Workover Rigs Market to grow by USD 384.24 million from 2022 to 2027

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30 Aug, 2023, 03:00 ET

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NEW YORK, Aug. 30, 2023 /PRNewswire/ -- The workover rigs market size is estimated to increase by USD 384.24 million from 2022 to 2027, with a CAGR of 4.22%, according to a recent market study by Technavio. The growing demand for oil and natural gas is notably driving market growth. The surge in global liquid fuel consumption can be attributed to advancements in worldwide economic growth and heightened demand for cooling and heating across various regions. Furthermore, the gradual rebound of crude oil prices has triggered increased investments within the oil and gas sector. Notably, the utilization of natural gas as a fuel has witnessed substantial escalation, contributing to the mounting consumption of natural gas. Oil and gas companies have various avenues for augmenting production. These include drilling new oil and gas wells and enhancing output from existing, less-productive wells through the utilization of workover rigs. For freshly drilled wells, workover rigs are deployed to execute well-completion tasks, while for older wells, these rigs are employed to carry out intervention activities. Consequently, the growing appetite for both oil and natural gas is set to amplify the requirement for workover rigs in well exploration and production endeavours involving interventions and completions. This heightened demand is expected to drive the expansion of the global workover rigs market during the forecast period. Discover some insights on market size before buying the full report -Request a sample report

The workover rigs market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed below -

Automated Rig Technologies Ltd., Aztec International Ltd., Bentec GmbH Drilling and Oilfield Systems, Care Industries Inc., China National Petroleum Corp., Deep Industries Ltd., Dragon Products LLC, LCH WELL SERVICING LLC, Megha Engineering and Infrastructures Ltd., Mesa Southern Well Servicing LP, Moncla Energy Services LLC, Nabors Industries Ltd., National Energy Services Reunited Corp., NOV Inc., Precision Drilling Corp., Schlumberger Ltd., Superior Energy Services Inc., Ventia Services Group Pty Ltd., Watson Hopper Inc., and Yantai Jereh Oilfield Services Group Co. Ltd. Download Sample

Workover Rigs Market - Segmentation Analysis

This workover rigs market report extensively covers market segmentation by application (onshore and offshore), form factor (single drum and double drum), and geography (North America, APAC, Europe, Middle East and Africa, and South America).

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Market Dynamics

Significant Workover Rigs Market Trends -

Major Workover Rigs Market Challenge -

Regional Analysis

The market is segmented by region North America, APAC, Europe, Middle East and Africa, and South America. An analysis of key leading countries has been included.

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Workover Rigs Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 4.22%

Market growth 2023-2027

USD 384.24 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

3.2

Regional analysis

North America, APAC, Europe, Middle East and Africa, and South America

Performing market contribution

North America at 55%

Key countries

US, Canada, Saudi Arabia, China, and Russia

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Form Factor

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About USTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 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 and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

SOURCE Technavio

Technavio