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.
For more details, visit: 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 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.
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.
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.
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.
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.
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.
- What are the expected industry trends over the next three to five years?
- Which of the hydraulic workover unit service is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?