Pune, India, Jan. 28, 2022 (GLOBE NEWSWIRE) -- The global hydraulic workover unit market size is expected to touch USD 13.21 billion in 2028, exhibiting a CAGR of 6.4% during 2021 and 2028. The market stood at USD 8.11 billion in 2020 and reached 8.59 billion in 2021. Revolutions in digitization, energy, and the automotive industry and the rising energy demand are expected to boost market development. Fortune Business Insights™ provides this information in its report titled “Hydraulic Workover Unit Market, 2021-2028.”
Hydraulic workover unit is an effective, safe, and cost-effective tool used for sand cleanouts, repairing casing leaks, and others. It is used to produce crude oil, thereby increasing its demand. Revolutions in digitalization, automotive, and automotive industry are expected to boost Hydraulic workover unit demand. Furthermore, rising investments in the development of renewable energy resources are likely to boost the demand for the product. Increasing investments in offshore explorations are likely to boost the adoption of the product. For example, Kuwait entered a contract worth USD 600 billion with Halliburton for offshore explorations in July 2019. Through this contract, the company aims to drill nearly six exploration wells in the upcoming two or three years.
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COVID-19 Impact
Restraints on Exploration Activities to Slump Market Growth
This market is expected to be negatively affected during the COVID-19 pandemic because of the restraints on exploration activities. Rising COVID-19 patients led to stringent lockdown regulations, thereby boosting market development. The halt on exploration activities reduced the demand for the product drastically. Furthermore, manufacturing constraints and the lack of supply created supply chain disruptions globally, thereby negatively affecting the market's progress. In addition, the adoption of reduced capacities and part-time shifts may enable companies to recover their market position.
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Segments
By service, the market is segmented into snubbing and workover.
Based on capacity, it is classified into below 150 tonnes, 151-200 tonnes, and above 200 tonnes.
As per installation, it is bifurcated into trailer-mounted and skid-mounted.
Based on application, it is divided into offshore and onshore.
Regionally, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
REPORT SCOPE & SEGMENTATION:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 -2028 CAGR | 6.45% |
| 2028 Value Projection | 13.21 Billion |
| Base Year | 2020 |
| Market Size in 2021 | 8.59 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 220 |
| Segments covered | By Service; By Capacity; By Installation; By Application; and By Region |
| Growth Drivers | Growing Demand for Efficient Technology to Drive Market Growth |
| Amplified Investment In Offshore Oil and Gas Developments to Enhance HWU Demand | |
| Pitfalls & Challenges | Increasing Focus on Brownfields to Bolster Market Growth |
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Drivers and Restraints
Rising Energy Demand to Boost Market Growth
Rapid urbanization and increasing population are likely to boost the demand for energy from several end-user sectors. Since renewable energy is in its early stages, the majority of the power generation responsibilities are undertaken by hydrocarbons. Challenges related to alternative energy resources and the rising demand for oil and gas are expected to boost Hydraulic workover units' adoption. Furthermore, increasing shale and crude oil production capacities and the rising number of brownfields are likely to increase the product’s adoption. These factors are likely to drive the Hydraulic workover unit market growth.
However, the shift towards cleaner fuels and the rising demand for renewable energy is expected to hinder the market’s progress.
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Regional Insights
Rising Adoption of Snubbing and Workover Services to Boost Market Growth in North America
North America is expected to dominate the Hydraulic workover unit market share because of the rising adoption of snubbing and workover services. The market in North America stood at USD 2.43 billion in 2028 and is expected to grow positively during the upcoming years. Further, technological advancements and ease and efficiency of operations are expected to boost Hydraulic workover unit’s demand. These factors are likely to boost the market growth.
Middle East & Africa is the second-largest market shareholder because of increasing mature oil production. In addition, rising demand for Hydraulic workover units from the GCC countries is expected to propel market growth.
In Asia Pacific, China is expected to dominate the market because of rapid urbanization and industrialization. This factor increases energy demand considerably, thereby boosting workover units’ demand. In addition, maturing offshore sites in Europe and offshore developments may boost the market growth.
Competitive Landscape
Major Players Manufacture Advanced Rigs to Boost Brand Image
The prominent companies operating in the market manufacture advanced rigs to participate in government initiatives and boost their brand image. For example, Megha Engineering and Infrastructures Limited (MEIL) started manufacturing advanced hydraulic technology rigs, and the development began in the Kalol oil field close to Ahmedabad, Gujarat. The company undertook this project to support the Indian government’s ‘Make in India’ initiative. Furthermore, the adoption of expansion strategies enables companies to gain access to new oilfields and boost their sales, thereby boosting their market position.
Industry Development
- February 2021: Repsol Sinopec Resources U.K. announced that it worked on the Claymore development in the Northern area. The area is located 100 miles northeast of Granite City.
List of Key Players Profiled in this Market Report
- Baker Hughes (U.S.)
- Halliburton (U.S.)
- National Oilwell Varco (U.S.)
- Velesto Energy Berhad (Malaysia)
- Canadian Energy Equipment Manufacturing FZE (United Arab Emirates)
- Schlumberger (U.S.)
- Precision Drilling Corporation (Canada)
- Archer (Norway)
- CUDD Energy Services (U.S.)
- Easternwell Pty Ltd. (Australia)
- PT Elnusa Tbk. (Indonesia)
- High Arctic Energy Services (Canada)
- Key Energy Services, LLC (U.S.)
- WellGear Group B.V. (Netherlands)
- Balance Point Control (Netherlands)
- Cased Hole Well Services (U.S.)
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Hydraulic Workover Unit Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Hydraulic Workover Unit Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Workover
- Snubbing
- Market Analysis, Insights and Forecast – By Capacity
- Below 150 Tonnes
- 151 – 200 Tonnes
- Above 200 Tonnes
- Market Analysis, Insights and Forecast – By Installation
- Skid-Mounted
- Trailer-Mounted
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Hydraulic Workover Unit Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
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