Hydraulic Workover Units Market Evaluation USD 11 billion by 2031 | North America of 4.1% CAGR
Hydraulic Workover Units Market projected to grow at a CAGR of 4.5% from 2022 to 2031.
WILMINGTON, DELAWARE, UNITED STATES, July 29, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, the hydraulic workover units market1 size was valued at $7.1 billion in 2021, and is estimated to reach $11.0 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.
Key players operating in the global hydraulic workover unit industry analysis include Ceem Canadian Energy, Key Energy Services LLC, Precision Drilling Corporation, Superior Energy Services, Inc., National Oilwell Varco, Inc., ARCHER, Basic Energy Services, Inc., Cudd Energy Services, High Arctic Energy Services, Inc., Halliburton Inc, Nabors Industries Ltd.
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North America garnered the highest hydraulic workover units market share of 36% in 2021, in terms of revenue, growing at a CAGR of 4.1%.
North America dominated the global market in terms of revenue share and is expected to continue its dominance during the forecast period. The growth can be attributed to increasing offshore projects, particularly in US and Canada. Furthermore, rise in demand for hydraulic fracturing from shale gas reserves is anticipated to drive product demand across this region.
A hydraulic workover unit is a piece of equipment that is used to change the drilling fluid or remove debris from a well. This unit can also be used to add or remove the pipe from the well. The importance of this unit is that it helps to keep the well clean and function properly.
The demand for energy from the various end-user sectors has increased due to population expansion and urbanization. Since hydrocarbons still dominate the majority of power generation, renewable energy is still in the early stages of adoption.
The increased drilling and maintenance of wells is driven by the inadequate development of alternative energy sources and the constantly rising demand for oil & gas. This factor is expected to create remunerative opportunities for expansion of the hydraulic workover unit market in the future.
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The hydraulic workover unit is a safe, affordable, and adaptable tool primarily used for completing, repairing, and drilling wells throughout the shore. These units serve as an alternative to conventional drilling and workover rigs.
The surge in demand for hydraulic workover units during the anticipated period is being attributed to an increase in offshore exploration and production (E&P) activities.
Increases in deep water discoveries in Africa & Latin America, rise in U.S. shale gas output, and surge in Saudi Arabia’s use of crude oil for power generation are major drivers of the demand for global hydraulic workover units.
The market for hydraulic workover units is booming as a result of the rising energy consumption in emerging economies.
The number of exploration activities, hydraulic fracturing, and well-drilling operations are some additional factors anticipated to drive the global hydraulic workover unit market.
Expanding the number of gas fields and increasing the production of modern high oil & gas technology in Kazakhstan are expected to generate opportunities for hydraulic workover units.
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Furthermore, the 100-ton Heavy-Duty Hydraulic puller system for large machinery applications that pose tough maintenance challenges. This hydraulic bearing puller is ideal for steel mills, mines, oil fields, utility projects, paper mills, construction sites, railroads, airline shops and shipyards.
Factors such as increasing in the levels of oil and gas requirement and growing shale gas production activities are driving the market growth.
Stringent environmental laws and increasing focus on renewable energy is projected to inhibit the growth of the market.
Rising focus on oil & gas with the implementation of digital technologies provide ample opportunities for the market growth.
By capacity, the above 150 tons segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.7% from 2022 to 2031.
By Installation, trailer mount segment is anticipated to register the highest CAGR of 4.6% during the forecast period.
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By service, workover units witnessed highest market share during the forecast period registering a CAGR of 4.8%
By application onshore is anticipated to register the highest growth, in terms of revenue during the forecast period.
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