Press release
Workover Rigs Market Expansion Outlook: $6.42 Billion in 2029
Workover Rigs Market
What Is the Projected CAGR for the Workover Rigs Market from 2024 to 2025?
The size of the workover rigs market has seen consistent expansion in past years. It is projected to rise from $5.51 billion in 2024 to $5.68 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 3.1%. This development over the historic duration can be linked to fluctuations in oil prices, the aging of oil wells, modifications in regulations, the worldwide requirement for energy, and natural calamities.
What are the Expected Market Size and CAGR for Workover Rigs by 2029?
In the coming years, the workover rigs market is anticipated to experience stable growth and is projected to reach a market value of $6.42 billion by 2029, expanding at a compound annual growth rate (CAGR) of 3.1%. The growth expected in this period can be attributed mainly to the transition to renewable energy, digitalization, and automation, concentration on asset optimization, environmental & ESG factors, global economic shifts, and resilience to any potential disturbances in the supply chain. The prominent trends during this forecasting period include technological advancements, stricter environmental and regulatory compliance, global energy shift, digitalisation, as well as the ability to operate remotely.
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Which Factors Are Driving the Global Workover Rigs Market Expansion?
The workover rig market is expected to grow due to the increasing demand for oil and natural gas. These fossil fuels, extracted from the Earth, serve as vital energy sources for many industries and everyday life. The escalating usage of these resources in the sectors such as transportation, manufacturing, and energy production is driving their demand. Workover rigs play a key role in meeting and increasing this demand by enhancing the productivity of existing oil and gas wells, improving reservoir performance, and facilitating the effective management of mature assets throughout their lifespan. For instance, the International Energy Agency, a France-based intergovernmental organization, projected in October 2023 that global oil demand will increase by 6% between 2022 and 2028, amounting to a total of 105.7 million barrels per day. Moreover, it is anticipated that worldwide gas demand will rise at a yearly average rate of 1.6% from 2022 to 2026. Consequently, the rising demand for oil and natural gas is driving the expansion of the workover rig market.
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Which Segment Currently Holds the Largest Share of the Workover Rigs Market?
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
Subsegments:
1) By Barge Rigs: Inland Barge Rigs, Offshore Barge Rigs
2) By Tender Rigs: Floating Tender Rigs, Fixed Tender Rigs
3) By Jack-Up Rigs: Independent Leg Jack-Up Rigs, Mat-supported Jack-Up Rigs, Self-Elevating Units
4) By Platform Rigs: Fixed Platform Rigs, Compliant Tower Rigs, Subsea Platform Rigs
5) By Semi-Submersible Rigs: Standard Semi-Submersible Rigs, Deepwater Semi-Submersible Rigs, Floating Semi-Submersible Rigs
6) By Drill Ships: Deepwater Drill Ships, Ultra-Deepwater Drill Ships
Which Major Trends Are Shaping the Future of the Workover Rigs Industry?
Primary players in the workover rigs market are venturing into the development of sophisticated services like electric well service to boost operational efficiency. The process involves the use of electrically powered tools and technologies in oil and gas activities which promotes higher efficiency, decreases emissions, and improves safety in comparison to the traditional diesel-powered methods. For example, Axis Energy Services, an American workover firm, rolled out Axis EPIC RIG in March 2024. This was the premier fully electric well service rig in the oil and gas sector, leveraging electric-powered drawworks as an alternative to traditional diesel engines to boost efficiency and safety while significantly reducing carbon emission and fuel costs. The rig is fitted with a variable frequency drive (VFD) electric motor which offers immediate torque and improved durability, along with a dynamic braking system to mitigate equipment-related downtime. The rig also integrates a programmable logic controller (PLC) and the Axis CORE data acquisition platform for precise control and automated safeguards, hence reducing the requirement for manual interventions.
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Which Key Players Dominate the Workover Rigs Industry Globally?
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
What Are the Fastest-Growing Regions in the Workover Rigs Market?
North America was the largest region in the workover rigs market in 2024. 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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