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Global Hydraulic Workover Unit Market By Service (Snubbing and Workover), By Installation (Skid Mounted and Trailer Mounted), By Capacity (0-50 Tonnes, 51-150 Tonnes, Others), By Application, By Region, Forecast & Opportunities to 2026

The global hydraulic workover unit market accounted for a value of USD 7.8 billion in 2019 and is projected to register growth at a CAGR of 5.9% during forecast period.

COVID-19 has impacted the hydraulic workover unit market. With this pandemic the oil & gas industry is significantly impacted and many oil and gas companies have to shut their services and assets due to lockdown. Many projects are halted or delayed due this ongoing pandemic around the world. The prices are also impacted of the crude oil due COVID-19 and it has impacted the production activities and well drilling. The market is likely to recover post COVID-19.

Definition:

Hydraulic workover unit use hydraulic cylinder in order to lift the tubular in-or-out of the well. The hydraulic cylinders provide control over tubular movements. Hydraulic workover units are cost saving and safe tool which is used for repairing, completing and drilling wells across the shore.

Market Dynamics (Drivers/Opportunities):

The demand for well intervention market operations is increasing and the companies are majorly focusing on redevelopment of mature oil fields. The investments on oil fields are also increasing.  The demand and adoption for hydraulic workover unit is increasing in developing economies. The exploration activities, well drilling and hydraulic fracturing is also increasing around the world. This drives growth in hydraulic workover unit market during forecast period.

The government is implementing some stringent regulations which increase market for hydraulic workover unit market. The number of mature oil & gas fields is increasing around the world. The demand for snubbing services which is a part of snubbing workover operation in shale gas formation. This drives growth in hydraulic workover unit market during forecast period.

Market Insights, by Service

On the basis of service, the hydraulic workover unit market is segmented into snubbing and workover. The workover segment is estimated to dominate the hydraulic workover unit during forecast period. The hydraulic workover unit provides services such as workover, ESP completion, well deepening, plug & abandonment and casing repairs etc. The workover can be used to either install or to remove tubular pipes in or out of dead wells. It helps in providing heavy intervention services to extract the trapped oil for mature oil & gas fields. This drives growth in workover segment during forecast period.

Market Insights, by Installation

On the basis of installation, the hydraulic workover unit market is segmented into skid mounted and trailer mounted. The trailer mounted segment is estimated to dominate the growth during forecast period. Because of optimum structure and high level of workover rigs, a trailer moun ted hydraulic workover unit needs less working space. The efficient drilling, lateral stability and cruise capability are major features of these units. They can work under ambient temperature and they are suitable for cold fields in various countries such as Canada and Russia. This highly adopted in all such countries. This drives growth in trailer mounted segment during forecast period.

Market Insights, by Application

On the basis of application, the hydraulic workover unit market is segmented into offshore and onshore. The onshore segment is estimated to be the fastest growing market during forecast period. Various onshore fields which are producing from 150 years are now depleting at faster rates. The fields such as South Belridge Oilfield in US and Appalachian Basin of Pennylvania are few oldest onshore oilfields around the world. These fields are declining in production. The companies are investing in recovery methods to expand and optimize the production of such oilfields. This drives growth in onshore segment in hydraulic workover unit market during forecast period.

Regional Insights

North America region is estimated to be the largest market during forecast period. The unconventional resources in US and Canada are growing. The demand for intervention operation is rapidly growing in maturing offshore fields in this region. The adoption of hydraulic workover unit is immensely growing in this region. This drives growth in North America region during forecast period.

Key Companies & Market Share Insights

The key market players in hydraulic workover unit industry are Halliburton, Superior Energy Services, Archer, Basic Energy Services, CUDD Energy Services, High Arctic Energy Services, Precision Drilling, Key Energy Services, Velesto Energy, Elnusa, Easternwell, ZYT petroleum Equipment, Uzma, NKA Energy Ventures, Cased Hole Well Services and Tecon Oil Services.

Segments Covered in the Report

This report forecasts The Global Hydraulic Workover Unit Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global hydraulic workover unit market report on the basis of service, installation, capacity and application.

Hydraulic Workover Unit Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Sources
    • Quantitative Research
      • Primary & Secondary Sources
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  1. Executive Summary
    • Market Snapshot
  2. Industry Insights
    • Industry ecosystem analysis
      • Value Chain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Hydraulic Workover Unit Market, By Service, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Snubbing
  • Workover
  1. Hydraulic Workover Unit Market, By Installation , Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Skid Mounted
  • Trailer Mounted
  1. Hydraulic Workover Unit Market, By Capacity, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • 0-50 Tonnes
  • 51-150 Tonnes
  • Above 150 Tonnes
  1. Hydraulic Workover Unit Market, By Application, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Onshore
  • Offshore
  1. Hydraulic Workover Unit Market, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By Service
    • By Installation
    • By Capacity
    • By Application
    • By Country
      • USA
        • By Application
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By Service
      • By Installation
      • By Capacity
      • By Application
      • By Country
        • Brazil
          • By Application
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By Service
        • By Installation
        • By Capacity
        • By Application
        • By Country
          • UK
            • By Application
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By Service
          • By Installation
          • By Capacity
          • By Application
          • By Country
            • China
              • By Application
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By Service
            • By Installation
            • By Capacity
            • By Application
            • By Country
              • Saudi Arabia
                • By Application
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • Tecon Oil Services
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • Halliburton
    • Superior Energy Services
    • Archer
    • Basic Energy Services
    • CUDD Energy Services
    • High Arctic Energy Services
    • Precision Drilling
    • Key Energy Services
    • Velesto Energy
    • Elnusa
    • Easternwell
    • ZYT Petroleum Equipment
    • Uzma
    • NKA Energy Ventures
    • Cased Hole Well Services
  2. Appendix
    • Interrelated Market

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista

SecondaryResearch

1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:

ResearchMethodology1

1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.

ResearchMethodology2

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