Pune, India, April 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Hydraulic Workover Unit Market.
Market Research Future offers an in-depth analysis of the Global Hydraulic Workover Unit Market. The study elucidates that in the present time, the market will gain an estimate of USD 12.29 Billion by the year 2025. The valuation can be availed at a CAGR of 3.84% between the years 2019–2025. The study of the market also founds opportunities, challenges, competitive landscape, market drivers, which offer vital suggestions to market players for making the market more valuable in the future timeframe.
Top Impacting Factors
The mounting oil & gas production with the decline in oil prices and upward development of natural gas resources are the major drivers for the growth of the hydraulic workover unit market. The increasing focus on mature oil & gas fields with the implementation of digital technologies is also creating opportunities for the hydraulic workover unit market in the coming years.
A considerable boost in deepwater discoveries in regions of Africa and Latin America, a rise in shale gas production in the U.S, and a surge in the use of crude oil for power generation by Saudi Arabia are foremost drivers of the global hydraulic workover units market. In fact, the rise in demand for energy in developing economies is propelling the hydraulic workover units market. The rise in several hydraulic fracturing, exploration activities, and well drilling activities are some other factors that are expected to boost the global hydraulic workover units market.
Further MRFR in its study has also covered the fact that environmental concerns and oil spills could retrain the hydraulic workover units market in the foretell period. Other factors such as problems such as a long rig-up time associated with the use of hydraulic workover units, lack of skilled workforce, and problems in transportation owing to its heavyweight could also anticipate as hampering the global hydraulic workover units market during the forecast period.
Segmentation of Market: Hydraulic Workover Units
The global hydraulic workover unit market is further segmented over segments such as application, service, installation, and capacity.
Depending on the application segment, the global market includes onshore and offshore. The onshore segment might hold the largest share owing to its extensive use in remote locations such as rigs/units and can be relocated easily. The hydraulic workover unit offshore is also at the edge of mounting the market share in the global market.
Depending on the service segment, the global market has included workover and snubbing. The workover segment might grow with the highest CAGR during the forecast period as the services provided under workover are casing repairs, ESP completion, sand screen installations, plug & abandonment, well deepening, fishing/clean-outs, and others. Therefore, the advanced hydraulic workover units can be used to install or remove tubular pipes in or out of dead wells.
Depending on the installation segment, the global hydraulic workover unit market has included skid mount and trail mount. The skid mount segment might hold the largest share within the global hydraulic workover unit market.
Depending on the capacity segment, the global hydraulic workover unit market has included 50 to 150 tonnes, up to 50 tonnes, and above 150 tonnes. The above 150 tonnes segment might occupy the largest market share in the global hydraulic workover unit market owing to the rise in oil and gas production from major oil-producing countries, which would also surge the market for hydraulic workover market.
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Region-wise, the global hydraulic workover unit market is studied among the key regions of North America, Asia-Pacific, the Middle East & Africa, Europe, and South America.
North America leads the hydraulic workover unit in terms of market share owing to augment in unconventional resources from the US & Canada and demand from the onshore & offshore fields in the Gulf of Mexico. Canada is one of the top five shale gas reserve holders worldwide, with 4,995 trillion cubic feet of shale gas. The country has developed oil & gas production in Labrador, offshore Newfoundland, and Nova Scotia, which assists in motivating the demand for hydraulic workover unit market in the North America region.
The privatization of the oil & gas industry in Mexico is also expected to make the Middle East a significant oil supplier by 2020. Boost in the number of mature oil & gas fields and mount in development of new technology for high oil & gas resources in Kazakhstan are creating opportunities for the hydraulic workover units market. The imposition of stringent regulatory policies is a foremost challenge for the hydraulic workover units market.
Top Market Contenders
The significant players operating in the global hydraulic workover unit market are Superior Energy Services, Inc. (US), Halliburton (US), Archer (Norway), Nabors Industries Ltd. (Bermuda), PRECISION DRILLING CORPORATION (Canada), Cudd Energy Services (US), Basic Energy Services (US), High Arctic Energy Services Inc. (Canada), National Oilwell Varco (US), High Arctic Energy Services Inc. (Canada) Canadian Energy Equipment Manufacturing FZE (UAE), VELESTO ENERGY (Malaysia), UZMA BERHAD (Malaysia), PT Elnusa Tbk (Indonesia), and ZYT Petroleum Equipment Co. Ltd. (Norway).