PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250718
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250718
Hydraulic Workover Unit Market Forecasts to 2028 - Global Analysis By Installation, Service, Capacity, Application and By Geography
According to Stratistics MRC, the Global Hydraulic Workover Unit Market is accounted for $9.52 billion in 2022 and is expected to reach $15.46 billion by 2028 growing at a CAGR of 8.4% during the forecast period. Moving pulling tools called hydraulic workover units are economical and provide both onshore and offshore projects with a number of benefits. For drilling, maintaining, and repairing wells along the shore, the hydraulic workover unit is a flexible, cost-effective, and safe tool. When performing well intervention operations, the equipment increases lifting capacity in ways that a wireline or coiled tubing unit cannot. The main factors driving the expansion of the hydraulic workover unit market are the rising oil and gas production coupled with the falling price of oil and the expanding development of natural gas resources.
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.
Market Dynamics:
Driver:
Rising energy requirement
The demand for energy from the various end-user sectors has increased due to the population explosion and urbanization. Since hydrocarbons still make up the majority of power generation, renewable energy is still in the early stages of adoption. The increased drilling and upkeep of wells is brought on by the inadequate development of alternative energy sources and the rising global demand for oil and gas. As the capacity for producing crude oil and shale gas rises and the number of brownfields rises, the demand for well workover and intervention is anticipated to rise, supporting market expansion.
Restraint:
Shortage of skilled workforce & decline in oil prices
Some of the factors anticipated to restrain the growth of the hydraulic workover unit market include a lack of skilled labour, issues with the use of hydraulic workover units, including a lengthy rig-up process and carrying difficulties due to their heavyweights. Additionally, during the anticipated timeframe, the decline in oil prices is likely to negatively impede market growth.
Opportunity:
Growing Demand for Efficient Technology
Due to the growing number of mature oil fields, there is a significant increase in demand for creating a reliable, adaptable, and affordable tool for workover and well intervention operations. This factor increases demand for HWUs on a global scale. Low setup times and cost-effectiveness make this equipment more useful. Similar operations were carried out with older workover rigs, but they required a lot of setup time and labor to operate. Additionally, the wells needed to be destroyed before operations HWUs with snubbing capabilities, however, have enabled snubbing capabilities with more recent technologies.
Threat:
Trend towards renewable energy
The primary factor restraining the hydraulic workover unit market growth is the consumer shift towards clean fuels. The increasing requirement of the renewable energy sector will undoubtedly decrease the investment being made in the oil and gas energy sector, which will harm the well intervention sector. The increasing proportion of power generation using renewable energy can hinder the principal investments being made for oil and gas. Further, the developing competence of renewables for power generation with durable benefits can result in increased adoption over conventional fuel which is hindering the market growth.
Covid-19 Impact
The novel coronavirus that caused the COVID-19 pandemic has had a negative effect on the world's industrial environment. Due to the strict lockdowns put in place to stop the COVID-19 virus from spreading, Hydraulic Workover Unit industry suffered significant losses and had to scale back operations. As a result, the virus outbreak has changed the market for HWUs. However, recover from the COVID-19 pandemic in the second half of 2021. Additionally, rising production and exploration activities, rising investments in the oil and gas industry globally, and an increase in the number of hydraulic fracturing operations all result in an increase in the demand for hydraulic workover units from the oil and gas industry, which in turn increases production from unconventional reserves.
The workover segment is expected to be the largest during the forecast period
Over the forecast period, the workover segment is anticipated to register the largest share. Operations over dead wells are considered workover. The high number of brownfields and growing demand for dead well services are crucial for the workover market. The workover segment is significant because it offers a wider range of services. Additionally, mature oil and gas fields in North America and Europe need intensive intervention services to release trapped oil and conduct safe production, which is fueling the growth of the workover market.
The offshore segment is expected to have the highest CAGR during the forecast period
The deepwater exploration activities being undertaken by various nations, including those in Latin America, Asia Pacific, the Middle East, and Africa, are expected to increase, which will contribute significantly to the growth of the offshore segment over the forecast period. Deepwater projects have a high initial capital investment (ICI), which could exceed USD 10 billion, making them more alluring to foreign competitors in offshore markets. Additionally, the offshore market is growing more quickly because of the growing offshore trend and the complexity of operations, which calls for equipment that is simple to set up, like HWUs.
Region with largest share:
Due to the widespread use of workover and snubbing services, as well as consumer demand for operational simplicity and efficiency, as well as technological advancement, the North American region commands a sizeable portion of the market throughout the forecast period. The market is also driven by the region's increasing share of mature oilfields. Additionally, the government regulations to reduce emissions made it unprofitable for businesses to expand exploration and increased the need to extend existing oil wells and drive the market in the region.
