The workover rigs market is expected to grow vigorously due to rise in demand for oil and natural gas. Rise in population and rapid urbanization have increased the demand for these fuels. Increase in demand for oil and natural gas is expected to make companies to enhance oil and gas production to meet the demand. Moreover, increase in oil & gas investments and government support for oil & gas E&P activities are anticipated to increase the requirement for intervention and completion services. Rise in well E&P activities, such as intervention and completion, is expected to boost the growth of the workover rigs market during the forecast period. However, uncertainty and fluctuations in crude oil prices are expected to reduce investments in E&P projects, which, in turn, may impact the workover rigs market over the forecast period.
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Digitalization of workover rigs is one of the major trends observed. Automated workover rigs provide better safety and higher precision in operations as they use remotely operated robotic equipment. Integrated software system provides precise data to the operators for future decision making. This technological advancement in the workover rigs market is expected to boost the market growth over the forecast period. Furthermore, huge investment from government and other private companies to drilling activities is also expected to propel the workover rigs market over the forecast period.
By region, the global workover rigs market is segmented into North America, Latin America, Western Europe & Eastern Europe, Asia-Pacific, and the Middle East & Africa. The Middle East & Africa is expected to become the market leader during the forecast period. High investments and increased current production activities contribute to the market growth in the region. North America is also expected to grow, owing to its increased shale field activities.
COVID–19 scenario analysis
Oil & gas industries are adversely affected due to the coronavirus outbreak. With decrease in oil prices, many companies are facing financial crisis, which is one of the major factors that reduce the demand for workover rigs over the forecast period. Similarly, the worldwide lockdown has suspended travel privileges, thereby decreasing the fuel consumption across the globe. The lockdown has disrupted the supply chain and forced many companies to shut down their power plants to prevent the spread of the virus. This has further reduced the demand for workover rigs across the globe.
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Key benefits of the report:
- This study presents the analytical depiction of the workover rigs market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the workover rigs market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the workover rigs market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
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