Mobile Servicing Rig Market Forecasts and Growth, 2018 to 2027
Fact.MR has announced the addition of the “Mobile Servicing Rig Market”: Global Industry Analysis and Opportunity Assessment “2018 to 2027" report to their offering.
(EMAILWIRE.COM, December 19, 2018 ) Rebound In the Oil & Gas Exploration and Production Activities to Boost Mobile Servicing Rig Market
With the recovery in activities of oil and gas exploration, the market for mobile servicing rigs is estimated to grow steadily in the review period. Following this momentum, oilfield service companies have raised capital expenditure in offshore as well as onshore projects. Depending upon the types of oil or natural gas well, the well can last from 5 to 50 years or even more. A mobile servicing rig performs service at the same well for seven to eight time before the well is abandoned. However, engaged industry stakeholders tend to optimize resources as much as possible, thus creating the need for mobile servicing rig. On account of which, it is estimated that over the coming years, the global market is poised to witness an increase in growth for mobile service rigs.
Mobile servicing rigs are utilized in workover activities of oilfields which implies to invasive techniques such as wireline, coil tubing, or snubbing after the drilling is done. As these techniques are needed for the entire life of the well, function of mobile servicing rigs becomes indispensable in oilfields. New-builds and secondary transaction of mobile servicing rigs are regulated by OEMs in the global market. Among different types of mobile servicing rigs, mobile single, mobile double, mobile slant, and skid double among others are highly preferred by end-users. Further, implementation of technological advances has introduced mobile servicing rigs that are functional in extreme environments including onshore, offshore, mountain, desert, as well as colder climates.
Rising Momentum in Oil & Gas Exploration to Boost Market Growth
Past two-years of oil price decline witnessed plunge in exploration & production (E&P) activities as well as downsizing of personnel and assets by the oil & gas industry. At the end of 2016, OPEC’s deal, reduction in service cost, and increased operational efficiency have gradually recovered E&P activities in the United States. Further, consistent rise in the global oil demand, the supply and demand gap of petroleum fuels has widened. To fill this gap, oil & gas companies across the globe are actively involved in E&P activities. As these activities are on the gradual rise, the market for mobile servicing rigs is expected to grow in parallel.
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Oilfield Service Companies to Report Increased Adoption
Strengthening demand for onshore services, increased commodity costs, as well as gradually rising oil prices, have assisted E&P companies to increase their capital expenditure in onshore as well as offshore projects. Increased demand for oil and natural gas has further encouraged the exploration activities. Based on this, oilfield service companies across the globe are likely to experience stronger demand by E&P companies. As oilfield service companies assist in petroleum exploration, production and well maintenance, these companies are the largest end-user of drilling rigs as well as mobile servicing rigs. Further, to address growing environmental concern of E&P activities, these companies are seeking to provide environmentally responsible solutions. As global E&P activities gradually rebound, growth of the oilfield service companies is likely to translate in the increased adoption of mobile servicing rigs.
Rental Activities by OEM’s to Boost the Demand
As success of an E&P activity remains ambiguous until the discovery of an oil resource, most of the E&P companies are engaged in rental contracts as opposed to purchasing of the new rigs. Due to this, on the global scale the Mobile Servicing Rig Market is dominated by rental market and not by sales channel. The rental contract involves insurance premium with specific investment return laws. Nabors Industries Ltd, Precision Drilling Cooperation, Patterson-UTI Energy Inc., and others are leading rental companies in the mobile servicing rig market.
Request for Brochure @ https://www.factmr.com/connectus/sample?flag=B&rep_id=751
Renewable Energy Revolution – A Potential Market Challenge
According to the International Energy Agency (IEA), the year 2017 reported over 50% installation of new solar power projects worldwide, significantly surpassing new cumulative constrictions of coal, gas, and nuclear plants. This was supported by low-auction prices for solar and wind project deployment across the globe, in particular the UAE, India, Mexico, and Chile. According to IEA’s forecast, renewable electricity capacity is projected to expand by 12% in 2017 and to report 43% expansion by 2022. With the increased inclination towards renewable energy resources, dependency over conventional fuels is estimated to decline in future. Amidst this renewable energy revolution, decline in oil & gas exploration activity to influence the market for mobile servicing rig during the forecast.
Although recovering E&P activities will support the growth of mobile servicing rig market, oil price fluctuations, discontinued support from the World Bank, and to influence the market, and OPEC’s output cuts are expected to influence the market in the forecast period.
This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on
Market Dynamics
Market Size
Market Segments
Demand & Supply Trends
Current Issues and Challenges
Companies and Competitor Landscape
Value Chain
Technology
Regional Segments Analyzed Include
North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC, S. Africa, N. Africa)
Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.