Region with highest CAGR:
Over the forecast period, the Middle East and Africa are expected to experience the highest CAGR. The higher percentage of established oil wells in the area is to blame for this. Most of the region's demand for equipment is generated by the GCC nations. Furthermore, it is predicted that increased demand for hydraulic fracturing from shale gas reserves will drive product demand in the Middle East and Africa region.
Key Players in the market
Some of the key players profiled in the Hydraulic Workover Unit Market include Archer, Baker Hughes, Balance Point Control, Basic Energy Services, Canadian Energy Equipment Manufacturing FZE, Cased Hole Well Services, Cudd Energy Services, Easternwell Pty Ltd., Halliburton, High Arctic Energy Services, Key Energy Services, LLC, National Oilwell Varco, Precision Drilling Corporation, PT Elnusa Tbk, Schlumberger, Superior Energy Services, Velesto Energy Berhad, WellGear Group B.V. and ZYT Petroleum Equipment Co. Ltd.
Key Developments:
In February 2022, Archer Limited is pleased to announce that Pan American Energy LLC has agreed to extend the duration of Archer's drilling services contract for further two years. The extended contract covers 2 drilling rigs, 13 workover units and 13 pulling units on Pan American's Cerro Dragon field in the Golfo San Jorge basin in southern Argentina.
In September 2021, Halliburton will collaborate with Energean to deliver exploration, appraisal, and development wells offshore Israel economically and safely. The contract is for three firm and two optional wells to deliver all services including project management, directional drilling, drill bits, drilling fluids, cementing, solids control, wireline, slickline, completions, production enhancement, and subsea services.
Installations Covered:
- Skid-Mounted
- Trailer-Mounted
Services Covered:
- Workover
- Snubbing
Capacities Covered:
- Up to 50 tonnes
- 50 to 150 tonnes
- Above 150 Tonnes
Applications Covered:
- Onshore
- Offshore
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Hydraulic Workover Unit Market, By Installation
- 5.1 Introduction
- 5.2 Skid-Mounted
- 5.3 Trailer-Mounted
6 Global Hydraulic Workover Unit Market, By Service
- 6.1 Introduction
- 6.2 Workover
- 6.3 Snubbing
7 Global Hydraulic Workover Unit Market, By Capacity
- 7.1 Introduction
- 7.2 Up to 50 tonnes
- 7.3 50 to 150 tonnes
- 7.4 Above 150 Tonnes
8 Global Hydraulic Workover Unit Market, By Application
- 8.1 Introduction
- 8.2 Onshore
- 8.3 Offshore
9 Global Hydraulic Workover Unit Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 Archer
- 11.2 Baker Hughes
- 11.3 Balance Point Control
- 11.4 Basic Energy Services
- 11.5 Canadian Energy Equipment Manufacturing FZE
- 11.6 Cased Hole Well Services
- 11.7 Cudd Energy Services
- 11.8 Easternwell Pty Ltd.
- 11.9 Halliburton
- 11.10 High Arctic Energy Services
- 11.11 Key Energy Services, LLC
- 11.12 National Oilwell Varco
- 11.13 Precision Drilling Corporation
- 11.14 PT Elnusa Tbk
- 11.15 Schlumberger
- 11.16 Superior Energy Services
- 11.17 Velesto Energy Berhad
- 11.18 WellGear Group B.V.
