Hydraulic Workover Unit - Global Market Outlook (2019 -2027)
According to Stratistics MRC, the Global Hydraulic Workover Unit Market is accounted for $9.99 billion in 2019 and is expected to reach $15.80 billion by 2027 growing at a CAGR of 5.9% during the forecast period. Increasing shale gas production activities and upsurge in oil & gas production after the decline in oil prices are the major factors propelling the market growth. However, growing focus on renewable energy is hampering the market growth.
Hydraulic workover units are portable pulling systems that offer different benefits for onshore and offshore installations. Hydraulic workover unit is used as substitute to workover rigs & conventional drilling. They are mainly used in drilling, repairing, and completing wells in and around shores.
Based on the services, the workover segment is going to have a lucrative growth during the forecast period due to the highest growing segment in the hydraulic workover unit market. The services carried out by the hydraulic workover units are completions/workover, plug & abandonments, ESP completion, sand screen installations, well deepening, fishing/clean-outs, casing repairs, and others. Furthermore hydraulic workover can be used to install or remove tubular (pipes) in or out of dead wells.
By geography, North America is going to have a lucrative growth during the forecast period due to increasing shale gas production activities. The Hydraulic Workover Unit Market is driven by the growth in unconventional resources in the US and Canada and demand from the onshore & offshore fields in the Gulf of Mexico. The Gulf of Mexico is one of the most important sources of conventional oil & gas in the North American region.
Some of the key players profiled in the Hydraulic Workover Unit Market include Archer , Basic Energy Services, CEEM FZE , CUDD Energy Services, Easternwell, Elnusa, Halliburton , High Arctic Energy Services, Key Energy Services , Nabors Industries, National Oilwell Varco, Precision Drilling, Superior Energy Services , UZMA, Velesto Energy and ZYT Petroleum Equipment.
• Ultraviolet Sterilization
• High Temperature Sterilization
• Skid Mount
• Trailer Mount
• 0–50 Tonne
• 50–150 Tonne
• Above 150 Tonne
• Business Use
• Home Use
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Market share assessments for the regional and country-level segments
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