Request TOC of this Report @ https://www.factmr.com/connectus/sample?flag=T&rep_id=751
With the recovery in activities of oil and gas exploration, the market for mobile servicing rigs is estimated to grow steadily in the review period. Following this momentum, oilfield service companies have raised capital expenditure in offshore as well as onshore projects. Depending upon the types of oil or natural gas well, the well can last from 5 to 50 years or even more. A mobile servicing rig performs service at the same well for seven to eight time before the well is abandoned. However, engaged industry stakeholders tend to optimize resources as much as possible, thus creating the need for mobile servicing rig. On account of which, it is estimated that over the coming years, the global market is poised to witness an increase in growth for mobile service rigs.
Mobile servicing rigs are utilized in workover activities of oilfields which implies to invasive techniques such as wireline, coil tubing, or snubbing after the drilling is done. As these techniques are needed for the entire life of the well, function of mobile servicing rigs becomes indispensable in oilfields. New-builds and secondary transaction of mobile servicing rigs are regulated by OEMs in the global market. Among different types of mobile servicing rigs, mobile single, mobile double, mobile slant, and skid double among others are highly preferred by end-users. Further, implementation of technological advances has introduced mobile servicing rigs that are functional in extreme environments including onshore, offshore, mountain, desert, as well as colder climates.
Rising Momentum in Oil & Gas Exploration to Boost Market Growth
Past two-years of oil price decline witnessed plunge in exploration & production (E&P) activities as well as downsizing of personnel and assets by the oil & gas industry. At the end of 2016, OPEC’s deal, reduction in service cost, and increased operational efficiency have gradually recovered E&P activities in the United States. Further, consistent rise in the global oil demand, the supply and demand gap of petroleum fuels has widened. To fill this gap, oil & gas companies across the globe are actively involved in E&P activities. As these activities are on the gradual rise, the market for mobile servicing rigs is expected to grow in parallel.
Request Report Sample @ https://www.factmr.com/connectus/sample?flag=S&rep_id=751
Oilfield Service Companies to Report Increased Adoption
Strengthening demand for onshore services, increased commodity costs, as well as gradually rising oil prices, have assisted E&P companies to increase their capital expenditure in onshore as well as offshore projects. Increased demand for oil and natural gas has further encouraged the exploration activities. Based on this, oilfield service companies across the globe are likely to experience stronger demand by E&P companies. As oilfield service companies assist in petroleum exploration, production and well maintenance, these companies are the largest end-user of drilling rigs as well as mobile servicing rigs. Further, to address growing environmental concern of E&P activities, these companies are seeking to provide environmentally responsible solutions. As global E&P activities gradually rebound, growth of the oilfield service companies is likely to translate in the increased adoption of mobile servicing rigs.
Rental Activities by OEM’s to Boost the Demand
As success of an E&P activity remains ambiguous until the discovery of an oil resource, most of the E&P companies are engaged in rental contracts as opposed to purchasing of the new rigs. Due to this, on the global scale the Mobile Servicing Rig Market is dominated by rental market and not by sales channel. The rental contract involves insurance premium with specific investment return laws. Nabors Industries Ltd, Precision Drilling Cooperation, Patterson-UTI Energy Inc., and others are leading rental companies in the mobile servicing rig market.
Request for Brochure @ https://www.factmr.com/connectus/sample?flag=B&rep_id=751
Renewable Energy Revolution – A Potential Market Challenge
According to the International Energy Agency (IEA), the year 2017 reported over 50% installation of new solar power projects worldwide, significantly surpassing new cumulative constrictions of coal, gas, and nuclear plants. This was supported by low-auction prices for solar and wind project deployment across the globe, in particular the UAE, India, Mexico, and Chile. According to IEA’s forecast, renewable electricity capacity is projected to expand by 12% in 2017 and to report 43% expansion by 2022. With the increased inclination towards renewable energy resources, dependency over conventional fuels is estimated to decline in future. Amidst this renewable energy revolution, decline in oil & gas exploration activity to influence the market for mobile servicing rig during the forecast.
Although recovering E&P activities will support the growth of mobile servicing rig market, oil price fluctuations, discontinued support from the World Bank, and to influence the market, and OPEC’s output cuts are expected to influence the market in the forecast period.
This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on
Market Dynamics
Market Size
Market Segments
Demand & Supply Trends
Current Issues and Challenges
Companies and Competitor Landscape
Value Chain
Technology
Regional Segments Analyzed Include
North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC, S. Africa, N. Africa)
Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.
Request TOC of this Report @ https://www.factmr.com/connectus/sample?flag=T&rep_id=751
Contact Information:
Fact.MR
James Hilton
Tel: +353-1-6111-593
Email us
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Fact.MR
James Hilton
Tel: +353-1-6111-593
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results