Product Overview

The most profitable way to rebuild all forms of wells, both onshore and offshore, is hydraulic work. The Hydraulic Workover Unit is a flexible, cost-effective, and secure instrument for carrying out sand clean-outs, completion of change-outs, and mending leaks from the casing. A flexible, cost-saving and the security instrument used for drilling, restoring, and completing wells in and around shores is the hydraulic workover unit. It is used as an option for traditional drilling & workover rigs. During well intervention on gas wells, the hydraulic workover unit is especially helpful. During well intervention operations, the unit increases lifting power, which otherwise cannot be carried out using a wire line or a coiled tubing unit.

Market Highlights

Hydraulic Workover Unit Market is expected to project a notable CAGR of 6.7% in 2030.

Hydraulic Workover Unit Market to surpass USD 13.5 billion by 2030 from USD 7.8 billion in 2019 at a CAGR of 6.7% throughout the forecast period, i.e., 2020-30. Increasing deep water disclosures in Africa and Latin America, increasing shale gas output in the United States, and flooding Saudi Arabia's use of crude oil for power age are real drivers of the global demand for hydraulic workover units. Growing demand in emerging economies for vitality is changing the market for water-driven workover units. Increasing the number of research exercises, water-powered splitting, and well-boring exercises are some distinct variables expected to help the demand for global pressure-driven workover units.

Hydraulic Workover Unit Market: Segments

Snubbing segment to grow with the highest CAGR of 5.15% during 2020-30

Hydraulic Workover Unit Market is segmented by service as workover and snubbing. The workover services segment is estimated to be account for a considerable share of the hydraulic workover unit’s market. The use of hydraulic workover units on dead wells requires work-over facilities. Snubbing services on living wells use hydraulic workover units. Completion/workover, plug & abandonment, ESP completion, sand screen installs, well deepening, fishing/clean-outs, casing repairs, and others are services performed by the hydraulic workover unit. Besides, the hydraulic workover may be used in or out of dead wells for installing or removing tubular (pipes). In North America and Europe, mature oil & gas fields require strong intervention services to extract trapped oil and secure production operations, thereby driving the demand for workover service.

Onshore Segment to grow with the highest CAGR of 5.2% during 2020-30

Hydraulic Workover Unit Market is segmented by application into offshore, and on-shore. For more than 150 years now the onshore fields have been generating and most of them are depleting at faster rates. For example, some of the oldest onshore oilfields in North America are the South Belridge Oilfield in the US the Kuparuk River Oilfield in the US, and the Pennsylvania Appalachian Basin. There is a decrease in production in these oilfields, and asset operators are investing in different methods of recovery and heavy intervention operations to increase and maximize production from the wells. Hydraulic workover unit services are used under good intervention to achieve the most optimum production levels.

Hydraulic Workover Unit Market: Market Dynamics

Drivers

Surge in use of crude oil for power generation

Increases in deep water discoveries in Africa and Latin America, increase in U.S. shale gas output, and increases in Saudi Arabia's use of crude oil for power generation are major drivers of the demand for global hydraulic workover units. The increase in energy demand in emerging economies is boosting the market for hydraulic workover units. Some other factors that are expected to boost the global hydraulic workover unit market are increases in the number of exploration activities, hydraulic fracturing, and well drilling activities. Growing the number of mature oil and gas fields and increasing the production of modern high oil and gas technology in Kazakhstan are generating opportunities for the demand for hydraulic workover units.

Growing shale oil & gas production activities

In shale deposits that contain large accumulations of natural gas and/or oil, shale natural gas supplies are found. The biggest component of this development is shale gas production, which is expected to expand, and commercial shale gas production in countries such as the US, Canada, China, and Argentina. Besides, with the aid of technological advances, countries like Mexico and Algeria are expected to promote the production of shale resources. Besides, foreign investment is on the rise in Argentina, so the shortage of advanced rigs and fracking equipment is needed to be addressed. Revising investment rules, the Algerian government plans to expand the development of shale gas and has launched a pilot shale gas well project. After the recent opening of the upstream sector to foreign investors, Mexico is expected to grow shale resource basins.

