Workover Rigs Market-Roadmap for Recovery from COVID-19 | Growing Demand For Oil And Natural Gas to boost the Market Growth | Technavio

Technavio has been monitoring the workover rigs market and it is poised to grow by $ 254.51 million during 2020-2024, progressing at a CAGR of over 3% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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Technavio has announced its latest market research report titled Global Workover Rigs Market 2020-2024. (Graphic: Business Wire)

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts

Frequently Asked Questions:

• What are the major trends in the market?
  
  Use of laser technology in workover operations is a major trend driving the growth of the market.
• At what rate is the market projected to grow?
  
  The year-over-year growth for 2020 is estimated at 2.16% and the incremental growth of the market is anticipated to be $ 254.51 million.
• Who are the top players in the market?
  
  Basic Energy Services Inc., Bentec GmbH Drilling and Oilfield Systems, China National Petroleum Corp., Drillmec Spa, Nabors Industries Ltd., National Energy Services Reunited Corp., National Oilwell Varco Inc., Precision Drilling Corp., Schlumberger Ltd., and Yantai Jereh Oilfield Services Group Co. Ltd., are some of the major market participants.
• What is the key market driver?
  
  The growing demand for oil and natural gas is one of the major factors driving the market.
• How big is the North America market?
  
  The North America region will contribute 55% of the market share.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Basic Energy Services Inc., Bentec GmbH Drilling and Oilfield Systems, China National Petroleum Corp., Drillmec Spa, Nabors Industries Ltd., National Energy Services Reunited Corp., National Oilwell Varco Inc., Precision Drilling Corp., Schlumberger Ltd., and Yantai Jereh Oilfield Services Group Co. Ltd. are some of the major market participants. The growing demand for oil and natural gas will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Workover Rigs Market 2020-2024: Segmentation

Workover Rigs Market is segmented as below:

• Application
  • Onshore
  • Offshore
• Geography
  • North America
  • MEA
  • APAC
  • Europe
  • South America

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Workover Rigs Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The workover rigs market report covers the following areas:

• Workover Rigs Market Size
• Workover Rigs Market Trends
• Workover Rigs Market Industry Analysis

This study identifies the use of laser technology in workover operations as one of the prime reasons driving the workover rigs market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Workover Rigs Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist workover rigs market growth during the next five years
• Estimation of the workover rigs market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the workover rigs market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of workover rigs market vendors

Table of Contents:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 – 2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Application

• Market segments
• Comparison by Application
• Onshore - Market size and forecast 2019-2024
• Offshore - Market size and forecast 2019-2024
• Market opportunity by Application

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption
• Competitive scenario

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Basic Energy Services Inc.
• Bentec GmbH Drilling and Oilfield Systems
• China National Petroleum Corp.
• Drillmec Spa
• Nabors Industries Ltd.
• National Energy Services Reunited Corp.
• National Oilwell Varco Inc.
• Precision Drilling Corp.
• Schlumberger Ltd.
• Yantai Jereh Oilfield Services Group Co. Ltd.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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View source version on businesswire.com: https://www.businesswire.com/news/home/20200916005714/en/