- 11.19 ZYT Petroleum Equipment Co. Ltd
List of Tables
- Table 1 Global Hydraulic Workover Unit Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Hydraulic Workover Unit Market Outlook, By Installation (2020-2028) ($MN)
- Table 3 Global Hydraulic Workover Unit Market Outlook, By Skid-Mounted (2020-2028) ($MN)
- Table 4 Global Hydraulic Workover Unit Market Outlook, By Trailer-Mounted (2020-2028) ($MN)
- Table 5 Global Hydraulic Workover Unit Market Outlook, By Service (2020-2028) ($MN)
- Table 6 Global Hydraulic Workover Unit Market Outlook, By Workover (2020-2028) ($MN)
- Table 7 Global Hydraulic Workover Unit Market Outlook, By Snubbing (2020-2028) ($MN)
- Table 8 Global Hydraulic Workover Unit Market Outlook, By Capacity (2020-2028) ($MN)
- Table 9 Global Hydraulic Workover Unit Market Outlook, By Up to 50 tonnes (2020-2028) ($MN)
- Table 10 Global Hydraulic Workover Unit Market Outlook, By 50 to 150 tonnes (2020-2028) ($MN)
- Table 11 Global Hydraulic Workover Unit Market Outlook, By Above 150 Tonnes (2020-2028) ($MN)
- Table 12 Global Hydraulic Workover Unit Market Outlook, By Application (2020-2028) ($MN)
- Table 13 Global Hydraulic Workover Unit Market Outlook, By Onshore (2020-2028) ($MN)
- Table 14 Global Hydraulic Workover Unit Market Outlook, By Offshore (2020-2028) ($MN)
- Table 15 North America Hydraulic Workover Unit Market Outlook, By Country (2020-2028) ($MN)
- Table 16 North America Hydraulic Workover Unit Market Outlook, By Installation (2020-2028) ($MN)
- Table 17 North America Hydraulic Workover Unit Market Outlook, By Skid-Mounted (2020-2028) ($MN)
- Table 18 North America Hydraulic Workover Unit Market Outlook, By Trailer-Mounted (2020-2028) ($MN)
- Table 19 North America Hydraulic Workover Unit Market Outlook, By Service (2020-2028) ($MN)
- Table 20 North America Hydraulic Workover Unit Market Outlook, By Workover (2020-2028) ($MN)
- Table 21 North America Hydraulic Workover Unit Market Outlook, By Snubbing (2020-2028) ($MN)
- Table 22 North America Hydraulic Workover Unit Market Outlook, By Capacity (2020-2028) ($MN)
- Table 23 North America Hydraulic Workover Unit Market Outlook, By Up to 50 tonnes (2020-2028) ($MN)
- Table 24 North America Hydraulic Workover Unit Market Outlook, By 50 to 150 tonnes (2020-2028) ($MN)
- Table 25 North America Hydraulic Workover Unit Market Outlook, By Above 150 Tonnes (2020-2028) ($MN)
- Table 26 North America Hydraulic Workover Unit Market Outlook, By Application (2020-2028) ($MN)
- Table 27 North America Hydraulic Workover Unit Market Outlook, By Onshore (2020-2028) ($MN)
- Table 28 North America Hydraulic Workover Unit Market Outlook, By Offshore (2020-2028) ($MN)
- Table 29 Europe Hydraulic Workover Unit Market Outlook, By Country (2020-2028) ($MN)
- Table 30 Europe Hydraulic Workover Unit Market Outlook, By Installation (2020-2028) ($MN)
- Table 31 Europe Hydraulic Workover Unit Market Outlook, By Skid-Mounted (2020-2028) ($MN)
- Table 32 Europe Hydraulic Workover Unit Market Outlook, By Trailer-Mounted (2020-2028) ($MN)
- Table 33 Europe Hydraulic Workover Unit Market Outlook, By Service (2020-2028) ($MN)
- Table 34 Europe Hydraulic Workover Unit Market Outlook, By Workover (2020-2028) ($MN)
- Table 35 Europe Hydraulic Workover Unit Market Outlook, By Snubbing (2020-2028) ($MN)
- Table 36 Europe Hydraulic Workover Unit Market Outlook, By Capacity (2020-2028) ($MN)
- Table 37 Europe Hydraulic Workover Unit Market Outlook, By Up to 50 tonnes (2020-2028) ($MN)
- Table 38 Europe Hydraulic Workover Unit Market Outlook, By 50 to 150 tonnes (2020-2028) ($MN)
- Table 39 Europe Hydraulic Workover Unit Market Outlook, By Above 150 Tonnes (2020-2028) ($MN)
- Table 40 Europe Hydraulic Workover Unit Market Outlook, By Application (2020-2028) ($MN)
- Table 41 Europe Hydraulic Workover Unit Market Outlook, By Onshore (2020-2028) ($MN)
- Table 42 Europe Hydraulic Workover Unit Market Outlook, By Offshore (2020-2028) ($MN)
- Table 43 Asia Pacific Hydraulic Workover Unit Market Outlook, By Country (2020-2028) ($MN)
