LONDON--(BUSINESS WIRE)--The global workover rigs market is expected to post a CAGR of more than 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Oil and gas companies have started doing workover operations to increase their oil and gas production from mature oilfields. In workover operations, workover rigs are used to remove the wellhead and other pressure control equipment from the well to ensure full access to the well bore. Several oil and gas companies are making significant investments to increase the production of oil and gas from mature oilfields. With a rise in the number of workover operations in mature fields, the demand for workover rigs will increase during the forecast period.
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As per Technavio, the emergence of automated workover rigs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Workover Rigs Market: Emergence of Automated Workover Rigs
Growing automation in the oil and gas industry has increased the use of sensors in rigs and associated equipment. These sensors record information and help operators analyze and improve well performance using minimum manpower and at lower costs with the help of integrated software systems. The use of automated workover rigs also improves safety and precision in operations. This simplifies workover operations and improves production capacity of oil and gas workover projects. The emergence of automated workover rigs is expected to boost the market growth during the forecast period.
“Apart from the emergence of automated workover rigs, the use of laser technology in workover operations and the development of intelligent well completion technologies are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Workover Rigs Market: Segmentation Analysis
This market report segments the global workover rigs market by application (onshore and offshore) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by MEA, APAC, Europe, and South America respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market. This is due to the increase in the number of oil and gas exploration activities from unconventional sources such as oil sands and shale in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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