Home / Businesswire / Global Hydraulic Workover Units Market to Grow by USD 315 Million During 2019-2023 | Technavio

Global Hydraulic Workover Units Market to Grow by USD 315 Million During 2019-2023 | Technavio

LONDON–(BUSINESS WIRE)–#Energy–Technavio’s latest market research report on the global hydraulic
workover units market predicts the market to witness a CAGR of close to
5% during the forecast period. This research report segments the market
by application (onshore, and offshore) and geography (APAC, Europe, MEA,
North America, and South America).


Growing use of laser technology in workover operations

There have been several advances in workover technologies over the past
decade, which include the use of laser technologies to optimize the
workover process. Laser workover systems can deliver high power laser
energy to perform laser workover and completion operations in deep
boreholes within the earth. The use of laser in workover operations has
several advantages including faster process, higher cutting precision,
and avoiding the use of harsh chemicals. Therefore, the use of laser
technology in workover operations is increasing which will fuel the
growth of the global
hydraulic workover units market size
during
the forecast period.

Onshore application segment will garner the highest share

Upstream onshore oil and gas E&P activities have been in existence for
more than a century and have continuously undergone technological
advances that support the increase in production and the optimization of
oil and gas recovery from the reservoirs. Onshore E&P activities involve
lower costs than offshore projects, which is one of the main reasons for
the dominance of the onshore segment over offshore E&P projects.

“The sudden fall of crude oil prices had drastically affected the
growth of conventional and unconventional oil and gas projects a few
years back. However, the rise in energy demand and the recovery of crude
oil prices following the 2014-2016 slump are supporting the oil and gas
E&P activities at present. Moreover, the increase in shale oil and gas
E&P activities will spur well completion activities in the onshore
segment and fuel the growth of the hydraulic workover units market worth
in onshore oil and gas wells,” says a senior research analyst at
Technavio

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Hydraulic workover units to witness fastest adoption in North America.

E&P activities in unconventional energy sources such as oil sands and
shale are increasing significantly in North America, which is fueling
the increased production of crude oil in the region. Thus, an increase
in the exploration of such crude oil resources is resulting in further
operations such as well completion and regular well maintenance
activities such as well intervention. This is resulting in the increased
use of hydraulic workover units in the region, thereby, making this
region the fastest growing segment in the global hydraulic workover
units market.

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Some of the key topics covered in the global
hydraulic workover units market analysis include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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