Oilfield Traveling Blocks Market Report 2020-2030: Forecasts by Product (Elastomers, Resins, Adhesives & Sealants), Component (Compressor, Turbine, Shaft), Application (Onshore, Offshore), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and analysis of leading companies operating in this industry.

With the growth in the output of offshore oil and gas, the focus has shifted to higher hook load capacities required to drill deeper wells. It's a time-consuming process though. Installing a multi-speed moving block is an innovative solution to the problem of offshore hook load and speed. A multi-speed block adds to the hoisting process a variable transmission ratio that is accomplished by changing the number of sheaves moving with the traveling assembly. The gear ratio will be decreased by disconnecting the sheaves from the multi-speed frame, thereby reducing the weight capacity and increasing the speed.

In addition, the multi-speed block allows the use of smaller wire to be pulled / slacked while adjusting the gear ratio without increasing heavy lifting capabilities. In addition, the variable transmission increases the product's lifecycle, making the multi-speed block a powerful and less complicated transmission system. Such a strategy would help to reduce costs as well. These technological developments also boost the operational efficiency and safety of employees involved in drilling programs, contributing to market growth.

Exploration and production of oil and gas (E&P) operations have gained momentum worldwide due to the stabilization of crude oil prices. Upstream oil and gas companies invest in E&P projects in order to boost production and profit-making. The increase in E&P activities for oil and gas is also due to the growing global demand for energy. As a result, drilling operations have increased and the number of active rig counts has increased. As a result, there has been a growing need for rig components and equipment such as moving frames. Market vendors are reporting increased sales in line with these factors.

Notes for Editors
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