Workover Rigs Market to Grow by USD 322.27 Mn by 2026, 54% of Market Growth to Originate from North America - Technavio

NEW YORK, Oct. 27, 2022 /PRNewswire/ -- The workover rigs market size is expected to grow by USD 322.27 million from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 3.9% during the forecast period. The market has been segmented by application (onshore and offshore) and geography (North America, Middle East and Africa, APAC, Europe, and South America).

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The growing demand for oil and natural gas is one of the key drivers supporting the workover rigs market's growth. With the increase in the demand for oil and natural gas, companies will try to enhance oil and gas production to meet the demand. Oil and gas companies can increase oil and gas production in two ways. One way is to drill new oil and gas wells, while another way is to increase production from existing low-producing oil and gas wells. Workover rigs are used in both cases. Therefore, the increase in the demand for oil and natural gas will spur the need for workover rigs in oil and gas E&P activities during the forecast period.

As per Technavio, the use of laser technology in workover operations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2022-2026.

The use of laser technology in workover operations is one of the key workover rigs market trends contributing to market growth. The use of lasers has many advantages, such as speeding up the workover process and making it several times faster than traditional methods, and others. Downhole lasers can also be used for flow assurance applications, such as scale removal. Scale removal is a common well intervention activity, which involves a wide range of mechanical scale-inhibitor treatments and chemical treatments. Therefore, the use of laser workover systems optimizes workover operations and will fuel the growth of the market during the forecast period.

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However, the emergence of rigless well intervention and abandonment technologies is one of the factors hindering the workover rigs market growth. The rigless approach is being implemented in well-abandonment applications. Rigless well abandonment can be used in a wide range of oil wells and is extremely cost-effective as it does not require a workover rig. This method complies with most well-abandonment regulatory requirements, along with a minimum footprint and quick project delivery. The use of rigless technology simplifies the equipment spread and reduces the use of costly and complex workover rigs, thereby reducing the overall cost of operations. Hence, the rigless approach to well intervention and abandonment will pose a significant threat to the market during the forecast period.

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This market research report segments the workover rigs market by Application (Onshore and Offshore) and Geography (North America, Middle East and Africa, APAC, Europe, and South America).

54% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for the workover rigs market in North America. The numerous offshore deepwater and ultra-deepwater oil and gas projects will facilitate the workover rigs market growth in North America over the forecast period.

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Offshore Drilling Rigs Market by Type and Geography – Forecast and Analysis 2020-2024: The offshore drilling rigs market size is expected to grow by USD 3.92 billion during 2020-2024. 42% of the market's growth will originate from APAC during the forecast period. 

Land drilling rigs market by Type and Geography – Forecast and Geography 2021-2025: The land drilling rigs market has the potential to grow by USD 3.26 billion during 2021-2025. this report extensively covers market segmentation by type (conventional rigs and mobile rigs) and geography (MEA, North America, APAC, Europe, and South America).

1 Executive Summary

• 1.1 Market Overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market Definition 
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary 
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry 
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition 
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Application

• 5.1 Market segments 
• Exhibit 24: Chart on Application - Market share 2021-2026 (%)
• Exhibit 25: Data Table on Application - Market share 2021-2026 (%)

• 5.2 Comparison by Application 
• Exhibit 26: Chart on Comparison by Application
• Exhibit 27: Data Table on Comparison by Application

• 5.3 Onshore - Market size and forecast 2021-2026
• Exhibit 28: Chart on Onshore - Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on Onshore - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on Onshore - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Onshore - Year-over-year growth 2021-2026 (%)

• 5.4 Offshore - Market size and forecast 2021-2026
• Exhibit 32: Chart on Offshore - Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on Offshore - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on Offshore - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Offshore - Year-over-year growth 2021-2026 (%)

• 5.5 Market opportunity by Application 
• Exhibit 36: Market opportunity by Application ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 38: Chart on Market share by geography 2021-2026 (%)
• Exhibit 39: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 40: Chart on Geographic comparison
• Exhibit 41: Data Table on Geographic comparison

• 7.3 North America - Market size and forecast 2021-2026
• Exhibit 42: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 43: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 44: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 45: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.4 Middle East and Africa - Market size and forecast 2021-2026 
• Exhibit 46: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 47: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 48: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 49: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.5 APAC - Market size and forecast 2021-2026
• Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.6 Europe - Market size and forecast 2021-2026
• Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.7 South America - Market size and forecast 2021-2026
• Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.8 US - Market size and forecast 2021-2026
• Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.9 Canada - Market size and forecast 2021-2026
• Exhibit 66: Chart on Canada - Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on Canada - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on Canada - Year-over-year growth 2021-2026 (%)

