The global hydraulic workover unit market size is expected to reach USD 9.05 billion by 2030 and is projected to grow at a CAGR of 6.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The oil and gas industry is witnessing significant growth in production activities as well as exploration in both offshore and onshore fields. These increased activities have resulted in the increased requirement for repair and maintenance operations, which is benefitting the hydraulic workover units. These units offer economical and efficient solutions in the operations of drilling and repairing wells, thus resulting in their increased demand. This growth in demand has fueled the market growth.
Hydraulic workover units offer a more cost-effective solution than traditional workover methods, particularly for well intervention and repair. They can operate under different well pressures without the need to kill the well, thereby reducing production downtime and operational expenses. In addition, advancements in technology have enhanced the capabilities of hydraulic workover units, enabling them to function efficiently under high-pressure conditions and with unconventional resources. These innovations have broadened their use across challenging terrains and conditions, driving market growth.
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The setting up and operational expenses for hydraulic workover units can be quite substantial, potentially discouraging SME enterprises from utilizing this technology. These high costs are due to the advanced technology and machinery required, along with the need for skilled labor to operate them.
Hydraulic Workover Unit Market Report Highlights:
In terms of service, the workover segment held the largest global revenue share of 77% in 2023. The workover services market is undergoing significant growth, which is mainly attributed to the increasing and critical need for maintenance, repair, and enhancement of existing wells in the oil and gas sector.Based on installation, the demand for skid mounted segment is anticipated to witness a significant CAGR of 6.8% from 2024 to 2030 in terms of revenue. Skid mounted installation is on an upward growth trajectory, mainly due to the flexibility and efficiency offered by these units in onshore operations. Skid-mounted hydraulic workover units are particularly valued for their ease of transportation and quick setup times, making them ideal for operations in remote or difficult-to-access locations.In terms of application, the onshore segment held the largest revenue share of 69.8% in 2023. This large share is attributed to the rising demand for economical and efficient solutions for the maintenance and repair of wells and drilling operations in onshore oil and gas fields.Based on capacity, the demand for 151 - 200 tons segment is anticipated to register a significant CAGR of 6.7% from 2024 to 2030 in terms of revenue. Units ranging in the capacity of 151 - 200 tons are witnessing rising demand, mainly due to their optimal balance of power, versatility, and operational scope suitable for a broad range of well intervention and workover applications.Browse more reports published by Grand View Research.
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HalliburtonNational Oilwell VarcoArcherCudd Energy ServicesPrecision Drilling CorporationHigh Arctic Energy Services Inc.Basic Energy ServicesSuperior Energy ServicesVelesto EnergyCanadian Energy Equipment Manufacturing FZEPT Elnusa TbkUzma BerhadZYT Petroleum Equipment Co., LtdAbout Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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