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

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Oct 27, 2022, 01:30 ET

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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Technavio has announced its latest market research report titled Global Workover Rigs Market 2022-2026

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.

Workover Rigs Market: Use Of Laser Technology In Workover Operations

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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Workover Rigs Market: Segmentation Analysis

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).

Workover Rigs Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 3.9%
Market growth 2022-2026	USD 322.27 million
Market structure	Fragmented
YoY growth (%)	3.0
Regional analysis	North America, Middle East and Africa, APAC, Europe, and South America
Performing market contribution	North America at 54%
Key consumer countries	US, Canada, Saudi Arabia, China, and Russia
Competitive landscape	Leading companies, competitive strategies, consumer engagement scope
Companies profiled	Automated Rig Technologies Ltd., Aztec International Ltd., Bentec GmbH Drilling and Oilfield Systems, Care Industries Inc., China National Petroleum Corp., Deep Industries Ltd., Dragon Products LLC, Drillmec Spa, MAX STREICHER GmbH and Co. KG aA, Mesa Southern Well Servicing LP, Moncla Energy Services LLC, Nabors Industries Ltd., National Energy Services Reunited Corp., NOV Inc., Precision Drilling Corp., Schlumberger Ltd., Superior Energy Services Inc., Ventia Services Group Pty Ltd., Watson Hopper Inc., and Yantai Jereh Oilfield Services Group Co. Ltd.
Market Dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents:

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

About Technavio

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.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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