Reasons for covering this title:
Globally, the sales of mobile servicing rigs market experienced a minor slowdown on account of extremely low demands in Covid-19 pandemic due to imposition of lockdown and trade barriers in 2024.
As the condition is recuperating, the demand is rising gradually throughout the world. The manufacturers are spending on technological advancements to deliver upgraded services to its users in 2024.
Investments in collaborations, strategic alliances, joint ventures, mergers & acquisitions, new product launches, product innovations etc continue to be the highly adopted tactics in 2024 to extend the market share.
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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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Provided for Major Regions as Follows:-
North America (USA, Canada and Mexico)
Europe (Germany, France, the United Kingdom, Netherlands, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Australia, New Zealand, South Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, rest of countries, etc.)
Middle East and Africa (Saudi Arabia, United Arab Emirates, Israel, Egypt, Nigeria, and South Africa)
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List of the Leading Companies Profiled in the keyword Market are:
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.
Key Data Points Covered in the Report :-
- Elaborated scenario of the parent market
- Transformations in the market dynamics
- Detailed segmentation of the target market
- Historical, current and forecast market size based on value and volume
- Latest industry developments and trends
- Competition landscape
- Strategies adopted by the market players and product developments made
- Potential and niche segments, along with their regional analysis
- Unbiased analysis on performance of the market
- Up-to-date and must-have intelligence for the market players to enhance and sustain their competitiveness
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