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