Press release
Mobile Servicing Rig Market Projected to Witness Vigorous Expansion by 2027
With the recovery in activities of oil and gas exploration, the market for mobile servicing rigs is estimated to grow steadily in the review period. Following this momentum, oilfield service companies have raised capital expenditure in offshore as well as onshore projects. Depending upon the types of oil or natural gas well, the well can last from 5 to 50 years or even more. A mobile servicing rig performs service at the same well for seven to eight time before the well is abandoned. However, engaged industry stakeholders tend to optimize resources as much as possible, thus creating the need for mobile servicing rig. On account of which, it is estimated that over the coming years, the global market is poised to witness an increase in growth for mobile service rigs.Request Brochure of The Report: https://www.factmr.com/connectus/sample?flag=B&rep_id=751
Mobile servicing rigs are utilized in workover activities of oilfields which implies to invasive techniques such as wireline, coil tubing, or snubbing after the drilling is done. As these techniques are needed for the entire life of the well, function of mobile servicing rigs becomes indispensable in oilfields. New-builds and secondary transaction of mobile servicing rigs are regulated by OEMs in the global market. Among different types of mobile servicing rigs, mobile single, mobile double, mobile slant, and skid double among others are highly preferred by end-users. Further, implementation of technological advances has introduced mobile servicing rigs that are functional in extreme environments including onshore, offshore, mountain, desert, as well as colder climates.
Past two-years of oil price decline witnessed plunge in exploration & production (E&P) activities as well as downsizing of personnel and assets by the oil & gas industry. At the end of 2016, OPEC’s deal, reduction in service cost, and increased operational efficiency have gradually recovered E&P activities in the United States. Further, consistent rise in the global oil demand, the supply and demand gap of petroleum fuels has widened. To fill this gap, oil & gas companies across the globe are actively involved in E&P activities. As these activities are on the gradual rise, the market for mobile servicing rigs is expected to grow in parallel.
Strengthening demand for onshore services, increased commodity costs, as well as gradually rising oil prices, have assisted E&P companies to increase their capital expenditure in onshore as well as offshore projects. Increased demand for oil and natural gas has further encouraged the exploration activities. Based on this, oilfield service companies across the globe are likely to experience stronger demand by E&P companies. As oilfield service companies assist in petroleum exploration, production and well maintenance, these companies are the largest end-user of drilling rigs as well as mobile servicing rigs. Further, to address growing environmental concern of E&P activities, these companies are seeking to provide environmentally responsible solutions. As global E&P activities gradually rebound, growth of the oilfield service companies is likely to translate in the increased adoption of mobile servicing rigs.
As success of an E&P activity remains ambiguous until the discovery of an oil resource, most of the E&P companies are engaged in rental contracts as opposed to purchasing of the new rigs. Due to this, on the global scale the mobile servicing rig market is dominated by rental market and not by sales channel. The rental contract involves insurance premium with specific investment return laws. Nabors Industries Ltd, Precision Drilling Cooperation, Patterson-UTI Energy Inc., and others are leading rental companies in the mobile servicing rig market.
According to the International Energy Agency (IEA), the year 2017 reported over 50% installation of new solar power projects worldwide, significantly surpassing new cumulative constrictions of coal, gas, and nuclear plants. This was supported by low-auction prices for solar and wind project deployment across the globe, in particular the UAE, India, Mexico, and Chile. According to IEA’s forecast, renewable electricity capacity is projected to expand by 12% in 2017 and to report 43% expansion by 2022. With the increased inclination towards renewable energy resources, dependency over conventional fuels is estimated to decline in future. Amidst this renewable energy revolution, decline in oil & gas exploration activity to influence the market for mobile servicing rig during the forecast.
Request Report TOC@ https://www.factmr.com/connectus/sample?flag=T&rep_id=751
Although recovering E&P activities will support the growth of mobile servicing rig market, oil price fluctuations, discontinued support from the World Bank, and to influence the market, and OPEC’s output cuts are expected to influence the market in the forecast period.
About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
Fact.MR
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Email: sales@factmr.com
Web: https://www.factmr.com/
Follow us in Linkedin: https://www.linkedin.com/company/factmr/
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Mobile Servicing Rig Market Projected to Witness Vigorous Expansion by 2027 here
News-ID: 1190077 • Views: …
More Releases from Factmr

