The global hydraulic workover unit market size was US$ 8.1 billion in 2021. The global hydraulic workover unit market is forecast to grow to US$ 14.5 billion by 2030 by registering a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.
Hydraulic work is considered one of the most profitable ways to rebuild all forms of wells, including onshore and offshore. It enables flexibility and cost-effectiveness to the users. Moreover, it is claimed to be one of the secure instruments for carrying out sand clean-outs. Apart from that, hydraulic workover is also used as a suitable option for traditional drilling & workover rigs.
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Factors Influencing the Market
The demand for crude oil for power generation is growing due to the rising population and energy needs. As a result, it will fuel the growth of the hydraulic workover unit market. In addition to that, a growing number of exploration activities and drilling activities will benefit the hydraulic workover unit market during the study period.
The global hydraulic workover unit market may also witness substantial growth due to the rising number of mature oil and gas fields. Furthermore, growing shale oil & gas production activities will offer ample growth opportunities for the hydraulic workover unit market.
Countries like Mexico and Algeria are expected to contribute to the growth of the hydraulic workover unit market due to the growing production of shale resources. In addition, foreign investment in these countries due to the shortage of advanced rigs and fracking equipment will drive the hydraulic workover unit market forward. On the contrary, environmental concerns associated with hydraulic workover units may limit the growth of the market.
COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the hydraulic workover unit market witnessed a sharp drop in terms of revenue. The pandemic decreased the energy demands. It also changed the focus of governments as healthcare became the first priority. Moreover, the market experienced a drop in terms of investments, which affected the growth of the hydraulic workover unit market.
Regional Analysis
North America is forecast to hold the highest market share in the hydraulic workover unit market, owing to the growing unconventional resources in the US and Canada. In addition to that, the market may also witness promising growth opportunities due to tremendous demand in the Gulf of Mexico, majorly from onshore and offshore fields. The Asia-Pacific hydraulic workover unit market will also register significant growth due to rising energy demands in growing countries like India and China.
Competitors in the Market
• ABB
• Siemens AG
• Schneider Electric
• Baker Hughes
• Honeywell
• Huawei Technologies
• AVEVA
• PSI AG
• BAE Systems
• TransCanada
• Atmos International
• Clamp-on AS
• FFT
• Perma-Pipe
• Senstar
• Syrinx
• RADIOBARRIER
• Pure Technologies
• C-Fer Technologies
• Total Safety
• Krohne Group
• PLM CAT
• Leather
• TTK
• Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Hydraulic Workover Unit industry experienced notable growth in its workforce. Starting in January, employment within the Hydraulic Workover Unit sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Hydraulic Workover Unit output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Hydraulic Workover Unit output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Hydraulic Workover Unit market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Hydraulic Workover Unit market.
Market Segmentation
The global hydraulic workover unit market segmentation focuses on Service, Installation, Application, and Region.
By Service:
• Workover
• Snubbing
By Installation:
• Skid Mounted
• Trailer Mounted
By Application:
• Skid Mounted
• Trailer Mounted
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
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