“Upsurge in oil and gas production after decline in oil prices are expected to drive the overall hydraulic workover unit market.”
The hydraulic workover unit market is expected to grow from USD 9.8 billion in 2019 to USD 12.0 billion by 2024, at a CAGR of 3.97%, from 2019 to 2024. The hydraulic workover market is driven by various factors, such as growing shale gas production activities. However, upsurge in oil and gas production after the decline in oil prices can hinder the growth of hydraulic workover unit market.
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Above 150 tonnes segment is expected to be the fastest growing during the forecast period
Above 150 tonnes segment is the fastest growing segment in the hydraulic workover unit market. North America followed by Asia Pacific and Europe is expected to be the most attractive region in this segment during the forecast period. The services carried under this segment are for both onshore and offshore oil and gas fields.
Workover segment is expected to grow at the highest CAGR in the hydraulic workover unit market during the forecast period
The workover segment is 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. Moreover, hydraulic workover can be used to install or remove tubular (pipes) in or out of dead wells.
North America is expected to record the highest growth rate during the forecast period
North America is expected to the largest market during the forecast period. 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 major sources of conventional oil & gas in the North American region. Also, the region is characterized with continuous technical innovative applications in various segments of the oil & gas industry. All these factors are likely to drive the hydrualic workover market in North America.
In-depth interviews have been conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the hydraulic workover unit market.
- By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15%
- By Designation: C-Level- 40%, D-Level- 35%, and Others- 25%
- By Region: Asia Pacific- 40%, North America- 21%, Europe- 15%, Middle East & Africa - 13%, and South America- 11%
The major players in the global hydraulic workover unit market, NOV (US), Halliburton (US), Nabors (Bermuda), Superior Energy (US), Archer (Norway), Basic Energy (US), CEEM (UAE), CUDD (US), among others.
The market study covers the hydraulic workover unit market across different segments, such as application, service, installation, capacity, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
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The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the hydraulic workover unit market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.