The Workover Rig are the tower hoist held with wires required for well intervention operations once the productivity of initial well in place decreases. The Workover Rigs are also known as completion wells or pulling units generally used for replacing an already placed well with a fresh completion.
The Workover Rigs perform various operations such as handling rod and tubing work and other associated activities mainly to enhance the well output and perform plug and abandonment services. The Rigs are highly mobile as they are moved to the oilfields of the exploration companies.
The Workover Rigs are incorporated with the groove that ensures proper aligning during the operations and are available in different sizes and capacities depending upon well depth and load requirement. As Workover Rig market is currently held by limited large oil & gas service providers, the new players are offering highly customized services to the oil producers to penetrate into the market. The stability in oil prices after recent downfall will create notable positive impact over the demand of Workover Rigs due to anticipated increase in production activities across the globe.
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Workover Rigs Market: Drivers and Restraints
The Workover Rigs market will remain attractive over the forecast period owing to rising consumption of petroleum products. As a result, the Exploration and Production (E&P) located globally will increase their investment due to increasing demand and positive outlook of the oil and gas market.
The ongoing rise in oil prices can be regarded as new phase for the companies operating in the sector. Adding to this, the participants are looking to attain growth through domestic and international expansion as well as adding new production related services. As Workover Rigs providers play important role in the production operation making them key segment in the reviving upstream sector and hold massive share in the overall spending of the companies.
Moreover, the investment from government as well as private sector in the drilling activities is also expected to rise and surge in shale gas production is expected to fuel the growth of the Workover Rigs market in the coming years. The oversupply of Workover Rigs in the cyclical oil & gas market is one of the major restraint to the market.
However, the industry has recovered successfully from the recent oil price crisis and industry outlook will remain positive in the coming years. One of the major trend in the market will use of environment friendly Workover Rigs. The government authorities are directing energy companies to decrease carbon footprint that will shift the focus of the companies towards use of components that run renewable energy in the coming years.
Workover Rigs Market: Regional Outlook
The global Workover Rigs market is segmented into seven key regions: North America, Latin America, Western Europe and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). In the coming years, the planned oil field developments in the MEA region along with high current production activities will drive the demand of Workover Rigs from the contractors.
The North America Workover Rigs demand will continue to growing owing to shale continuous growth of shale fields in the region. The APEJ, Europe, Latin America and Japan will also witness growth opportunities registering healthy CAGRs over the forecast period as oil and gas market will move towards full recovery.
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Workover Rigs Market: Market Participants
Examples of some of the market participants identified across the value chain of the global Workover Rigs market include:
- Mesa Southern Well Servicing
- Sun Well Service, Inc.
- Nordic Gulf
- Drillmec Drilling Technologies
- Automated Rig Technologies Ltd
- Moncla Companies
- San Antonio Internacional
- Eastern Well Services
- MBI Energy Services
- Superior Energy Services
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and 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 geographies, application, and industry.
The 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 in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Workover Rigs Market: Segmentation
On the basis of type, the Workover Rigs market can be segmented into:
- Barge Rigs
- Tender Rigs
- Jack ups Rigs
- Platform Rigs
- Semi-Submersible Rigs
- Drill Ship
On the basis of capacity, the Workover Rigs market can be segmented into:
- Below 1,000 Horsepower (HP)
- 1,000-1,500 Horsepower (HP)
- Above 1,500 Horsepower (HP)
On the basis of form, the Workover Rigs market can be segmented into:
- Single Drum
- Double Drum
On the basis of application, the Workover Rigs market can be segmented into:
- Onshore
- Offshore
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