• 7.10 Saudi Arabia - Market size and forecast 2021-2026
• Exhibit 70: Chart on Saudi Arabia - Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on Saudi Arabia - Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on Saudi Arabia - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on Saudi Arabia - Year-over-year growth 2021-2026 (%)

• 7.11 China - Market size and forecast 2021-2026
• Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.12 Russia - Market size and forecast 2021-2026
• Exhibit 78: Chart on Russia - Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on Russia - Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on Russia - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on Russia - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography 
• Exhibit 82: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 83: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape 
• Exhibit 84: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption 
• Exhibit 85: Overview on factors of disruption

• 9.4 Industry risks 
• Exhibit 86: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered 
• Exhibit 87: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 88: Matrix on vendor position and classification

• 10.3 Bentec GmbH Drilling and Oilfield Systems
• Exhibit 89: Bentec GmbH Drilling and Oilfield Systems - Overview
• Exhibit 90: Bentec GmbH Drilling and Oilfield Systems - Product / Service
• Exhibit 91: Bentec GmbH Drilling and Oilfield Systems - Key offerings

• 10.4 China National Petroleum Corp. 
• Exhibit 92: China National Petroleum Corp. - Overview
• Exhibit 93: China National Petroleum Corp. - Product / Service
• Exhibit 94: China National Petroleum Corp. - Key offerings

• 10.5 Drillmec Spa 
• Exhibit 95: Drillmec Spa - Overview
• Exhibit 96: Drillmec Spa - Product / Service
• Exhibit 97: Drillmec Spa - Key offerings

• 10.6 Moncla Energy Services LLC 
• Exhibit 98: Moncla Energy Services LLC - Overview
• Exhibit 99: Moncla Energy Services LLC - Product / Service
• Exhibit 100: Moncla Energy Services LLC - Key offerings

• 10.7 Nabors Industries Ltd. 
• Exhibit 101: Nabors Industries Ltd. - Overview
• Exhibit 102: Nabors Industries Ltd. - Business segments
• Exhibit 103: Nabors Industries Ltd. - Key news
• Exhibit 104: Nabors Industries Ltd. - Key offerings
• Exhibit 105: Nabors Industries Ltd. - Segment focus

• 10.8 National Energy Services Reunited Corp.
• Exhibit 106: National Energy Services Reunited Corp. - Overview
• Exhibit 107: National Energy Services Reunited Corp. - Business segments
• Exhibit 108: National Energy Services Reunited Corp. - Key offerings
• Exhibit 109: National Energy Services Reunited Corp. - Segment focus

• 10.9 NOV Inc. 
• Exhibit 110: NOV Inc. - Overview
• Exhibit 111: NOV Inc. - Business segments
• Exhibit 112: NOV Inc. - Key news
• Exhibit 113: NOV Inc. - Key offerings
• Exhibit 114: NOV Inc. - Segment focus

• 10.10 Precision Drilling Corp. 
• Exhibit 115: Precision Drilling Corp. - Overview
• Exhibit 116: Precision Drilling Corp. - Business segments
• Exhibit 117: Precision Drilling Corp. - Key offerings
• Exhibit 118: Precision Drilling Corp. - Segment focus

• 10.11 Schlumberger Ltd. 
• Exhibit 119: Schlumberger Ltd. - Overview
• Exhibit 120: Schlumberger Ltd. - Business segments
• Exhibit 121: Schlumberger Ltd. - Key offerings
• Exhibit 122: Schlumberger Ltd. - Segment focus

• 10.12 Yantai Jereh Oilfield Services Group Co. Ltd.
• Exhibit 123: Yantai Jereh Oilfield Services Group Co. Ltd. - Overview
• Exhibit 124: Yantai Jereh Oilfield Services Group Co. Ltd. - Product / Service
• Exhibit 125: Yantai Jereh Oilfield Services Group Co. Ltd. - Key offerings

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 126: Inclusions checklist
• Exhibit 127: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 128: Currency conversion rates for US$

• 11.4 Research methodology 
• Exhibit 129: Research methodology
• Exhibit 130: Validation techniques employed for market sizing
• Exhibit 131: Information sources

• 11.5 List of abbreviations 
• Exhibit 132: List of abbreviations

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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