Global Workover Rigs Market 2019-2023 | Emergence of Automated Workover Rigs to Boost Growth | Technavio

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

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Technavio has announced its latest market research report titled global workover rigs market 2019-2023.

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 Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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 10,000 reports and counting, covering 800 technologies, spanning across 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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