Press release
Workover Rigs Market Analysis: Global Trends and Forecast - Insights 2024
Workover Rigs Market
The workover rigs market size is expected to see steady growth in the next few years. It will grow to $6.41 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to renewable energy transition, digitalization and automation, focus on asset optimization, environmental and ESG considerations, global economic trends, resilience to supply chain disruptions. Major trends in the forecast period include advancements in technology, environmental and regulatory compliance, global energy transition, remote operations and digitalization.
Market Overview -
A workover rig refers to a specialized piece of equipment used in the oil and gas industry for performing maintenance, repair, and intervention operations on oil or gas wells. These operations are typically conducted on existing wells to enhance or restore their productivity or to address downhole issues.
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Increasing Oil And Natural Gas Demand Fueling Workover Rig Market Growth
Growing demand for oil and natural gas is expected to propel the growth of the workover rig market going forward. Oil and natural gas are fossil fuels extracted from the Earth, serving as crucial sources of energy for various industries and daily life. Growing demand for oil and natural gas is driven by the expanding use of these resources in transportation, manufacturing, and energy production. Workover rigs help to sustain and increase demand for oil and gas by maximizing the production potential of existing wells, optimizing reservoir performance, and simplifying the responsible management of mature assets throughout their life cycle. For instance, in October 2023, according to the International Energy Agency, a France-based intergovernmental organization, the projection suggests a 6% increase in worldwide oil demand between 2022 and 2028, reaching a total of 105.7 million barrels per day. Additionally, there is an expectation that global gas demand will grow at an average annual rate of 1.6% from 2022 to 2026. Therefore, the growing demand for oil and natural gas is driving the growth of the workover rig market.
Competitive Landscape -
Major companies operating in the workover rigs market are Schlumberger Ltd., Hess Services Inc., National Oilwell Varco Inc., Megha Engineering and Infrastructures Ltd., Nabors Industries Ltd., Helmerich & Payne Inc., Precision Drilling Corporation, Drillmec Drilling Technologies, Fieldwood Energy LLC, Superior Energy Services, San Antonio Internacional, National Energy Services Reunited Corp., KLX Energy Services Holdings Inc., LCH Well Servicing LLC, Eastern Well Services, MBI Energy Services, Twin Eagle Transport LLC, Deep Industries Ltd., Moncla Energy Services LLC, Mesa Southern Well Servicing LP, Nordic Gulf, Automated Rig Technologies Ltd., BOS Energy International FZE, Hubei Petrokh Machine Manufacturing Co. Ltd., Sunnda Corporation, KOLLER Solutions Maschinen- und Anlagenbau GmbH
Revolutionizing Workover Operations In Extreme Arctic Conditions With Mobile Rig
Major companies operating in the workover rigs market are focused on developing innovative solutions, such as the mobile drilling rig, to enhance operational efficiency and drive their revenues in the market. A mobile drilling rig is a versatile, self-propelled platform equipped with drilling machinery for on-the-go exploration and extraction of underground resources. For instance, in July 2021, Drillmec International Pvt. Ltd., an India-based manufacturer and distributor of drilling and workover rigs, launched the ARS-225 Mobile Rig, which is designed for drilling and workover operations in extreme conditions. Boasting a nominal hook load capacity of 225 metric tons, it is powered by two CAT C18 oil and gas type 700 Hp diesel engines and features a dual-tank fuel system with a total capacity of 800 liters. Additionally, equipped with a winterization system, the ARS-225 ensures optimal performance even in cold environments.
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Key Segments -
The workover rigs market covered in this report is segmented -
1) By Type: Barge Rigs, Tender Rigs, Jack Ups Rigs, Platform Rigs, Semi-Submersible Rigs, Drill Ship
2) By Form Factor: Single Drum, Double Drum
3) By Capacity: Below 1,000 Horsepower (HP), 1,000-1,500 Horsepower (HP), Above 1,500 Horsepower (HP)
4) By Application: Onshore, Offshore
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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