DUBLIN, April 15, 2019 /PRNewswire/ -- The "Hydraulic Workover Unit Market by Application (Onshore, And Offshore), Service (Workover, and Snubbing), Installation (Skid Mount and Trail Mount), Capacity (0 to 50, 50 to 150, and Above 150) and Region - Global Trends and Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The hydraulic workover unit market is expected to grow from USD 9.8 billion in 2019 to USD 12.0 billion by 2024, at a CAGR of 3.97%, from 2019 to 2024.
The hydraulic workover market is driven by various factors, such as growing shale gas production activities. However, an upsurge in oil and gas production after the decline in oil prices can hinder the growth of hydraulic workover unit market.
"Above 150 tonnes segment is expected to be the fastest growing during the forecast period"
Above 150 tonnes segment is the fastest growing segment in the hydraulic workover unit market. North America followed by Asia Pacific and Europe is expected to be the most attractive region in this segment during the forecast period. The services carried under this segment are for both onshore and offshore oil and gas fields.
"Workover segment is expected to grow at the highest CAGR in the hydraulic workover unit market during the forecast period"
The workover segment is the highest growing segment in the hydraulic workover unit market. The services carried out by the hydraulic workover units are completions/workover, plug & abandonments, ESP completion, sand screen installations, well deepening, fishing/clean-outs, casing repairs, and others. Moreover, hydraulic workover can be used to install or remove tubular (pipes) in or out of dead wells.
"North America is expected to record the highest growth rate during the forecast period"
North America is expected to the largest market during the forecast period. The hydraulic workover unit market is driven by the growth in unconventional resources in the US and Canada and demand from the onshore & offshore fields in the Gulf of Mexico. The Gulf of Mexico is one of the major sources of conventional oil & gas in the North American region. Also, the region is characterized with continuous technical innovative applications in various segments of the oil & gas industry. All these factors are likely to drive the hydraulic workover market in North America.
The major players in the global hydraulic workover unit market, NOV (US), Halliburton (US), Nabors (Bermuda), Superior Energy (US), Archer (Norway), Basic Energy (US), CEEM (UAE), CUDD (US), among others.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Hydraulic Workover Unit Market During the Forecast Period
4.2 Hydraulic Workover Unit Market, By Region
4.3 North American Hydraulic Workover Unit Market, By Service
4.4 Hydraulic Workover Unit Market, By Installation Type
4.5 Hydraulic Workover Unit Market, By Capacity
5 Market Overview
5.2 Market Dynamics
184.108.40.206 Growing Shale Gas Production Activities
220.127.116.11 Upsurge in Oil & Gas Production After the Decline in Oil Prices
18.104.22.168 Slower Growth in Drilling Activities
22.214.171.124 Increasing Focus on Renewable Energy
126.96.36.199 Increased Focus on Mature Oil & Gas Fields With the Implementation of Digital Technologies
188.8.131.52 Arctic Discoveries
184.108.40.206 Low Oil Prices Resulting in Abandoning of Wells
6 Hydraulic Workover Unit Market, By Service
6.2.1 North America is Expected to Have the Largest Market Share in Workover Segment
6.3.1 Asia Pacific is the Second Market in Snubbing Segment
7 Hydraulic Workover Unit Market, By Application
7.2.1 North America Held the Largest Market Share for the Onshore Segment
7.3.1 Asia Pacific Hold the Largest Market Share in Offshore Segment
8 Hydraulic Workover Unit Market, By Capacity
8.2 Up to 50 Tonnes
8.2.1 North America Hold the Largest Market Share for Up to 50 Tonnes Segment
8.3 50-150 Tonnes
8.3.1 North America Holds the Largest Market Share for 50 -150 Tonnes Segment
8.4 Above 150 Tonnes
8.4.1 Asia Pacific Holds the Second Largest Market for Above 150 Tonnes Segment
9 Hydraulic Workover Unit Market, By Installation
9.2 Skid Mount
9.2.1 North America Holds the Largest Market for Skid Mount Segment
9.3 Trailer Mount
9.3.1 Asia Pacific Holds the Second Largest Market for Trailer Mount Segment
10 Hydraulic Workover Unit Market, By Region
11 Competitive Landscape
11.2 Ranking of Players and Industry Concentration, 2018
11.3 Competitive Landscape Mapping
11.4 Competitive Scenario
12 Company Profiles
- Basic Energy Services
- CEEM FZE
- CUDD Energy Services
- High Arctic Energy Services
- Key Energy Services
- Nabors Industries
- National Oilwell Varco
- Precision Drilling
- Superior Energy Services
- Velesto Energy
- ZYT Petroleum Equipment
For more information about this report visit https://www.researchandmarkets.com/r/k53iqq
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