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Global Workover Rigs Market 2019-2023| Emergence of Automated Workover Rigs to Boost Market Growth| Technavio

May 22, 2019
Technavio has published a new market research report on the global workover rigs market from 2019-2023. (Graphic: Business Wire)

LONDON--(BUSINESS WIRE)--May 22, 2019--

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190522005436/en/

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.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.

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

About Technavio

Technavio is a leading global technology research and advisory company. It provides detailed market research reports that provide clients with actionable insights to help them identify market opportunities and design effective strategies to optimize their market position.

With over 500 specialized analysts, Technavio boasts of an extensive report library comprising of over 10,000 reports, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than a hundred Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets. Technavio helps companies to assess their competitive position within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190522005436/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: ENERGY OIL/GAS

SOURCE: Technavio Research

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PUB: 05/22/2019 10:50 AM/DISC: 05/22/2019 10:50 AM

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