The global hydraulic workover unit market size is predicted to grow at a 3.84% CAGR in the forecast period (2020- 2027), states the current Market Research Future (MRFR) report. A hydraulic workover unit is the perfect well intervention solution for re-entry operations, well interventions, and well maintenance. This unit uses hydraulic cylinders for lifting the tubular or out of the well. The hydraulic cylinders enable complete control over tubular movements and helps in eliminating the need for a huge mast construction that is present on conventional drilling rigs.
Alluring Features that Boost Market Growth
According to the MRFR report, there are numerous factors that are propelling the global hydraulic workover unit market share. Some of these entail technological advances in oil and gas well production, increasing offshore production post decline in oil prices, the burgeoning need for hydraulic workover units in the offshore oil and gas industry, the rising electricity demand, increasing focus on offshore exploration, the production of E&P of oil and gas, the rising efforts by upstream companies to improve the production from the mature fields, and the increasing oil and gas production. The additional factors adding to the global hydraulic workover unit market value includes the growing development of natural gas resources, the rising focus on mature oil and gas fields with the implementation of digital technologies which are the latest hydraulic workover unit market trends, rising energy demand in developing economies, increasing number of exploration activities, well drilling activities, and hydraulic fracturing, growing demand for snubbing services, and rising number of mature oil and gas fields.
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On the contrary, stringent environmental regulations, lack of skilled workforce, problems related to the use of hydraulic workover unit like long rig-up time, and problems in transport for its heavy weight may impede the global hydraulic workover unit market revenue over the forecast period.
COVID-19 Analysis
The oil and gas sector unfortunately has faced the brunt of the ongoing COVID-19 crisis which in turn has impacted the hydraulic workover unit market. Owing to the present scenario, several oil and gas companies across regions were compelled to shut down their services and producing assets as countries practiced complete or partial lockdown strategy for dealing with the pandemic. Across the region, companies has either delayed or suspended the key oil and gas projects. Besides, the crisis has also impacted the rig count for oil and gas, well drilling and production activities, and also crude oil prices. All these factors have negatively impacted the global hydraulic workover unit market growth.
Market Segmentation
The MRFR report highlights an inclusive analysis of the global hydraulic workover unit industry based on application, installation, service, and capacity.
By capacity, the global hydraulic workover unit market is segmented into above 150 tonnes, 50 to 150 tonnes, and up to 50 tonnes. Of these, the above 150 tonnes capacity segment will lead the market over the forecast period.
By service, the global hydraulic workover unit market is segmented into snubbing and workover. Of these, the workover service segment will dominate the market over the forecast period.
By installation, the global hydraulic workover unit market is segmented into trail mount and skid mount. Of these, the trail mount installation segment will spearhead the market over the forecast period.
By application, the global hydraulic worker unit market is segmented into offshore and onshore. Of these, the onshore application segment will have the lions share in the market over the forecast period.
Regional Analysis
North America to Have Lions Share in Hydraulic Workover Unit Market
Geographically, the global hydraulic workover unit market is bifurcated into Europe, North America, South America, the Asia Pacific, & the Middle East and Africa (MEA). Of these, North America will have the lions share in the market over the forecast period. Per capita consumption, production, and exploration of oil and gas, advances in upstream operations, high production of crude oil produced from tight oil resources in the US, the rise in the production and extraction of oil and gas increases the need for hydraulic workover units to perform routine well maintenance for offshore installations, inland waters, and land, increase in the need for cost-efficient method to repair leading to the installation of hydraulic workover units, the growth in unconventional resources in Canada and the US, and the demand for intervention operations in the maturing offshore fields in the Gulf of Mexico and other onshore fields in the US are adding to the global hydraulic workover unit market growth in the region.
Europe to Hold Second-Largest Share in Hydraulic Workover Unit Market
In Europe, the global hydraulic workover unit market is predicted to hold the second-largest share over the forecast period for technological advances and increasing exploration and production of oil and gas.
APAC to Have Admirable Growth in Hydraulic Workover Unit Market
In the APAC region, the global hydraulic workover unit market is predicted to have admirable growth over the forecast period. Rise in demand for energy in emerging economies of India and China are adding to the global hydraulic workover unit market growth in the region.
Middle East & Africa and South America to Have Sound Growth in Hydraulic Workover Unit Market
In the MEA and South America, the global hydraulic workover unit market is predicted to have sound growth over the forecast period. The presence of large untapped energy reserves is adding to the global hydraulic workover unit market growth in the region.
Browse In-depth Market Research Report (155 pages) on Hydraulic Workover Unit Market.
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Key Players
The prominent players profiled in the global hydraulic workover unit market report include ZYT Petroleum Equipment Co., Ltd (China), Uzma Berhad (Malaysia), PT Elnusa Tbk (Indonesia), Canadian Energy Equipment Manufacturing FZE (UAE), Velesto Energy (Malaysia), Superior Energy Services (US), Basic Energy Services (US), High Arctic Energy Services Inc. (Canada), Precision Drilling Corporation (Canada), Cudd Energy Services (US), Archer (Norway), National Oilwell Varco (US), and Halliburton (US), among others.
The global hydraulic workover unit market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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