Workover Rigs Market are specialized oil rigs utilized in the process of pulling and replacing production to extend the life of the well. They are also called completion rigs or pulling units. They are used in various operations such as handling rod & tubing work and other associated activities to improve the good output and perform plug & abandonment services. Moreover, oil & gas companies have shifted to workover operations to increase their oil & gas output from mature oilfields. Workover rigs are preferred in onshore and offshore applications. They provide high mobility, which allows companies to move them across oilfields. The stability in oil prices is expected to increase the demand for workover rigs due to an increase in production activities across the globe. The rise in demand for oil and natural gas is expected to propel the growth of the workover rigs market over the forecast period.
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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.
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.
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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,
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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