Hydraulic Workover Unit Market trends is projected to witness 3.84% CAGR by 2027 :
Market Research Future has published a Cooked Research Report on the Global Hydraulic Workover Unit Market trends.
Market Highlights
Global Hydraulic Workover Unit Market trends is projected to grow at a high rate during the study period, primarily due to the technological advancements in oil & gas well production and the increasing offshore production after the decline in oil prices. Moreover, the increased focus on unconventional oil & gas fields with the implementation of digital technologies is expected to present a growth opportunity for the global Hydraulic Workover Unit Market trends.
Technological developments in oil and gas exploration methods, including seismographic and gravity surveys, have led to the growth of drilling activities in the past few years, as innovative technologies have enabled exploration and production companies to access numerous unconventional reserves. For instance, according to statistical data from the World Oil Report 2018, globally, the number of wells drilled in 2017 was 41,560, which grew from 37,454 in 2016. This growth in the number of wells drilled will result in increased demand for hydraulic workover units, which are used to carry out repairs in new and old oil wells. Exploration and production companies are increasingly adopting innovative technologies to increase productivity and reduce operational costs. Major exploration and production companies, including BP plc (UK), Chevron Corporation (US), and Royal Dutch Shell (Netherlands), continuously upgrade the technologies used in their operations to improve productivity, which is expected to increase the reliability of operators on hydraulic workover units.
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Moreover, the demand for hydraulic workover units in the offshore oil & gas industry is expected to grow steadily during the forecast period. The rising electricity demand, the focus on offshore exploration, and the production (E&P) of oil and gas are factors that fuel the use of hydraulic workover units for carrying out the repairs of offshore wells. Many oil and gas exploration companies are focusing on drilling and production. For instance, the Oil and Natural Gas Corporation (India) approved the phase-three development of Mumbai High Field in 2014 to increase the production of natural gas to 5.253 BCM by 2030 to boost the domestic offshore production of oil and gas in the country.
These developments are expected to increase the demand for hydraulic workover units during the forecast period. Similarly, in Indonesia, the Ministry of Energy and Minerals approved the development plan for the offshore Mako Gas field in the Duyung PSC, Indonesia, in 2019. In China, in December 2017, CNOOC ltd (China) announced the discovery of a mid-sized natural gas field in Bozhong, Bohai. In the US, W&T Offshore (US) announced an oil discovery in the Gladden Deep prospect in Mississippi Canyon block located at the Gulf of Mexico in June 2019. Therefore, the use of hydraulic workover units for repairing various types of E&P equipment involved in the oil & gas industry is expected to increase significantly during the forecast period. Hence, the increasing demand for hydraulic workover units for offshore oil and gas operations is expected to boost the growth of the global Hydraulic Workover Unit Market trends during the forecast period.
The global market for a hydraulic workover unit is segmented based on capacity, service, installation, application, and region. By capacity, the global market has been segmented into Up to 50 tonnes, 50 to 150 tonnes, and Above 150 tonnes. By service, the global market has been segmented into workover and snubbing. By installation, the global market has been segmented into skid mount and trail mount. By application, the global market has been segmented into onshore and offshore.
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Market Research Analysis
In terms of region, the Hydraulic Workover Unit Market trends is segmented into Europe, Asia-Pacific, North America, the Middle East & Africa, and South America. North America dominates the Hydraulic Workover Unit Market trends. The increasing per capita energy consumption, exploration and production of oil and gas, and advancements in upstream operations are expected to drive the regional market.
North America is one of the key regions of the world, where the increasing per capita energy consumption, the exploration and production of oil and gas, and advancements in upstream operations drive the growth of the regional market. According to the BP Statistical Review of World Energy, 2019, the primary energy consumption per capita in North America increased by 1.9% from 235.3 Gigajoules per capita (GJ/Capita) in 2018 to 239.8 GJ/Capita in 2019. In addition to this, the oil production in the region increased by 12.1% in 2019 to 22.59 million barrels per day (BPD) from 20.16 million BPD in 2018. Moreover, according to the US Energy Information Administration (EIA), in 2018, approximately 6.44 million BPD of crude oil was produced from tight oil resources in the US. The increase in the E&P of oil and gas boosts the demand for hydraulic workover units for performing routine well maintenance for land, inland waters, and offshore installations. These developments lead to an increase in the demand for a cost-efficient method to repair, resulting in the installation of hydraulic workover units. Such factors are expected to drive the growth of the Hydraulic Workover Unit Market trends in North America. Such factors are expected to drive the demand for hydraulic workover units between 2020 and 2026.
Scope of the Report
This study provides an overview of the global hydraulic workover units market, tracking two market segments across five regions. The report studies the key players, provides a five-year annual trend analysis that highlights the market size, and shares of North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global hydraulic workover units market by capacity, service, installation, application, and region.
By Capacity
Up to 50 tonnes
50 to 150 tonnes
Above 150 tonnes
By Service
Workover
Snubbing
By Installation
Skid Mount
Trail Mount
By Application
Onshore
Offshore
By Regions
North America
Asia-Pacific
Europe
Middle East & Africa
South America
Key Players
The Key Players operating in the Global Market for Hydraulic Workover Units are Cudd Energy Services (US), Archer (Norway), Halliburton (US), Superior Energy Services (US), Basic Energy Services (US), Precision Drilling Corporation (Canada), National Oilwell Varco (US), High Arctic Energy Services Inc. (Canada), Velesto Energy (Malaysia), Uzma Berhad (Malaysia), ZYT Petroleum Equipment Co., Ltd (China), PT Elnusa Tbk (Indonesia), and Canadian Energy Equipment Manufacturing FZE (UAE).
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