Global Hydraulic Workover Unit Market Size, Forecasts, And Opportunities
Learn about the global hydraulic workover unit market through The Business Research Company, which provides information on hydraulic workover unit market size, hydraulic workover unit market drivers and restraints, hydraulic workover unit market players, the COVID-19 impact on the hydraulic workover unit market, and more.
The global hydraulic workover unit market is expected to grow from $8.13 billion in 2020 to $8.65 billion in 2021 at a compound annual growth rate (CAGR) of 6.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The hydraulic workover unit market is expected to reach $11.69 billion in 2025 at a CAGR of 7.8%.
The increasing shale gas production is expected to drive innovation in hydraulic workover unit, thus driving the market during the forecast period.
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The hydraulic workover unit market consists of sales of hydraulic workover unit services by entities (organizations, sole traders, and partnerships) that utilize versatile, cost-saving, and safe techniques for the repair and maintenance of all types of wells. Hydraulic workover is a well intervention technique used for installing or removing tubes (pipes) in and out of dead wells (the well with zero surface pressure). Hydraulic cylinders enable precise control of tubular movements and reduce the need for a huge mast structure found on traditional drilling rigs.
Global hydraulic workover unit market segments include:
By Service: Workover, Snubbing
By Installation: Skid Mounted, Trailer Mounted
By Capacity: 0-50 tonnes, 51-150 tonnes, Above 150 tonnes
By Application: Onshore, Offshore
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the hydraulic workover unit market in 2020.
The introduction of multiphase projects is a key trend gaining popularity in the hydraulic workover unit market. Major players operating in the hydraulic workover unit sector are launching multiphase projects in collaboration with technology players to set a new offshore snubbing unit or hydraulic workover world record.
TBRC’s hydraulic workover unit market report covers:
Major Market Players: Archer limited, Basic Energy Services, Inc., Canadian Energy Equipment Manufacturing FZE, Cudd Energy Services, Easternwell Group, Elnusa, Halliburton Company, High Arctic Energy Services Inc, Key Energy Services, LLC, NOV Inc., Precision Drilling Corporation, Superior Energy Services, Inc., Uzma Berhad, Velesto Energy Berhad, and ZYT Petroleum Equipment Co Ltd.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
The Hydraulic Workover Unit Global Market Report 2021: COVID-19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provides hydraulic workover unit market overviews, analyzes and forecasts market size, share, hydraulic workover unit market players, hydraulic workover unit market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s hydraulic workover unit market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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