NEW YORK, June 12, 2019 /PRNewswire/ -- About this
market
The growing demand for oil and natural gas will drive the growth of
the global workover rigs market during the predicted period. The
global consumption of natural gas has seen a significant rise due
to the increasing use of natural gas as a fuel. 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 the production in two ways. One way is to
drill new oil and gas wells, while another way is to increase
production from existing less-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 during
well E&P activities such as intervention and completion and
drive the growth of the global workover rigs market during the
forecast period. Our analysts have predicted that the workover rigs
market will register a CAGR of over 5% by 2023.
Read the full report:
https://www.reportlinker.com/p05778672/?utm_source=PRN
Market Overview
Increase in global drilling rig count
The increase in oil and gas investments, as well as government
support for oil and gas E&P activities, will give rise to the
need for intervention and completion services. where workover rigs
are required. These factors are supporting the growth of the global
drilling rig count. which indicates the growth of the global
workover rigs market during the forecast period.
Fluctuations in price of crude oil
Crude oil prices have encountered large variations over the years,
which have a negative impact on the profitability and performance
of upstream oil and gas companies. A large number of drilling rigs
were shut down, and many employees were laid off due to the
variations in global crude of prices. E&P projects are executed
only when the revenue generated is high enough for upstream
companies to make profits. Thus, the uncertainty and fluctuations
in global crude oil prices will hamper investments in E&P
projects in both onshore and offshore fields, which will, in turn,
impact the global workover rigs market during the forecast
period.
For the detailed list of factors that will drive and challenge the
growth of the workover rigs market during the 2019-2023, view our
report.
Competitive Landscape
The market appears to be moderately fragmented. The presence of
several companies including TOKAIRIKA and Valeo makes competitive
environment quite intense. Factors such as the increase in global
drilling rig count and the growing demand for oil and natural gas,
will provide considerable growth opportunities considerable growth
opportunities to workover rigs manufacturers. DRILLMEC Spa, Nabors
Industries Ltd., National Oilwell Varco Inc., Precision Drilling
Corp. Schlumberger Ltd., and Yantai Jereh Oilfield Services Group
Co. Ltd. are some of the major companies covered in this
report.
Read the full report:
https://www.reportlinker.com/p05778672/?utm_source=PRN
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