Workover Rigs Global Market Report 2024

The workover rigs market size has grown steadily in recent years. It will grow from $5.25 billion in 2023 to $5.51 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The expansion observed during the historical period can be attributed to factors such as oil price volatility, aging oil wells, regulatory changes, global energy demand, and natural disasters.

The workover rigs market size is expected to see steady growth in the next few years. It will grow to $6.41 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The anticipated growth in the forecast period can be attributed to factors such as the transition to renewable energy, digitalization and automation initiatives, a focus on asset optimization, environmental and ESG (Environmental, Social, and Governance) considerations, global economic trends, and resilience to supply chain disruptions. Major trends expected in the forecast period include advancements in technology, environmental and regulatory compliance efforts, the global energy transition, and the adoption of remote operations and digitalization.

The increasing demand for oil and natural gas is poised to drive the expansion of the workover rig market in the foreseeable future. Oil and natural gas, essential fossil fuels extracted from the Earth, play pivotal roles as energy sources across diverse industries and in daily life. The surge in demand for these resources stems from their widespread utilization in transportation, manufacturing, and energy generation. Workover rigs contribute to meeting this demand by maximizing the productivity of existing wells, optimizing reservoir performance, and facilitating the efficient management of mature assets throughout their operational lifespan. For example, as reported by the International Energy Agency in October 2023, global oil demand is projected to rise by 6% between 2022 and 2028, reaching 105.7 million barrels per day. Additionally, there is an anticipated average annual growth rate of 1.6% in global gas demand from 2022 to 2026. Hence, the escalating demand for oil and natural gas is propelling the expansion of the workover rig market.

Leading companies in the workover rig market are directing their efforts towards developing innovative solutions such as the mobile drilling rig to enhance operational efficiency and drive market growth. A mobile drilling rig is a versatile, self-propelled platform equipped with drilling machinery for on-the-go exploration and extraction of underground resources. For instance, Drillmec International Pvt. Ltd., an India-based manufacturer and distributor of drilling and workover rigs, introduced the ARS-225 Mobile Rig in July 2021. This rig is engineered for drilling and workover operations in challenging environments, featuring a nominal hook load capacity of 225 metric tons and powered by two CAT C18 oil and gas type 700 Hp diesel engines. With a dual-tank fuel system holding a total capacity of 800 liters and a winterization system, the ARS-225 ensures optimal performance even in cold climates.

In November 2023, Precision Drilling Corporation, a Canada-based provider of onshore drilling and production services, acquired CWC Energy Services Corporation, marking a strategic move to position Precision as a leading well service provider in Canada. This acquisition enhances Precision's drilling operations in both Canada and the U.S. CWC Energy Services Corporation, based in Canada, specializes in contract drilling, rig, and well-servicing solutions, offering a range of services including well completions, workovers, abandonments, and well maintenance.

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.

North America was the largest region in the workover rigs market in 2023. 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. The countries covered in the workover rigs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A workover rig is a specialized piece of equipment used in the oil and gas industry for conducting maintenance, repair, and intervention operations on oil or gas wells. These operations are typically carried out on existing wells to improve or restore their productivity or to address downhole issues.

The main types of workover rigs include barge rigs, tender rigs, jack-up rigs, platform rigs, semi-submersible rigs, and drill ships. Barge rigs are drilling rigs mounted on barges for offshore oil and gas exploration and production. They are equipped with cranes, hoisting systems, and other specialized tools required for workover activities such as pulling tubing, setting plugs, or perforating casing. They come in various form factors, including single drum and double drum, categorized by capacity into below 1,000 horsepower (HP), 1,000-1,500 horsepower (HP), and above 1,500 horsepower (HP). These rigs are utilized in various applications, including onshore and offshore operations.

The workover rigs research report is one of a series of new reports that provides workover rigs market statistics, including the workover rigs industry's global market size, regional shares, competitors with an workover rigs market share, detailed workover rigs market segments, market trends and opportunities, and any further data you may need to thrive in the workover rigs industry. This workover rigs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The workover rig market consists of sales of products such as hydraulic workover units, coiled tubing units, snubbing units, wireline units, wellhead equipment, downhole tools, and fishing tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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