The global hydraulic workover units market size will grow by USD 314.67 million during 2019-2023. This report provides a detailed analysis of the market by application (onshore and offshore) and geography (APAC, Europe, MEA, North America, and South America). The report analyzes the market’s competitive landscape and offers information on several hydraulic workover units companies including Canadian Energy Equipment Manufacturing FZE, Halliburton Co., High Arctic Energy Services Inc., National Oilwell Varco Inc., and Superior Energy Services Inc.
Key Insights on Hydraulic Workover Units Market – Global Forecast 2019-2023
Browse the ToC and LoE with selected illustrations and example pages of Hydraulic Workover Units Market
Industry Overview
The global hydraulic workover units market is witnessing significant investments in the oil and gas sector to enhance production from mature oil and gas fields. Several oil and gas companies are carrying out intervention operations to modify oil and gas wells to achieve optimal production. Trillion Energy International Inc. recently announced its plan to do workovers in the Cendere oil field in Turkey. The company has aimed at producing nearly 170 barrels of oil in a day. The increase in the number of many such workover operations will increase the demand for hydraulic workover units and drive the market expansion over the forecast period.
The growing adoption of laser technology in workover operations is one of the major hydraulic workover units market trends influencing growth. Many companies are replacing traditional machining processes with laser technologies owing to several advantages. Laser systems speed up the workover process by precisely performing the job in a single downtime pass without damaging adjacent materials, thereby eliminating multiple trips. This saves time and eliminates the possibilities of any kind of contact with harmful chemicals and explosives. Downhole laser systems are also used in removing restricted materials and various scale deposits. The adoption of laser systems in workover operations will result in an increase in the overall operational efficiency of oil and gas companies. As a result of these factors, the global hydraulic workover units market size will grow at a CAGR of nearly 5% during the forecast period.
Top Companies in Hydraulic Workover Units Market
The global hydraulic workover units market is fairly fragmented. This research report provides a detailed analysis of the market’s competitive landscape and provides information on the products offered by various companies. Key insights provided by hydraulic workover units market report will help companies to create effective strategies to improve their revenue share.
The report offers a detailed analysis of several leading companies including:
- Canadian Energy Equipment Manufacturing FZE
- Halliburton Co.
- High Arctic Energy Services Inc.
- National Oilwell Varco Inc.
- Superior Energy Services Inc.
Market Segmentation
Hydraulic Workover Units by Application
- Onshore
- Offshore
Hydraulic workover units find a large number of applications in the onshore oil and gas E&P activities. Onshore sites have more favorable operating conditions and involve lower costs compared to offshore sites. Additionally, the recovery of global crude oil prices has increased the onshore oil and gas E&P activities.
Hydraulic Workover Units Market by Region
- APAC
- Europe
- MEA
- North America
- South America
North America offers a large number of growth opportunities for hydraulic workover units companies. The US government is planning to start oil and gas E&P activities at all offshore areas along the Atlantic, Arctic, and Pacific coasts. In addition, several aging oil and gas wells in the US need intervention activities that require hydraulic workover units. All these factors will collectively contribute to the growth of the hydraulic workover units market size in North America.
Major Highlights of the Hydraulic Workover Units Market - Global Forecast 2019-2023
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the hydraulic workover units market size during the next five years
- Precise estimation of the global hydraulic workover units market share, size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the hydraulic workover units industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details of factors that will challenge the growth of hydraulic workover units companies
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