Global Workover Rigs Market 2019-2023| Emergence of Automated Workover Rigs to Boost Market Growth| Technavio
New market research study by Technavio on the global workover rigs market projects the market to grow at a CAGR of more than 5% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers and emerging market trends. It also includes detailed insights and forecasts for all the market segments across different geographies.
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Technavio has published a new market research report on the global workover rigs market from 2019-2023. (Graphic: Business Wire)
Efforts to increase oil and gas production from mature oil and gas fields
Mature oil and gas fields have reached their production peak and have started declining. The hydrocarbons from these oil and gas fields can be recovered using primary recovery methods such as natural reservoir pressure. However, the percentage recovered through this process is very small. Therefore, significant investments are being made to improve recovery from mature oil and gas fields. Workover of the wells is one of the various activities that are being carried out to enhance production from mature fields. Such operations require a workover rig to remove the wellhead and other pressure control equipment from the well to facilitate full access to the wellbore. Therefore, the efforts taken to increase oil and gas production from mature oil and gas fields will fuel the market for workover rigs during the forecast period.
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Emergence of automated workover rigs
Over the last few decades, rigs have been a cause of many accidents and environmental disasters in the oil and gas industry as they pose several hazards for workers. Thus, rig operators have been looking for new ways to ensure the safety of the workers as well as reduce the costs of workover operations. This has resulted in the emergence of rig automation which involves the use of sensors in rigs and associated equipment. Rig automation uses pre-programmed or remotely operated robotic components that ensure better safety and higher precision in operations. The automation of workover rigs simplifies workover operations and spurs oil and gas workover projects.
According to a senior analyst at Technavio, “Along with the emergence of automated workover rigs, the development of intelligent well completion technologies and the increase in use of laser technology in workover operations will have a significant impact on the growth of the workover rigs market during the forecast period.”
Fluctuations in the price of crude oil
Crude oil prices have encountered large variations over the years, which has significantly affected the profitability and performance of many upstream oil and gas companies. In the low-price scenario, the revenue generation from ongoing projects reduces, making it difficult for companies to sustain in the market. This hampers investments in E&P projects, which results in a negative impact on the workover rigs market. However, the recovery of crude oil prices has increased the oil and gas E&P activities across the world, which will positively impact the market growth during the forecast period.
Top players in the global workover rigs market:
- DRILLMEC Spa
- Nabors Industries Ltd.
- National Oilwell Varco Inc.
- Precision Drilling Corp.
- Schlumberger Ltd.
- Yantai Jereh Oilfield Services Group Co. Ltd.
Some of the key topics covered in the global workover rigs market include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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