According to the new market research report "Hydraulic Workover Unit Market by Service (Workover & Snubbing), Installation (Skid Mounted & Trailer Mounted), Capacity (0–50 Tonnes, 51–150 Tonnes, and Above 150 Tonnes), Application (Onshore, Offshore), and Region - Global Forecast to 2025",published by MarketsandMarkets™, the Hydraulic Workover Unit Market size will grow to USD 11.0 billion by 2025 (forecasted year) from USD 8.1 billion in 2020 (estimated year), at a post-COVID-19 CAGR of 6.3% during the forecast period. The rising number of mature fields in Europe and the Middle East, along with rising primary energy demand from the Asia Pacific, are the driving factors for the Hydraulic Workover Unit Market globally. The hydraulic workover unit activities are fundamental requirements while well completion, production, and well abandonment, which creates opportunities for growth of the market.
The workover segment is expected to make the largest contribution to the hydraulic workover unit market.
Services carried out by the hydraulic workover unit are completions/workover, plug & abandonment, ESP completion, sand screen installations, well deepening, fishing/clean-outs, casing repairs, and others. Moreover, the hydraulic workover can be used to install or remove tubular (pipes) in or out of dead wells. Mature oil & gas fields in North America and Europe require heavy intervention services to extract the trapped oil and safe operations for production, thus driving the workover service market.
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The onshore segment is expected to be the fastest-growing Hydraulic Workover Unit Market.
The onshore fields have been producing for more than 150 years now, and most of them are depleting at faster rates. For instance, the South Belridge Oilfield in the US, the Kuparuk River Oilfield in the US, and the Appalachian Basin of Pennsylvania are some of the oldest onshore oilfields in North America. These oilfields are experiencing a decline in production, and the asset operators are investing in various recovery methods and heavy intervention operations to expand and optimize the production from the wells. Under well intervention, hydraulic workover unit services are used to achieve the most optimum production levels.
North America likely to emerge as the largest Hydraulic Workover Unit Market
In this report, the Hydraulic Workover Unit Market has been analyzed for six regions, namely, North America, South & Central America, Europe, Asia Pacific, Middle East, and Africa. According to the IEA, the US is determined to become the net exporter of energy by 2020, and to fulfill this objective; the oil production is being increased across the nation. Moreover, the US is the top explorer and producer of shale oil and gas. The old oil & gas fields in the Permian Basin and Bakken Ford require the intervention operations to enhance the productivity of the wells. Thus, North America dominated the Hydraulic Workover Unit Market during the forecasted period.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Hydraulic Workover Unit Market.
Some of the key players are Halliburton (US), Velesto Energy (Malaysia), Superior Energy Services (US), Basic Energy Services (US), Precision Drilling (Canada). The leading players are adopting various strategies to increase their share in the Hydraulic Workover Unit Market.