and increasing demand for renewable energy resources and cost-saving initiatives will help the industry expand across the forecast period. Rising prices of on-shore oil is further reinforcing the market’s expansion prospects in the off-shore segment.
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Prominent Master Bushing Manufacturers Engage in Intense Competition
As the master bushing is an expanding market, there is major competition amongst key players.
- Schramm Inc.
- BAUER AG
- Sany Group Co.Ltd.
- Zoomlion Heavy Industry
- Dando Drilling International Ltd.
- Beijing Sinovo International
- Atlas Copco.
Aforementioned players rely on innovations and technological advancements to manufacture new equipment and reformulate existing product lines. This helps retain market share and attract more clients.
Besides, consistent research and development to develop new approaches to master bushing systems is enabling companies to expand their geographical footprint, gaining access to potential markets and widen its customer base.
Mergers and acquisitions help carve new ideas, enabling them to expand existing inventory by virtue of augmenting production capabilities and increasing output.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, and historical data, as well as statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies.
The research report provides analysis and information according to market segments such as types of rigs, shapes, and area of application.
The market report covers exhaustive analysis on:
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
An Adaptive Approach to Modern-day Research Needs
The market regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Russia)
- East Asia (China, Japan, and South Korea)
- South Asia (India, Thailand, Indonesia, Malaysia)
- The Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
The market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with Master bushing attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and Products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
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Based on application, the global market for master bushing has been segmented as:
- Offshore Oil Drilling System
- Onshore Oil Drilling System
- Land Drilling System
Demand for land drilling systems is expected to remain strong. This system comprises of wells, heavy boring, and other heavy drilling equipment.
The master bushing always applies to mechanisms of heavy boring of wells and oil drilling.
Based on types of rigs, the master bushing market is segmented as:
- Single Rigs
- Double Rigs
- Triple Rigs
These rigs help in easy drilling of oil wells and doesn’t cause inconvenience to the employees who are doing the jobs.
Based on shape- the market for master bushing is divided into:
- Square Shape Master Bushing
- Pin Shape Master Bushing
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.