Baby Wipes Market to Hit USD 7.55 Billion by 2033 | Procter & Gamble, Kimberly-C …
The global baby wipes market size stands at US$ 5.1 billion in 2023 and is expected to reach US$ 7.55 billion by the end of 2033. Global demand for baby wipes has been predicted by Fact.MR to increase at a CAGR of 4% during the next 10 years.This steady growth is driven by increasing parental awareness of infant hygiene, rising disposable incomes, and a surge in demand for eco-friendly and…

Household Air Care Products Market to Hit USD 16.3 Billion by 2033 | Godrej AER, …
In 2023, global demand for household air care products is estimated at US$ 12.13 billion and is forecasted to reach US$ 16.3 billion by the end of 2033. The global household air care products market is projected to exhibit expansion at 3% CAGR over the forecast period (2023 to 2033).This steady growth is driven by rising air pollution concerns, increasing awareness of indoor hygiene, and a surge in demand for…

Baby Training Diaper Market Valued at US$ 54.57 billion by the end of 2033| Domt …
Global demand for baby training diapers currently stands at US$ 25.04 billion and is forecasted to reach a market size of US$ 54.57 billion by the end of 2033. The global baby training diaper market is pegged for expansion at a high-value 8.1% CAGR from 2023 to 2033.This strong growth is fueled by rising awareness of toddler health, increasing global population, and evolving consumer preferences for convenient childcare products. The…

Baby Cloth Diaper Market to Hit USD 9.83 Billion by 2033 | Procter & Gamble, Kim …
The global baby cloth diaper market is estimated at US$ 5.98 billion in 2023. Worldwide demand for baby cloth diapers is forecasted to rise at 5.1% CAGR and reach a market value of US$ 9.83 billion by the end of 2033.This growth is fueled by rising environmental awareness, increasing preference for reusable and cost-effective diapering solutions, and government initiatives promoting sustainable baby care products. The shift from disposable diapers to…
More Releases for E&P
Exploration and Production (E&P) Software Market 2022 | Detailed Report
The Exploration and Production (E&P) Software research report provides a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The data thus presented is reliable, comprehensive and the result of extensive research both primary and secondary. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. Moreover, the data underlines the primary…
Surging E&P Activities in Arctic Driving Well Cementing Services Demand
Well cementing refers to the service that helps in preventing the movement of fluid from the reservoir to the wellbore. Cementing of wells also supports and protects the well casing. Oilfield service companies offer well cementing services for completing new wells and sealing lost circulation areas or zones where there is an absence of fluid movement or less fluid flow within the well. These companies offer remedial, primary, and other…
Exploration & Production (E&P) Software – Global Market Outlook (2018-2025)
Global Exploration & Production (E&P) Software Industry
New Study On “2018-2025 Exploration & Production (E&P) Software Market Global Key Player, Demand, Growth, Opportunities and Analysis Forecast” Added to Wise Guy Reports Database
This report focuses on the global Exploration & Production (E&P) Software status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Exploration & Production (E&P) Software development in United States, Europe and China.
The…
Well Intervention Market: Subsea E&P Activities to Trigger Adoption
Development of new oilfields coupled with rising demand for energy have remained instrumental in driving the need for well intervention. With a large contribution from the energy and power sector, the well intervention market is expected to remain optimistic throughout the period of forecast, 2018-2026, reveals a new report on well intervention market. This extensive research report titled “Well Intervention Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast…
Fenoxaprop-P-e: Global Product Intelligence (2015-2020)
ReportsWorldwide has announced the addition of a new report title Fenoxaprop-P-e: Global Product Intelligence (2015-2020) to its growing collection of premium market research reports.
The report “Fenoxaprop-P-e: Global Product Intelligence” provides market intelligence on the different market segments, based on type, application, and geography. Market size and forecast (2011-2020) has been provided in the report.
The report “Fenoxaprop-P-e: Global Product Intelligence (2015-2020)” provides market intelligence on the different segments of the agrochemical,…
Exploration & Production (E&P) Software Market Industry Prediction 2024
Global Exploration and Production Software Market: Overview
The report provides analysis of the Exploration & Production (E&P) Software market for the period 2014–2024, wherein the years from 2016 to 2024 is the forecast period and 2015 is considered as the base year. The report covers all the major trends and technologies playing a major role in the Exploration & Production (E&P) Software market growth over the forecast period. It highlights the…