Onshore is Expected to Dominate the Global Hydraulic Workover Unit Market.
According to
TechSci Research report, “Global Hydraulic Workover
Unit Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”. The Global
Hydraulic Workover Unit is anticipated to project robust growth in the forecast
period with a CAGR of 5.8 % through 2028. Mexico and Algeria are anticipated to
encourage the production of shale resources with the help of technological
advancements. Besides, foreign investment is on the rise in Argentina, so the
shortage of advanced rigs and fracking equipment is needed to be addressed.
Mexico's shale resource basins are anticipated to expand with the recent
opening of the upstream sector to foreign investors.
Furthermore, Kuwait signed a USD 600 billion offshore exploration
contract with Halliburton with the aim for the drilling of six exploration
wells over the course of the following two to three years, with a predicted
increase in production of about 100,000 barrels per day. In addition for new
offshore oil and gas projects. Russia announced a substantial expenditure of
about $300 billion in January 2020. Offshore production is projected to
contribute significantly to the globe's oil and gas supply. The more exhausting
production conditions in offshore locations increase the investment in more
complex and newer technologies such as hydraulic workover units.
In addition, the shale rock that contains large accumulations of natural
gas and oil, shale natural gas supplies are found. Shale gas production, which
is anticipated to increase and industrial shale gas production in nations such
as the U.S., Canada, China, and Argentina comprise the majority of this growth.
Furthermore, countries such as Mexico and Algeria are anticipated to encourage
the production of shale resources with the help of technological advancements.
Besides, foreign investment is on the rise in Argentina, so the shortage of
advanced rigs and fracking equipment is needed to be addressed. Mexico's shale
resource basins are anticipated to expand with the recent opening of the
upstream sector to foreign investors.
The hydraulic workover unit market forecast is segmented on the basis of
service, capacity, installation, application, and region. On the basis of service,
it is classified into workover and snubbing. By capacity type, the market is
categorized into 50 tons, 51 to 150 tons, and above 150 tons. On the basis of
installation, it is divided into skid mount and trailer mount. On the basis of
application, the market is segregated as onshore and offshore.
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Figures spread through 188 Pages and an in-depth TOC on " Global HydraulicWorkover Unit Market
By installation, trailer mount dominated the global market in 2020, in
terms of share. Owing to the optimum structure and high-level integration of
workover rigs. A trailer-mounted hydraulic workover unit requires less working
space. Efficient drilling, cruise capability, and lateral stability are among
the key features of these units. They can work under ambient temperature and
are suitable for cold fields in countries such as Russia and Canada. By service workover segment dominated the
global market in 2020, in terms of share. This is attributed to Hydraulic
workover units are less prone to erosion and comparatively cost-effective
maintenance and are normally required to temporarily abandon or to plug and
abandon a well. Operations may include squeeze cementing, setting plugs (cement
or mechanical), retrieving production equipment, and perhaps cutting and
pulling casing. Workover costs vary depending on well conditions and regulatory
requirements. This may anticipate increasing the demand for workover segment;
thus, creating lucrative opportunities for the global hydraulic workover unit market.
Key market
players in the Global Hydraulic Workover Unit Market are following: -
- Baker Hughes
- Halliburton
- National Oilwell Varco
- Velesto Energy Berhad
- Canadian Energy Equipment
Manufacturing FZE
- Schlumberger
- Precision Drilling Corporation
- Archer
- CUDD Energy Services
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“In March 2022,GA
Drilling, a geothermal technology company by integrating its innovative,
contactless PLASMABITR. drilling tool into Nabors' industry, this collaboration
aims to accelerate field commercialization and eliminate traditional economic
barriers of ultra-deep projects to expand global access to geothermal energy.
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.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management
consulting firm.
Hydraulic Workover Unit Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast Segmented By Service (Workover,
Snubbing), By Capacity (Below 150 Tonnes, 151-200 Tonnes, Above 200 Tonnes), By
Installation (Skid-Mounted, Trailer-Mounted), By
Application (Onshore, Offshore), By Region, Competition 2018-2028.. has evaluated the future
growth potential of Global Hydraulic Workover Unit Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Global Hydraulic Workover Unit Market.
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