Hydraulic Workover Unit Market to Show Robust Growth in Near Future

Increasing efforts by upstream companies to enhance the production from the mature fields is driving the hydraulic workover unit market. The hydraulic workover unit activities are fundamental requirements while well completion, production, and well abandonment, which creates opportunities for growth of the market.

The global hydraulic workover unit market is expected to grow from an estimated USD 8.1 billion in 2020 to USD 11.0 billion by 2025, at a CAGR of 6.3% during the forecast period. The hydraulic workover unit market in North America is estimated to be the largest, followed by Asia Pacific. The rising number of mature fields in Europe and the Middle East, along with rising primary energy demand from the Asia Pacific, are the driving factors for the hydraulic workover unit market globally. Upsurge in oil and gas production is expected to drive the global hydraulic workover unit market.

According to the IEA, the US is determined to become the net exporter of energy by 2020, and to fulfill this objective; the oil production is being increased across the nation. Moreover, the US is the top explorer and producer of shale oil and gas. The old oil & gas fields in the Permian Basin and Bakken Ford require the intervention operations to enhance the productivity of the wells. Thus, North America dominated the hydraulic workover unit market during the forecast period.

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North America expected to be the largest hydraulic workover unit market

North America, Europe, South America, Asia Pacific, and Middle East & Africa are the major regions considered for the study of the hydraulic workover unit market. North America is estimated to be the largest market from 2020 to 2025, driven by the growth in unconventional resources in the US and Canada. Additionally, the demand for intervention operations in the maturing offshore fields in the Gulf of Mexico and other onshore fields in the US is expected to drive market growth.

Key Market Players:

Some of the key players in the hydraulic workover unit market include Halliburton (US), Velesto Energy (Malaysia), Superior Energy Services (US), Basic Energy Services (US), Precision Drilling (Canada).