New York, NY, Sept. 05, 2019 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “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”. According to the report, the global hydraulic workover unit market was USD 9.45 billion in 2018 and is 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. 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.
Browse through 39 Tables & 28 Figures spread over 110 Pages and in-depth TOC on “Global Hydraulic Workover Unit Market: Industry Type, Size, Share, Trends, Segments, Analysis and Forecast, 2018–2025”.
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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.
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, due to its low cost of operations as compared to the offshore segment. Moreover, the onshore segment is expected to hold its foremost market position in the future as well. By service, the market includes workover and snubbing.
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The workover segment accounted for a major share of the global market in 2018. Workover operations are basically executed over dead wells, whereas snubbing operations are implemented for live wells. Based on the 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 for a diverse range of applications, such as fuel for automobiles and industrial machines and power generation.
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 timeframe, owing to the substantial regional increment in both production and consumption of shale oil and gas. The U.S. and Canada have shifted their preference from imported petroleum to domestic shale products in the recent past, to reduce their dependence on Gulf countries for fuel. Moreover, these countries possess an abundant source of conventional crude oil, while the U.S. controls the largest volume of crude oil at the global level. This has been witnessed as the major factor to boost the domestic hydraulic workover unit market. The privatization of oil and gas fields in Mexico is expected to generate new growth opportunities in the hydraulic workover unit market. The Mexican oil and gas fields are among the richest sources of fossil fuels in the world.
Browse the full “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” Report at https://www.zionmarketresearch.com/report/hydraulic-workover-unit-market
The Asia Pacific held the second spot in the hydraulic workover unit market in 2018 globally, due to the flourishing automobile sector, especially in the emerging economies of China, India, and Indonesia. The rapid growth of petroleum-based industries, such as pharmaceuticals, pesticides, fertilizers, and industrial chemicals, is also projected to stimulate this regional market.
Europe ranked third in the market for hydraulic workover unit in 2018 globally, due to the robust economies of Germany, the UK, France, and Russia. The growing emphasis on shale oil and gas production is expected to further drive the hydraulic workover unit market in the region. Europe is expected to exhibit a modest growth rate over the forecast time period.
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The Middle East and Africa held the fourth largest share of the hydraulic workover unit market in 2018 globally, as the region is a distinguished producer and supplier of petroleum products. The region is expected to contribute a remarkable share to the global hydraulic workover unit market in the future, owing to the region’s deliberate emphasis on the use of crude oil for power generation.
The Latin American market is estimated to witness a modest CAGR over the forecast timeline, owing to the significantly growing petroleum-based industries and rising foreign direct investments (FDI) in the region.
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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This report segments the global hydraulic workover unit market into:
Global Hydraulic Workover Unit Market: Application Analysis
Global Hydraulic Workover Unit Market: Service Analysis
Global Hydraulic Workover Unit Market: Capacity Analysis
- 0 to 50
- 50 to 150 Tons
- Above 150 Tons
Global Hydraulic Workover Unit Market: Installation Analysis
- Skid Mount
- Trail Mount
Global Hydraulic Workover Unit Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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