Global Hydraulic Workover Units Market is valued approximately at USD 8.1 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 6.3% over the forecast period 2021-2027. Hydraulic workover units are movable pulling devices that are cost-effective and offer a variety of advantages for onshore and offshore projects. The hydraulic workover unit is a flexible, cost-effective, and safe instrument for drilling, repairing, and finishing wells along the shore. It is used as a replacement for workover rigs and traditional drilling. During well intervention on gas wells, a hydraulic workover device is especially beneficial. The equipment boosts lifting capability during well intervention operations that would otherwise be impossible with a wire line or coiled tubing unit. Hydraulic workover units’ market is driven by rising primary energy consumption from APAC, Growing shale oil & gas production activities and Growing shale oil & gas production activities. For instance, Shale gas production in the United States accounted for more than half of all natural gas output in 2019. Outside of North America, China was one of the first countries to explore shale resources. It has drilled more than 600 shale gas wells and is expected to account for more than 40% of China’s total natural gas output by 2040, making it the world’s second-largest shale gas producer after the United States. However, Increasing focus on renewable energy, may impede market growth over the forecast period of 2021-2027.
Geographically, The global hydraulic workover units market is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa, according to region. North America is dominating the market in the worldwide hydraulic workover units market. The market for hydraulic workover units in North America is being boosted by an increase in shale gas production in this region. The market for hydraulic workover units in Asia Pacific is anticipated to witness significant growth over the forecast period, owing to rising energy consumption in growing economies such as China and India.
Major market player included in this report are:
Superior Energy Services
Basic Energy Services
Cudd Energy Services
Cased Hole Well Services
Tecon Oil Services
ZYT Petroleum Equipment
The Wellgear Group
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Above 150 tones
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.
Target Audience of the Global Hydraulic Workover Units Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers