Registering a CAGR of 4.8% over the forecast period of 2022-2027, it is anticipated that the global hydraulic workover unit market will reach the market value of US$ 2491.8 million in the year 2027.
Hydraulic Workover Units Market Overview
The hydraulic workover unit industry is majorly dependent on oil and gas activities, the decline in oil prices in a long time has significantly impacted the investment in the instrument. The imposition of lockdowns in various countries and the shutting down businesses except for important services with minimal workforce affected the energy demand. This factor has directly impacted work in the well interventions sector.There is a substantial increase in demand for developing a safe, versatile, and cost-effective tool for workover and well intervention operations due to the increasing number of mature oil fields. This factor bolsters the demand for HWUs globally. This equipment can be efficiently used with low setup times and are more cost-effective. Earlier workover rigs were used for similar operations, which took a lot of time and effort to be set up and used. Further, the wells had to be killed before operations, However, with newer technologies, HWUs with snubbing capabilities have made snubbing capabilities possible with newer technologies.The services carried out by hydraulic workover units are completions, plug & abandonment, ESP completion, sand screen installations, well deepening, fishing/clean-outs, casing repairs, etc. Workover segment includes operations over dead-wells, while snubbing involves installing or removing pipes in or out of live wells. The increasing demand for dead wells' services due to the high number of brownfields is critical for the workover segment. The workover segment involves a broader range of services, making the segment significant.
Industry News and Updates:
Global Tubing partners with Cudd Energy Services Pressure Control
Global Tubing, a Forum Energy Technologies Company, and Cudd Energy Services Pressure Control are jointly delivering innovative solutions supporting the challenging growth of lateral lengths in horizontally drilled wells across all US basins. The 26,660’ string of 2 5/8” DURACOIL130 Grade Coiled Tubing, designed in partnership with the Cudd engineering team, is manufactured in the US by our dedicated Dayton staff and reaches beyond convention to deliver industry-leading results.
April 2021 - Megha Engineering and Infrastructures Limited (MEIL) started manufacturing advanced hydraulic technology rigs with indigenous knowledge for the oil and gas sector. The development of HWUs commenced in the Kalol oil field near Ahmedabad, Gujarat. This manufacturing project was taken up to support the Government of India's 'Make in India' initiative.
Market Growth Drivers
Outside of North America, China was one of the first countries to develop shale resources. It has dug more than 600 shale gas wells and is expected to account for more than 40% of China's total natural gas production by 2040, making it the world's second-largest shale gas producer behind the United States. Additionally, as foreign investment in Argentina grows, the shortage of specialist rigs and fracturing equipment is projected to be alleviated.
Shale natural gas resources are located in shale formations that have considerable natural gas and/or oil accumulations. Natural gas production is expected to reach 554 BcF/d by 2040, according to the EIA (Energy Information Administration). Natural gas output from shale resources is predicted to climb to 168 BcF/d by 2040, accounting for the majority of this increase.
What are the major Applications, Types and Regions for Hydraulic Workover Units Market?
Hydraulic Workover Units Market is segmented based on the type, applications, companies and regions.
By Type, Hydraulic Workover Units Market has been segmented into
- Skid Workover Rigs
- Trailer Mounted Workover Rigs
By Application, Hydraulic Workover Units Market has been segmented into
Regional Analysis of Hydraulic Workover Units Market:
The report offers in-depth assessment of the growth and other aspects of the Hydraulic Workover Units Market in important regions, including the
North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East & Africa
- Latin America
The market for hydraulic workover units in North America was dominated by the United States. 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 expected to grow rapidly over the forecast period, owing to rising energy consumption in growing economies such as China and India. Because of the region's huge untapped energy sources, the hydraulic workover units market in the Middle East and Africa is expected to grow at a moderate rate during the forecast period.
Hydraulic Workover Units Market highlights the potential growth opportunities in upcoming years, while reviewing the market drivers, restraints, growth indicators, challenges, market dynamics, competitive landscape and other key aspects in the global market. The Global Hydraulic Workover Units Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.
What is our Hydraulic Workover Units Market report scope?
Report Attributes
|
Report Details
|
Forecast Period 2022 to 2027 CAGR
|
CAGR of 4.8% during the review period (2022 to 2027).
|
By Type
|
- Skid Workover Rigs
- Trailer Mounted Workover Rigs
- Others
|
By Application
|
|
By Companies
|
Halliburton Company, Key Energy Services, Nabors Industries, Superior Energy Services, Archer Limited, Basic Energy Services, CEEM FZE, Cudd Energy Services, High Arctic Energy Services, Precision Drilling Corporation, UMW Oil & Gas Corporation Berhad and others.
|
Regions Covered
|
- North America
- Europe
- Asia-Pacific
- Rest of the World
|
Countries Covered
|
- US
- Canada
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
|
Base Year
|
2022
|
Historical Year
|
2017 to 2021
|
Forecast Year
|
2022 to 2027
|
Number of Pages
|
120
|
Customization Available
|
Yes, the report can be customized as per your needs
|
Key Takeaways from this Hydraulic Workover Units Report
- Evaluate Hydraulic Workover Units market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market - key driving factors, challenges and hidden opportunities.
- Get in-depth insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the Hydraulic Workover Units market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.
All our reports are customizable to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
Frequently Asked Questions What is the study period of this market?
The Hydraulic Workover Units Market is studied from 2022 - 2027.
What is the growth rate of Hydraulic Workover Units Market?
The Hydraulic Workover Units Market is growing at a CAGR of 4.8% over the next 5 years.
Who are the key players in Hydraulic Workover Units Market?
Halliburton Company, Key Energy Services, Nabors Industries, Superior Energy Services, Archer Limited, Basic Energy Services, CEEM FZE, Cudd Energy Services, High Arctic Energy Services, Precision Drilling Corporation, UMW Oil & Gas Corporation Berhad and others.
What region does this Hydraulic Workover Units Market report covers?
North America (the United States, Canada, and Mexico) Europe (Germany, France, UK, Russia, and Italy) Asia-Pacific (China, Japan, Korea, India, and Southeast Asia) South America (Brazil, Argentina, Colombia, etc.) The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
What are the significant types of Hydraulic Workover Units Market?
Skid Workover Rigs, Trailer Mounted Workover Rigs
What are the major end-use applications of Hydraulic Workover Units Market?
Onshore, Offshore
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
