Overview and Scope
A workover rig refers to a specialized piece of equipment used in the oil and gas industry for performing maintenance, repair, and intervention operations on oil or gas wells. These operations are typically conducted on existing wells to enhance or restore their productivity or to address downhole issues.
Sizing and Forecast
The workover rigs market size has grown steadily in recent years. It will grow from $5.25 billion in 2023 to $5.51 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to oil price volatility, aging oil wells, regulatory changes, global energy demand, natural disasters.
The workover rigs market size is expected to see steady growth in the next few years. It will grow to $6.41 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to renewable energy transition, digitalization and automation, focus on asset optimization, environmental and ESG considerations, global economic trends, resilience to supply chain disruptions. Major trends in the forecast period include advancements in technology, environmental and regulatory compliance, global energy transition, remote operations and digitalization.
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Segmentation & Regional Insights
The workover rigs market covered in this report is segmented –
1) By Type: Barge Rigs, Tender Rigs, Jack Ups Rigs, Platform Rigs, Semi-Submersible Rigs, Drill Ship
2) By Form Factor: Single Drum, Double Drum
3) By Capacity: Below 1,000 Horsepower (HP), 1,000-1,500 Horsepower (HP), Above 1,500 Horsepower (HP)
4) By Application: Onshore, Offshore
North America was the largest region in the workover rigs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the workover rigs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Growing demand for oil and natural gas is expected to propel the growth of the workover rig market going forward. Oil and natural gas are fossil fuels extracted from the Earth, serving as crucial sources of energy for various industries and daily life. Growing demand for oil and natural gas is driven by the expanding use of these resources in transportation, manufacturing, and energy production. Workover rigs help to sustain and increase demand for oil and gas by maximizing the production potential of existing wells, optimizing reservoir performance, and simplifying the responsible management of mature assets throughout their life cycle. For instance, in October 2023, according to the International Energy Agency, a France-based intergovernmental organization, the projection suggests a 6% increase in worldwide oil demand between 2022 and 2028, reaching a total of 105.7 million barrels per day. Additionally, there is an expectation that global gas demand will grow at an average annual rate of 1.6% from 2022 to 2026. Therefore, the growing demand for oil and natural gas is driving the growth of the workover rig market.
Key Industry Players
Major companies operating in the workover rigs market are Schlumberger Ltd., Hess Services Inc., National Oilwell Varco Inc., Megha Engineering and Infrastructures Ltd., Nabors Industries Ltd., Helmerich & Payne Inc., Precision Drilling Corporation, Drillmec Drilling Technologies, Fieldwood Energy LLC, Superior Energy Services, San Antonio Internacional, National Energy Services Reunited Corp., KLX Energy Services Holdings Inc., LCH Well Servicing LLC, Eastern Well Services, MBI Energy Services, Twin Eagle Transport LLC, Deep Industries Ltd., Moncla Energy Services LLC, Mesa Southern Well Servicing LP, Nordic Gulf, Automated Rig Technologies Ltd., BOS Energy International FZE, Hubei Petrokh Machine Manufacturing Co. Ltd., Sunnda Corporation, KOLLER Solutions Maschinen- und Anlagenbau GmbH
The workover rigs market report table of contents includes:
1. Executive Summary
2. Workover Rigs Market Characteristics
3. Workover Rigs Market Trends And Strategies
4. Workover Rigs Market – Macro Economic Scenario
5. Global Workover Rigs Market Size and Growth
….
32. Global Workover Rigs Market Competitive Benchmarking
33. Global Workover Rigs Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Workover Rigs Market
35. Workover Rigs Market Future Outlook and Potential Analysis
36. Appendix
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