Hydraulic Workover Unit Market is projected to be valued at USD 12.29 Billion by 2025, with 3.84% CAGR during the forecast period, 2019–2025. Hydraulic workover unit is a well intervention technique which is used to install or remove tubular pipes in- or out of dead wells with the help of hydraulic cylinders. It is a flexible and cost-effective technique for conventional drilling, workover rigs, drilling, repairing, re-entering or completing a well. In the hydraulic workover unit, snubbing technology is one of the cost-efficient solutions for well intervention compared to drilling/work-over rig options.
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Leading Players analyzed in the Hydraulic Workover Unit Market are:
- National Oilwell Varco (US),
- Superior Energy Services, Inc. (US),
- Velesto Energy (Malaysia),
- Canadian Energy Equipment Manufacturing FZE (UAE),
- High Arctic Energy Services Inc. (Canada),
- Halliburton (US),
- Basic Energy Services (US),
- Cudd Energy Services (US),
- Nabors Industries Ltd. (Bermuda),
- Precision Drilling Corporation (Canada),
- ZYT Petroleum Equipment Co. Ltd. (Norway),
- Archer (Norway),
- UZMA BERHAD (Malaysia), and
- PT Elnusa Tbk (Indonesia).
The global Hydraulic Workover Unit Market is segmented based on installation, capacity, service, application, and region.
Based on installation, the global market is segmented into skid mount and trail mount. The skid mount segment is projected to be the largest market share in the global hydraulic workover unit market.
By capacity, the global market is segmented as up to 50 tonnes, 50 to 150 tonnes, and above 150 tonnes. The above 150 tonnes segment is expected to hold the largest market share in the global hydraulic workover unit market owing to the increase in oil and gas production from major oil-producing countries.
By service, the market is segmented into workover and snubbing. The workover segment is projected to be the largest market share owing to its wide range of services provided under workover such as ESP completion, plug & abandonment, fishing/clean-outs, sand screen installations, well deepening, casing repairs, and others.
By application, the global market is divided into onshore and offshore segment. The onshore segment is expected to hold the largest market share due to its wide application in remote locations such as rigs/units and can be relocated easily.
The global hydraulic workover unit market is segmented into five regions, namely Asia-Pacific, Europe, North America, Middle East & Africa, and South America.
North America holds the largest market share and the fastest-growing region in the hydraulic workover unit owing to increase in unconventional resources from the US & Canada and demand from the onshore & offshore fields in the Gulf of Mexico. Canada is increasing its shale gas production in the competitive market with 4,995 trillion cubic feet of shale gas. The country has development of oil & gas production in offshore Newfoundland, Labrador, and Nova Scotia, which helps propels the demand for hydraulic workover unit market in North America.
In Europe, Germany is expected to be the largest and the fastest-growing country in the hydraulic workover unit market owing to the increase in the number of cruise liners in the shipping industry during the forecast period. For instance, in 2017, Siemens (Germany) had received a contract to supply the key components of a Siharbor hydraulic workover unit supply system for roll-on/roll-off (RoRo) ships in Cuxhaven, Germany.
In South America, Brazil is expected to be the largest and the fastest-growing country in the hydraulic workover unit market owing to significant investments in oil production and exploration projects in the country during the forecast period. For instance, In October 2019, Oil and Natural Gas Corporation (ONGC), an Indian multinational crude oil and gas corporation company has made a major gas discovery in Brazil and an oil discovery in Colombia.
In Middle East & Africa, Saudi Arabia is projected to be the largest and the fastest-growing country in the hydraulic workover unit market due to increased crude production from oilfields & surge in offshore exploration during the forecast period. According to BP Energy Outlook 2019, crude oil and condensate production for the year 2017 was accounted for 10,175 barrels per day which increased to 10,534 barrels per day in 2018. Hence, a significant increase in oil production drives the demand for hydraulic workover unit in Saudi Arabia during the forecast period.
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