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Workover Rigs Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Workover Rigs Market
As per the report, 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 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%.
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Increasing Oil And Natural Gas Demand Fueling Workover Rig 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.
Revolutionizing Workover Operations In Extreme Arctic Conditions With Mobile Rig
Major companies operating in the workover rigs market are focused on developing innovative solutions, such as the mobile drilling rig, to enhance operational efficiency and drive their revenues in the market. A mobile drilling rig is a versatile, self-propelled platform equipped with drilling machinery for on-the-go exploration and extraction of underground resources. For instance, in July 2021, Drillmec International Pvt. Ltd., an India-based manufacturer and distributor of drilling and workover rigs, launched the ARS-225 Mobile Rig, which is designed for drilling and workover operations in extreme conditions. Boasting a nominal hook load capacity of 225 metric tons, it is powered by two CAT C18 oil and gas type 700 Hp diesel engines and features a dual-tank fuel system with a total capacity of 800 liters. Additionally, equipped with a winterization system, the ARS-225 ensures optimal performance even in cold environments.
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
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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
Contents of the report:
1. Executive Summary
2. Workover Rigs Market Report Structure
3. Workover Rigs Market Trends And Strategies
4. Workover Rigs Market - Macro Economic Scenario
5. Workover Rigs Market Size And Growth
…..
27. Workover Rigs Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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