Hydraulic Workover Units Market: Introduction
Hydraulic workover units are cost-efficient methods portable pulling systems that offer various benefits for onshore and offshore installations. The hydraulic workover unit is a versatile, cost saving and safe tool used for drilling, repairing, and completing wells in and around shores. It is used as an alternative to workover rigs & conventional drilling. Hydraulic workover unit is particularly useful during well intervention on gas wells. The unit increases lifting capacity during well intervention operations, which otherwise cannot be performed using a wire line or a coiled tubing unit.
Hydraulic Workover Units Market: Segmentation
Based on installation, the hydraulic workover units market can be bifurcated into skid mounted and trailer mounted. In terms of service, the market can be classified into workover services and snubbing services. The workover services segment is estimated to be account for a considerable share of the hydraulic workover units market. Workover services involves the use of hydraulic workover units on dead wells. Snubbing services utilizes hydraulic workover unit on live wells. Based on application, the hydraulic workover units market can be divided into onshore application and offshore application.
Hydraulic Workover Units Market: Trends & Development
Increase in deep water discoveries in Africa and Latin America, rise in shale gas production in the U.S, and surge in use of crude oil for power generation by Saudi Arabia are major drivers of the global hydraulic workover units market. Rise in demand for energy in developing economies is propelling the hydraulic workover units market. Increase in number of exploration activities, hydraulic fracturing, and well drilling activities are some other factors that are expected to boost the global hydraulic workover units market. Environmental concerns and oil spills are expected to retrain the hydraulic workover units market during the forecast period. Lack of skilled workforce, problems such as long rig-up time associated with use of hydraulic workover unit and problems in transportation due to its heavy weight are factors that anticipated to hamper the global hydraulic workover units market during the forecast period. Privatization of the oil & gas industry in Mexico, is expected to make the Middle East a major oil supplier by 2020. Increase in the number of mature oil & gas fields and rise in development of new technology for high oil & gas resources in Kazakhstan are creating opportunities for the hydraulic workover units market. Imposition of stringent regulatory policies is a major challenge for the hydraulic workover units market.
Hydraulic Workover Units Market: Regional Outlook
Based on region, the global hydraulic workover units market is divided into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. In terms of revenue, North America accounted for a dominant share of the global hydraulic workover units market. Increase in production for shale gas in countries in this region is boosting the hydraulic workover units market in North America. The hydraulic workover units market in Asia Pacific is projected to expand at a rapid pace during the forecast period, owing to the rise in demand for energy in emerging economies such as China and India. The hydraulic workover units market in the Middle East & Africa is projected to expand at a moderate pace during the forecast period owing to the presence of large untapped energy reserves in the region.
Hydraulic Workover Units Market: Key Players
The key players in the global hydraulic workover units market include Halliburton, Key Energy Services, LLC. Nabors Industries Ltd., Superior Energy Services, Inc., Archer, Basic Energy Services, Canadian Energy Equipment Manufacturing FZE, Cudd Energy Services, and High Arctic Energy Services Inc.
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