- Table 44 Asia Pacific Hydraulic Workover Unit Market Outlook, By Installation (2020-2028) ($MN)
- Table 45 Asia Pacific Hydraulic Workover Unit Market Outlook, By Skid-Mounted (2020-2028) ($MN)
- Table 46 Asia Pacific Hydraulic Workover Unit Market Outlook, By Trailer-Mounted (2020-2028) ($MN)
- Table 47 Asia Pacific Hydraulic Workover Unit Market Outlook, By Service (2020-2028) ($MN)
- Table 48 Asia Pacific Hydraulic Workover Unit Market Outlook, By Workover (2020-2028) ($MN)
- Table 49 Asia Pacific Hydraulic Workover Unit Market Outlook, By Snubbing (2020-2028) ($MN)
- Table 50 Asia Pacific Hydraulic Workover Unit Market Outlook, By Capacity (2020-2028) ($MN)
- Table 51 Asia Pacific Hydraulic Workover Unit Market Outlook, By Up to 50 tonnes (2020-2028) ($MN)
- Table 52 Asia Pacific Hydraulic Workover Unit Market Outlook, By 50 to 150 tonnes (2020-2028) ($MN)
- Table 53 Asia Pacific Hydraulic Workover Unit Market Outlook, By Above 150 Tonnes (2020-2028) ($MN)
- Table 54 Asia Pacific Hydraulic Workover Unit Market Outlook, By Application (2020-2028) ($MN)
- Table 55 Asia Pacific Hydraulic Workover Unit Market Outlook, By Onshore (2020-2028) ($MN)
- Table 56 Asia Pacific Hydraulic Workover Unit Market Outlook, By Offshore (2020-2028) ($MN)
- Table 57 South America Hydraulic Workover Unit Market Outlook, By Country (2020-2028) ($MN)
- Table 58 South America Hydraulic Workover Unit Market Outlook, By Installation (2020-2028) ($MN)
- Table 59 South America Hydraulic Workover Unit Market Outlook, By Skid-Mounted (2020-2028) ($MN)
- Table 60 South America Hydraulic Workover Unit Market Outlook, By Trailer-Mounted (2020-2028) ($MN)
- Table 61 South America Hydraulic Workover Unit Market Outlook, By Service (2020-2028) ($MN)
- Table 62 South America Hydraulic Workover Unit Market Outlook, By Workover (2020-2028) ($MN)
- Table 63 South America Hydraulic Workover Unit Market Outlook, By Snubbing (2020-2028) ($MN)
- Table 64 South America Hydraulic Workover Unit Market Outlook, By Capacity (2020-2028) ($MN)
- Table 65 South America Hydraulic Workover Unit Market Outlook, By Up to 50 tonnes (2020-2028) ($MN)
- Table 66 South America Hydraulic Workover Unit Market Outlook, By 50 to 150 tonnes (2020-2028) ($MN)
- Table 67 South America Hydraulic Workover Unit Market Outlook, By Above 150 Tonnes (2020-2028) ($MN)
- Table 68 South America Hydraulic Workover Unit Market Outlook, By Application (2020-2028) ($MN)
- Table 69 South America Hydraulic Workover Unit Market Outlook, By Onshore (2020-2028) ($MN)
- Table 70 South America Hydraulic Workover Unit Market Outlook, By Offshore (2020-2028) ($MN)
- Table 71 Middle East & Africa Hydraulic Workover Unit Market Outlook, By Country (2020-2028) ($MN)
- Table 72 Middle East & Africa Hydraulic Workover Unit Market Outlook, By Installation (2020-2028) ($MN)
- Table 73 Middle East & Africa Hydraulic Workover Unit Market Outlook, By Skid-Mounted (2020-2028) ($MN)
- Table 74 Middle East & Africa Hydraulic Workover Unit Market Outlook, By Trailer-Mounted (2020-2028) ($MN)
- Table 75 Middle East & Africa Hydraulic Workover Unit Market Outlook, By Service (2020-2028) ($MN)
- Table 76 Middle East & Africa Hydraulic Workover Unit Market Outlook, By Workover (2020-2028) ($MN)
- Table 77 Middle East & Africa Hydraulic Workover Unit Market Outlook, By Snubbing (2020-2028) ($MN)
- Table 78 Middle East & Africa Hydraulic Workover Unit Market Outlook, By Capacity (2020-2028) ($MN)
- Table 79 Middle East & Africa Hydraulic Workover Unit Market Outlook, By Up to 50 tonnes (2020-2028) ($MN)
- Table 80 Middle East & Africa Hydraulic Workover Unit Market Outlook, By 50 to 150 tonnes (2020-2028) ($MN)
- Table 81 Middle East & Africa Hydraulic Workover Unit Market Outlook, By Above 150 Tonnes (2020-2028) ($MN)
- Table 82 Middle East & Africa Hydraulic Workover Unit Market Outlook, By Application (2020-2028) ($MN)
- Table 83 Middle East & Africa Hydraulic Workover Unit Market Outlook, By Onshore (2020-2028) ($MN)
- Table 84 Middle East & Africa Hydraulic Workover Unit Market Outlook, By Offshore (2020-2028) ($MN)
