Selbyville, Delaware, June 30, 2021 (GLOBE NEWSWIRE) — As per industry experts, global hydraulic workover units market size was worth USD 8.1 billion in 2020 and is projected to record a CAGR of 6.3% over 2021-2027, subsequently accumulating USD 12.4 billion by the end of the forecast period.
Proceeding further, the research literature thoroughly assesses each sub-market, determining their role in overall market expansion. It also covers the regional analysis and lays strong emphasis on the top contributors to the overall industry remuneration. Moreover, it presents a detailed account of the competitive arena, uncovering the positioning of the key players with respect to their business profiles, product/services offered, and latest developments such as mergers, acquisitions, and expansion plans or investments.
Increasing consumption of primary energy and growing shale oil & gas production activities are catalyzing the market growth. Besides, ongoing oil & gas exploration and drilling activities are also enhancing the overall market outlook.
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For the record, in 2019, production of shale gas held over half of total natural gas output in the United States. Whereas, China is among the first economies outside of North America to investigate shale resources, drilling over 600 shale gas wells and is predicted to produce about 40% of overall natural gas production by 2040, positioning itself as the second-largest shale gas producer across the globe after the U.S. Similar developments in global hydraulic workover units marketplace are opening expansion opportunities for businesses operating in this domain.
For the unversed, hydraulic workover units are cost-effective, movable pulling devices that offer various benefits for onshore and offshore projects. The hydraulic workover unit is a versatile and safe tool for repairing, drilling, and finishing wells along the shore. It is used as an alternative for workover rigs and traditional drilling. A hydraulic workover device is highly useful during well intervention on gas wells as it streamlines the process that would otherwise be unfeasible using a coiled tubing unit or wire line.
Speaking of the market restraints, growing focus on renewable energy will hamper the remuneration scope for businesses over the forecast timeframe.
Geographical terrain summary
North America, Asia Pacific, Latin America, and Europe are the key contributors to the overall hydraulic workover units market development. Of these, North America presently holds considerable portion of the market share, attributable to rising production of shale gas in the region.
On the other hand, Asia Pacific industry is slated to grow substantially through 2027, creditable to increasing consumption of energy in growing economies like India and China.
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Global Hydraulic Workover Units Market, by Installation Type (Value, USD Billion, 2018-2027)
- Trailer Mounted
- Skid Mounted
Global Hydraulic Workover Units Market, by Service Type (Value, USD Billion, 2018-2027)
Global Hydraulic Workover Units Market, by Capacity (Value, USD Billion, 2018-2027)
- Above 150 tons
- 51-150 tons
- 0-50 tons
Global Hydraulic Workover Units Market, by Application Spectrum (Value, USD Billion, 2018-2027)
Global Hydraulic Workover Units Market Geographical Ambit (Value, USD Billion, 2018-2027)
- South Korea
- Rest of Asia Pacific
- Rest of Europe
Rest of the World
Global Hydraulic Workover Units Market Top Players (Value, USD Billion, 2018-2027)
- The WellGear Group
- ZYT Petroleum Equipment Co. Ltd.
- Tecon Oil Services Ltd.
- Cased Hole Well Services LLC
- Easternwell Group
- Velesto Energy Berhad (VEB)
- Precision Drilling Corporation
- Cudd Energy Services
- Basic Energy Services Inc.
- Superior Energy Services Inc.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Hydraulic workover Unit Market , by Region, 2019-2027 (USD Billion)
1.2.2. Hydraulic workover Unit Market, by Installation, 2019-2027 (USD Billion)
1.2.3. Hydraulic workover Unit Market, by Service, 2019-2027 (USD Billion)
1.2.4. Hydraulic workover Unit Market, by Capacity, 2019-2027 (USD Billion)
1.2.5. Hydraulic workover Unit Market , by Application, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Hydraulic workover Unit Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Hydraulic workover Unit Market Dynamics
3.1. Hydraulic workover Unit Market Impact Analysis (2019-2027)
3.1.1. Market Drivers
184.108.40.206. Rising primary energy consumption from APAC
220.127.116.11. Growing shale oil & gas production activities
3.1.2. Market Restraint
18.104.22.168. Increasing focus on renewable energy
3.1.3. Market Opportunities
22.214.171.124. Onset of exploration and drilling activities in Arctic region
Chapter 4. Global Hydraulic workover Unit Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2027)
4.2. PEST Analysis
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Hydraulic workover Unit Market , by Installation
5.1. Market Snapshot
5.2. Global Hydraulic workover Unit Market by Installation, Performance – Potential Analysis
5.3. Global Hydraulic workover Unit Market Estimates & Forecasts by Installation 2018-2027 (USD Billion)
5.4. Hydraulic workover Unit Market , Sub Segment Analysis
5.4.1. Skid Mounted
5.4.2. Trailer Mounted
Chapter 6. Global Hydraulic workover Unit Market , by Service
6.1. Market Snapshot
6.2. Global Hydraulic workover Unit Market by service, Performance – Potential Analysis
6.3. Global Hydraulic workover Unit Market Estimates & Forecasts by Service 2018-2027 (USD Billion)
6.4. Hydraulic workover Unit Market , Sub Segment Analysis
Chapter 7. Global Hydraulic workover Unit Market, by Capacity
7.1. Market Snapshot
7.2. Global Hydraulic workover Unit Market by Capacity, Performance – Potential Analysis
7.3. Global Hydraulic workover Unit Market Estimates & Forecasts by Capacity 2018-2027 (USD Billion)
7.4. Hydraulic workover Unit Market, Sub Segment Analysis
7.4.1. 0-50 tonnes
7.4.2. 51-150 tonnes
7.4.3. Above 150 tonnes
Chapter 8. Global Hydraulic workover Unit Market, by Application
8.1. Market Snapshot
8.2. Global Hydraulic workover Unit Market by Application, Performance – Potential Analysis
8.3. Global Hydraulic workover Unit Market Estimates & Forecasts by Application 2018-2027 (USD Billion)
8.4. Hydraulic workover Unit Market , Sub Segment Analysis
Chapter 9. Global Hydraulic workover Unit Market , Regional Analysis
Artificial Lift Systems Market Size, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021 – 2027
The artificial lift system market is projected to record momentous gains over the forthcoming timeframe owing to increasing investments toward redevelopment of aging fields and paradigm shift toward unconventional reserves. Artificial lift defines a variety of methods that oil & gas producers use. It is referred as a process used on oil wells to surge the pressure in the reservoir and encourage oil to the surface. When the reservoir’s natural drive energy is not capable of pushing the oil to the surface that’s when artificial lift is used to recover more production. In fact, around 96% of the oil wells across the U.S. need artificial lift from the start.
In addition, even those wells that at first possess natural flow to the surface, that pressure lessens over time, and artificial lift is then needed. Thus, artificial lift is usually performed on all oil wells at some point of time during their production life.
The market for artificial lift system is growing at a rapid pace as it continues to hold its appeal for customers, particularly in the form of value-add services as well as software that can add material ROI, increased production, estimated ultimate recovery, and enhanced oil recovery.
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