The Hydraulic Workover Unit Global Market Report 2023 by The Business Research Company, provides hydraulic workover unit market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Hydraulic Workover Unit Global Market Report 2023, the global hydraulic workover unit market size will grow from $9.7 billion in 2022 to $10.67 billion in 2023 at a compound annual growth rate (CAGR) of 10.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hydraulic workover unit market size is expected to grow to $14.25 billion in 2027 at a CAGR of 7.5%
The increasing shale gas production is projected to propel the growth of the hydraulic workover unit market in the coming years. Shale gas is natural gas generated from a type of sedimentary rock called shale that is formed from clastic origins such as sedimentary rock or siltstone. The most adaptable technology available in the upstream oil and gas industry is the snubbing unit, which is a type of hydraulic workover unit. According to the United States Energy Information Administration, shale gas production in the USA is expected to increase from 27.90 trillion cubic feet in 2021 to 32.50 trillion cubic feet by 2025. Therefore, the increasing shale gas production drives the growth of the hydraulic workover unit market.
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The hydraulic workover unit market is segmented:
1) By Service: Workover, Snubbing
2) By Installation: Skid Mounted, Trailer Mounted
3) By Capacity: 0-50 tonnes, 51-150 tonnes, Above 150 tonnes
4) By Application: Onshore, Offshore
The introduction of multiphase projects is a key trend gaining popularity in the hydraulic workover unit market. Major players operating in the hydraulic workover unit sector are launching multiphase projects in collaboration with technology players to set a new offshore snubbing unit or hydraulic workover world record. For instance, in September 2020, SBS Energy Services (SBS), a US-based provider of snubbing, and hydraulic workover services entered into a strategic partnership with Helix Solutions to complete a multi-phase project that deactivates roughly 29,000 feet of 10 inches by 6 inches insulated pipeline in the Gulf of Mexico.
The hydraulic workover unit market report table of contents includes:
1. Executive Summary
2. Hydraulic Workover Unit Market Characteristics
3. Hydraulic Workover Unit Market Trends And Strategies
4. Hydraulic Workover Unit Market – Macro Economic Scenario
5. Hydraulic Workover Unit Market Size And Growth
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26. Africa Hydraulic Workover Unit Market
27. Hydraulic Workover Unit Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Hydraulic Workover Unit Market
29. Hydraulic Workover Unit Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Archer limited
- Basic Energy Services, Inc
- Canadian Energy Equipment Manufacturing FZE
- Cudd Energy Services
- Easternwell Group
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