Dublin, May 30, 2019 (GLOBE NEWSWIRE) -- The "Global Workover Rigs Market 2019-2023" report has been added to ResearchAndMarkets.com's offering.

The workover rigs market will register a CAGR of over 5% by 2023.

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.

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.

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.

Key Topics Covered:

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

PART 03: MARKET LANDSCAPE

PART 04: MARKET SIZING

PART 05: FIVE FORCES ANALYSIS

PART 06: MARKET SEGMENTATION BY APPLICATION

PART 08: GEOGRAPHIC LANDSCAPE

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

PART 11: MARKET TRENDS

PART 12: VENDOR LANDSCAPE

PART 13: VENDOR ANALYSIS

For more information about this report visit https://www.researchandmarkets.com/r/ppistt

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Oilfield Equipment and Services