Global Hydraulic Workover Unit (Onshore, And Offshore) Market Trends and Forecasts 2019-2024 – ResearchAndMarkets.com

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The “Hydraulic
Workover Unit Market by Application (Onshore, And Offshore), Service
(Workover, and Snubbing), Installation (Skid Mount and Trail Mount),
Capacity (0 to 50, 50 to 150, and Above 150) and Region – Global Trends
and Forecast to 2024″
report has been added to ResearchAndMarkets.com‘s
offering.

The global hydraulic workover unit market is projected to reach USD
11.96 billion by 2024 from an estimated value of USD 9.61 billion in
2019, at a CAGR of 3.97% from 2019 to 2024.

Workover is a well intervention technique that is used in the upstream
oil and gas market. Workover Units are used to recover useful life from
wells or to remove any fault in the tubings of a well that interrupts
its normal operation. Earlier, workover was done by means of mechanical
weights, but nowadays, hydraulic workover is more common because of the
advantages associated with it.

Various advantages of a hydraulic workover unit include higher
efficiency, compact design, shorter operating duration, more controlled
operation, and versatility. By virtue, the design of hydraulic workover
units makes it operational for both onshore as well as offshore projects
with ease in their mobility/transportation.

Growth in the levels of oil and gas requirement across the world and
investments in infrastructure developments for shale oil and gas are the
key factors driving the hydraulic workover unit market. Stringent
environmental laws are a restraint for the growth of the hydraulic
workover unit market. However, increasing explorations in the Arctic and
the Middle Eastern region offer promising new opportunities in the
hydraulic workover unit market.

The report segments the market, by region, into Asia Pacific, Europe,
North America, the Middle East and Africa, and South America. North
America is estimated to be the largest market for hydraulic workover
units in 2018 due to the increased investments in shale oil and gas
exploration, especially in the US.

North America is also the fastest growing market for hydraulic workover
units, followed by Asia Pacific. Countries such as the US, Canada,
Indonesia, and Malaysia are expected to grow at the fastest rate in the
hydraulic workover market, globally, during the forecast period.

Market Dynamics

Drivers

  • Growing Shale Gas Production Activities
  • Upsurge in Oil & Gas Production After the Decline in Oil Prices

Restraints

  • Slower Growth in Drilling Activities
  • Increasing Focus on Renewable Energy

Opportunities

  • Increased Focus on Mature Oil & Gas Fields With the Implementation of
    Digital Technologies
  • Arctic Discoveries

Challenges

  • Low Oil Prices Resulting in Abandoning of Wells

Companies Mentioned

  • Archer
  • Basic Energy Services
  • CEEM FZE
  • CUDD Energy Services
  • Easternwell
  • Elnusa
  • Halliburton
  • High Arctic Energy Services
  • Key Energy Services
  • Nabors Industries
  • National Oilwell Varco
  • Precision Drilling
  • Superior Energy Services
  • UZMA
  • Velesto Energy
  • ZYT Petroleum Equipment

For more information about this report visit www.researchandmarkets.com/r/ijr4uj

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