Workover rigs market are specialised oil rigs used to pull and replace production in order to extend the life of the well. They are also known as pulling units or completion rigs. They are employed in a number of operations, including managing rod and tubing work and other related tasks to improve the quality of the output and provide plug and abandonment services. In order to boost their oil and gas output from established oilfields, oil and gas companies have also switched to workover operations. For both onshore and offshore applications, workover rigs are preferred. They offer high mobility, enabling businesses to move them between oilfields. Because production activities are expected to increase globally as a result of the stability in oil prices, workover rig demand is anticipated to rise. increased demand Over the course of the forecast period, the market for workover rigs is anticipated to expand due to the rising demand for oil and natural gas.
COVID-19 scenario analysis
Oil & gas industries are adversely affected due to the coronavirus outbreak. With the decrease in oil prices, many companies are facing a financial crisis, which is one of the major factors that reduce the demand for workover rigs over the forecast period. Similarly, the worldwide lockdown has suspended travel privileges, thereby decreasing fuel consumption across the globe. The lockdown has disrupted the supply chain and forced many companies to shut down their power plants to prevent the spread of the virus. This has further reduced the demand for workover rigs across the globe.
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Market scenario analysis
The workover rigs market is expected to grow vigorously due to the rise in demand for oil and natural gas. The rise in population and rapid urbanization has increased the demand for these fuels. An increase in demand for oil and natural gas is expected to make companies enhance oil and gas production to meet the demand. Moreover, an increase in oil & gas investments and government support for oil & gas E&P activities are anticipated to increase the requirement for intervention and completion services. A rise in well E&P activities, such as intervention and completion, is expected to boost the growth of the workover rigs market during the forecast period. However, uncertainty and fluctuations in crude oil prices are expected to reduce investments in E&P projects, which, in turn, may impact the workover rigs market over the forecast period.
Market trends
Digitalization of workover rigs is one of the major trends observed. Automated workover rigs provide better safety and higher precision in operations as they use remotely operated robotic equipment. Integrated software system provides precise data to the operators for future decision-making. This technological advancement in the workover rigs market is expected to boost market growth over the forecast period.
Furthermore, huge investment from the government and other private companies in drilling activities is also expected to propel the workover rigs market over the forecast period.
Regional Insights
By region, the global workover rigs market is segmented into North America, Latin America, Western Europe & Eastern Europe, Asia-Pacific, and the Middle East & Africa. The Middle East & Africa is expected to become the market leader during the forecast period. High investments and increased current production activities contribute to market growth in the region. North America is also expected to grow, owing to its increased shale field activities,
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Market Key Segments:
By Type
• Barge Rigs
• Tender Rigs
• Jack ups Rigs
• Platform Rigs
• Semi-Submersible Rigs
• Drill Ship
By Capacity
• Below 1,000 Horsepower (HP)
• 1,000-1,500 Horsepower (HP)
• Above 1,500 Horsepower (HP)
By Application
• Onshore
• Offshore
By Region
• North America (US, Canada)
• Europe (Germany, the UK, France, rest of Europe)
• Asia-Pacific (China, Japan, India, rest of Asia-Pacific)
• Latin America (Brazil, Mexico, Rest of LATAM)
• the Middle East
• Africa
Key Market Players: Mesa Southern Well Servicing, Sun Well Service, Inc., Nordic Gulf, Drillmec Drilling Technologies, Automated Rig Technologies Ltd, Moncla Companies, San Antonio International, Eastern Well Services, MBI Energy Services, Superior Energy Services
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Key benefits of the report:
• This study presents the analytical depiction of the workover rigs market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the workover rigs market share.
The current market is quantitatively analyzed to highlight the workover rigs market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.
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