Mobile Servicing Rig Market To Witness Increase In Revenues By 2022 – 2031

Introduction

Demand for mobile servicing rig continues to remain influenced by the radical shift in designs being developed, and fast replacement of traditional rigs with powerful and advanced mobile servicing rigs worldwide. As standard servicing rigs are not well-equipped to cater evolving requirements of end-users, the industry is witnessing a fundamental and significant shift in servicing rig developments, thereby impacting demand and sales of mobile servicing rig,

Although mobile servicing rig has a confined application prospect, light mobile servicing rigs have witnessed widespread acceptance. With growing cases of shale drilling, sour wells, directional wells and multilaterals, demand for high horse power and hi-tech mobile servicing rigs has been witnessing increased traction in the recent years.

Supply and demand trends of the mobile servicing rigs are likely to remain adverse. Despite stability in drilling demand, continuous substantial pressures of the magnitude of order book and delivery schedules on fleet utilization has been impacting the demand for mobile servicing rigs.

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.

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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.