Portland, OR, Jan. 18, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hydraulic workover units market generated $7.1 billion in 2021, and is estimated to reach $11 billion by 2031, witnessing a CAGR of 4.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $7.1 Billion |
| Market Size in 2031 | $11 Billion |
| CAGR | 4.5% |
| No. of Pages in Report | 276 |
| Segments Covered | Capacity, Installation, Services, Application, and Region |
| Drivers | Significant advancement in technology in oil and gas applications |
| The increase in brownfields coupled with a surging energy demand | |
| Rising primary energy demand in APAC | |
| Expanding shale oil & gas production | |
| Rising focus on oil & gas with the implementation of digital technologies | |
| Opportunities | Increase in the number of exploration activities, hydraulic fracturing, and well-drilling operations |
| Restraints | Stringent environmental laws and increasing focus on renewable energy |
Covid-19 Scenario:
- The hydraulic workover units market rebounded from the COVID-19 pandemic in the second half of 2021. To gain a competitive edge in the market, the key players implemented several strategies, such as product launches and expansion investments, which are likely to support market growth throughout the forecast period.
- Furthermore, the demand for hydraulic workover units from the oil and gas industry is increasing, due to rise in production & exploration activities, growing investments in the oil and gas sector, an increase in the number of hydraulic fracturing operations, and increased production from unconventional reserves.
- Moreover, the increase in focus on oil & gas with the implementation of digital technologies provides ample opportunities for the market growth.
The report offers a detailed segmentation of the global hydraulic workover units market based on capacity, installation, services, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on capacity, the above 150 tons segment held the largest share in 2021, accounting for more than two-fifths of the global hydraulic workover units market, and would rule the roost through 2031. Moreover, the same segment is estimated to witness the fastest CAGR of 4.7% during the forecast period. The report also analyzes the 50 tons and 51 to 150 tons segments.
Based on installation, the trailer mount segment held the largest share in 2021, capturing more than three-fifths of the global hydraulic workover units market, and would lead the trail through 2031. The same segment is estimated to witness the fastest CAGR of 4.6% during the forecast period. The report also discusses the skid mount segment.
In terms of services, the workover segment captured the largest market share of nearly four-fifths of the global hydraulic workover units market in 2021 and is expected to lead the trail during the forecast period. The same segment is likely to achieve the fastest CAGR of 4.8% through 2031.
In terms of application, the onshore segment captured the largest market share of nearly three-fourths of the global hydraulic workover units market in 2021 and is expected to lead the trail during the forecast period. The same segment is likely to achieve the fastest CAGR of 4.6% through 2031.
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Based on region, the market in North America was the largest in 2021, accounting for more than one-third of the global hydraulic workover units market share, and is likely to maintain its leadership status during the forecast period. Moreover, the market in the same region is expected to manifest the highest CAGR of 5.0% from 2022 to 2031. The other regions analyzed in the study include Asia-Pacific, Europe, and LAMEA.
Leading players of the global hydraulic workover units market analyzed in the research include Precision Drilling Corporation, Ceem Canadian Energy Equipment Manufacturing FZE, Key Energy Services LLC., Superior Energy Services, Inc., Basic Energy Services, Inc., Cudd Energy Services, National Oilwell Varco, Inc., ARCHER, High Arctic Energy Services, Inc., Halliburton Inc, and Nabors Industries Ltd.
The report analyzes these key players of the global hydraulic workover units market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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