Global Hydraulic Workover Unit Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
12 Aug, 2021
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 Size And Drivers:
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 projected to propel the growth of the hydraulic workover unit market in the coming years.
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Trends In The Global Hydraulic Workover Unit Market
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. For instance, in September 2020, SBS Energy Services (SBS), a US-based provider of snubbing, hydraulic workover services entered into a strategic partnership with Helix Solutions to complete a multi-phase project that deactivates roughly 29,000 feet of 10 inches by 6 inches insulated pipeline in the Gulf of Mexico.
Global Hydraulic Workover Unit Market Segments:
The global hydraulic workover unit market is further segmented based on service, installation, capacity, application and geography.
By Service: Workover, Snubbing
By Installation: Skid Mounted, Trailer Mounted
By Capacity: 0-50 tons, 51-150 tons, Above 150 tons
By Application: Onshore, Offshore
By End Use Industry: Oil And Gas, Agriculture, Logistics, Media And Entertainment, Utility And Power, Others
By Geography: The global hydraulic workover unit 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.
Read More On The Report For The Global Hydraulic Workover Unit Market At:https://www.thebusinessresearchcompany.com/report/hydraulic-workover-unit-global-market-report
Hydraulic Workover Unit Global Market Report 2021 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 and growth for the global hydraulic workover unit market, hydraulic workover unit market share, hydraulic workover unit market players, hydraulic workover unit market segments and geographies, hydraulic workover unit market’s leading competitors’ revenues, profiles and market shares. The hydraulic workover unit market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.