Global Hydraulic Workover Units Market: About this market
Workover is the process of executing maintenance operations in oil and gas wells. Technavio’s global hydraulic workover units market analysis considers the application of hydraulic workover units in onshore wells and offshore wells. Our analysis also considers the application of hydraulic workover units in APAC, Europe, MEA, North America, and South America. In 2018, the onshore segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as low costs will play a significant role in the onshore segment to maintain its market position. Also, our global hydraulic workover units market looks at factors such as advantages of hydraulic workover units, rise in oil and gas production from unconventional sources, and efforts to increase oil and gas production from mature oil and gas fields. However, the emergence of renewable energy technologies, fluctuations in crude oil prices, and technological challenges associated with hydraulic workover units may hamper the growth of the hydraulic workover industry over the forecast period.
Global Hydraulic Workover Units Market: Overview
Efforts to increase oil and gas production from mature oil and gas fields
Companies in the hydraulic workover units industry are significantly investing in improving the extraction of oil and gas from mature fields. Several oil and gas companies have initiated workover operations on mature oil and gas wells to enhance oil and gas production. This growing trend in the oil and gas industry has increased the use of hydraulic workover units, which is expected to drive the growth of the global hydraulic workover units market size at a CAGR of nearly 5% during the forecast period.
Development of intelligent well completion technologies
Oil and gas companies are adopting intelligent completion technologies that involve the deployment of permanent downhole sensors and surface-controlled downhole flow control valves. This helps operators to monitor reservoir and completion-integrity data and manage production actively. Intelligent completion devices analyze various data to support well integrity and enable operators to remotely control the flow of oil and gas from the reservoir during the production process. Many such advantages achieved by the development of intelligent well completion technologies is expected to fuel the growth of the global hydraulic workover units market size.
For the detailed list of factors that will drive the global hydraulic workover units market size during the forecast period 2019-2023, click here.
With the presence of several players, the global hydraulic workover units market is fairly fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several hydraulic workover units companies, that include Canadian Energy Equipment Manufacturing FZE, Halliburton Co., High Arctic Energy Services Inc., National Oilwell Varco Inc., and Superior Energy Services Inc.
Also, the tree nuts market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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