The Hydraulic Workover Unit Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hydraulic Workover Unit Global Market Report 2024, The hydraulic workover unit market size has grown strongly in recent years. It will grow from $10.5 billion in 2023 to $11.5 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to increased oil and gas exploration activities, cost-effective well interventions, rigless operations, routine well maintenance, workover and completion operations.
The hydraulic workover unit market size is expected to see strong growth in the next few years. It will grow to $16.47 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to increasing focus on well intervention, environmental considerations, global energy demand, unconventional resource development, asset lifecycle management. Major trends in the forecast period include modular hydraulic workover units, digital technologies for monitoring and control, rigless interventions and light well servicing, skid-mounted and trailer-mounted units, industry collaboration and partnerships.
The increasing shale gas production is projected to propel the growth of the hydraulic workover unit market in the coming years. Shale gas is natural gas generated from a type of sedimentary rock called shale that is formed from clastic origins such as sedimentary rock or siltstone. The most adaptable technology available in the upstream oil and gas industry is the snubbing unit, which is a type of hydraulic workover unit. According to the United States Energy Information Administration, shale gas production in the USA is expected to increase from 27.90 trillion cubic feet in 2021 to 32.50 trillion cubic feet by 2025. Therefore, the increasing shale gas production drives the growth of the hydraulic workover unit market.
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The hydraulic workover unit market covered in this report is segmented –
1) By Service: Workover, Snubbing
2) By Installation: Skid Mounted, Trailer Mounted
3) By Capacity: 0-50 tons, 51-150 tons, Above 150 tons
4) By Application: Onshore, Offshore
Major companies operating in the hydraulic workover unit market are launching new hydraulic rigs to increase their profitability in the market. Hydraulic Workover Unit relies on a hydraulic rig, which is a set of hydraulic components, to perform various tasks in the oil and gas industry. For instance, in April 2021, Megha Engineering and Infrastructures Limited (MEIL), an India-based diversified corporation involved in various sectors, including transportation, power, oil and gas launched indigenous hydraulic rigs. These drilling rigs incorporate cutting-edge hydraulic technology and boast a robust 1500 HP capacity, enabling them to successfully drill oil wells to depths of up to 4000 meters (4 kilometers) beneath the surface. The rigs are outfitted with hydraulic and automated systems, guaranteeing both efficiency and safety throughout the drilling operations. This endeavor aligns with the Make in India initiative by the Government of India, seeking to bolster domestic manufacturing. This progress represents a noteworthy stride in diminishing India’s reliance on imported drilling equipment, fostering self-reliance in the oil and gas sector.
The hydraulic workover unit market report table of contents includes:
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