Hydraulic Workover Unit Market By Application (Onshore and Offshore), By Service (Workover and Snubbing), By Installation (Skid Mount and Trail Mount), and By Capacity (0 to 50 Tons, 50 to 150 Tons, and Above 150 Tons): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025

Global hydraulic workover unit market expected to reach around USD 12.26 billion by 2025, growing at a CAGR of 3.8% between 2019 and 2025. Workover operations are executed over oil and gas wells to enhance their productivity and lifecycle and as a remedial measure to deal with specific mechanical and reservoir issues.

03-Sep-2019 | Number of pages: 110 | Report Code: ZMR-4656 | Report Format : | Status : Published

Analysis

Workover operations are executed over oil and gas wells to enhance their productivity and lifecycle and as a remedial measure to deal with specific mechanical and reservoir issues. Hydraulic workover units are the most cost-efficient machinery to execute workover operations. These are multipurpose, cost-effective, and safe for dangerous workover operations. Hydraulic workover units are less susceptible to erosion and require less frequent and comparatively inexpensive maintenance. Hydraulic workover units perform a diverse set of functions, such as drilling, repairing, and completing oil and gas wells.

The significant increment in the global consumption of oil and gas is driving the hydraulic workover unit market. Furthermore, the unprecedented rise in the production and consumption of shale oil and gas, especially in North America and Europe, has further bolstered this global market. The elevated use of crude oil for power generation in Gulf countries has also triggered the hydraulic workover unit market expansion. However, environmental concerns over pollution due to conventional energy sources, such as crude oil, oil spills during operations of hydraulic workover units, difficulties in the hydraulic workover units transportation due to their huge weight, and the lack of human skills required for operating hydraulic workover units in developing countries may restrain the hydraulic workover unit market. . Nonetheless, the hydraulic workover unit market is expected to generate new growth opportunities in Mexico with the privatization of the oil and gas industry.

Global Hydraulic Workover Unit Market

The hydraulic workover unit market is fragmented on the basis of application, service, installation, and capacity. On the basis of application, the hydraulic workover unit market includes onshore and offshore. In 2018, the onshore segment held a major share of the global market. By service, the market includes workover and snubbing. The workover segment accounted for a major share of the global market in 2018. Based on installation, the market comprises skid mount and trail mount. In 2018, the skid mount installation held a larger share of the global market. By capacity, the hydraulic workover unit market is divided into above 150 tons, 50 to 150 tons, and 0 to 50 tons. The above 150 tons segment accounted for a major share of the global market in 2018, due to the exponential rise in consumption of crude oil.

North America held the largest share of the hydraulic workover unit market in 2018 globally. Moreover, the region is expected to witness the fastest CAGR over the forecast time period, owing to the substantial regional increment in both production and consumption of shale oil and gas.

Some major players of the hydraulic workover unit market are Halliburton, Key Energy Services, Nabors Industries, Superior Energy Services, Archer, Basic Energy Services, Canadian Energy Equipment Manufacturing, Cudd Energy Services, and High Arctic Energy Services.


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