Restrain

Environmental concerns and Increasing focus on renewable energy

The market is supposed to be restrained by environmental issues and oil spills. The privatization of the Mexico region's oil and gas industry is expected to make the Middle East a major supplier of oil by this year. Each year, many countries are increasingly concentrating on renewable energy to reduce their carbon footprint and fossil fuel reliance. The oil & gas industry has the potential to invest massively in the global renewable energy sector. The top 4 markets for renewable investment are China, Europe, India, and the US. Growth in these investments is likely to have an effect on the growth of power plants based on oil and gas, which is expected to have a direct impact on the oil and gas sector and in turn, have an impact on production activities. This will curb the demand during the forecast period for hydraulic workover units. Besides, a lack of qualified staff and issues related to the use of hydraulic workover units, such as long rig-up time and carrying problems due to its heavyweights are some of the factors expected to hinder the growth of the hydraulic workover unit market.

Hydraulic Workover Unit Market: Key Players

Halliburton (US)

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.

Velesto Energy (Malaysia)

Superior Energy Services (US)

Basic Energy Services (US)

Precision Drilling (Canada)

Basic Energy

Superior Energy

CUDD

Hydraulic Workover Unit Market: Regions

Hydraulic Workover Unit Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.

Hydraulic Workover Unit Market in Europe held the largest market share of XX.X% in the year 2019. The dominant area in the Hydraulic Workover Market is projected to be North America because the industry is powered by growth in the US and Canada and tremendous demand in the Gulf of Mexico from the onshore and offshore fields. The U.S. has the largest volume of oil reserves. Russia and Saudi Arabia are second and third in the standings. In the US, over 50% of oil reserves come in the form of unconventional oil. Due to the rising energy demand in prominent economies such as China, India, etc., Asia Pacific is also expected to see the fastest growth over the forecast period.

Competitive Landscape:

The Hydraulic Workover Unit market, which is highly competitive, consists of several major players such as ABB (Switzerland), Siemens AG (Germany), Schneider Electric (France) hold a substantial market share in the Hydraulic Workover Unit market. Other players analyzed in this report are Baker Hughes (US), Honeywell (US), Huawei Technologies (China), AVEVA (UK), PSI AG (Germany), BAE Systems (UK), TransCanada (Canada), Atmos International (UK), Clampon AS (Norway), FFT (Australia), Perma-Pipe (US), Senstar (Canada), Syrinx (UK), RADIOBARRIER (Russia), Pure Technologies (Canada), C-Fer Technologies (Canada), Total Safety (US), Krohne Group (Germany), PLM CAT (US), Leather (Ukraine), and TTK (France) among others.

The market competition has been stepped up by the availability of many players offering Hydraulic Workover Unit. In August 2020, Honeywell UOP will provide PetroChina, a petrochemical company, with various solutions and technologies. Honeywell would offer technology licenses, engineering design, key equipment, operator training sessions, and technical services for startup and efficient operation.

Hydraulic Workover Unit Market is further segmented by region into:

North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada

Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America

Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe

APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC

MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Hydraulic Workover Unit Market report also contains analysis on:

Hydraulic Workover Unit Market Segments:

By Service:

Workover

Snubbing

By Installation:

Skid Mounted

Trailer Mounted

By Application:

Skid Mounted

Trailer Mounted

Hydraulic Workover Unit Market Dynamics

Hydraulic Workover Unit Market Size

Supply & Demand

Current Trends/Issues/Challenges

Competition & Companies Involved in the Market

Value Chain of the Market

Market Drivers and Restraints

FAQs on Hydraulic Workover Unit Market

Which segment is anticipated to hold the largest market share

At what CAGR is the market anticipated to grow between 2020 and 2030

Who are the key players in the Hydraulic Workover Unit Market

What could be the challenging factors in the growth of Hydraulic Workover Unit Market

What are the growth drivers for the Hydraulic Workover Unit Market

Contents

1. Executive Summary

2. Hydraulic Workover Unit Market

2.1. Product Overview

2.2. Market Definition

2.3. Segmentation

2.4. Assumptions and Acronyms

3. Research Methodology

3.1. Research Objectives

3.2. Primary Research

3.3. Secondary Research

3.4. Forecast Model

3.5. Market Size Estimation

4. Average Pricing Analysis

5. Macro-Economic Indicators

6. Market Dynamics

6.1. Growth Drivers

6.2. Restraints

6.3. Opportunity

6.4. Trends

7. Correlation & Regression Analysis

7.1. Correlation Matrix

7.2. Regression Matrix

8. Recent Development, Policies & Regulatory Landscape

9. Risk Analysis

9.1. Demand Risk Analysis

9.2. Supply Risk Analysis

10. Hydraulic Workover Unit Analysis

10.1. Porters Five Forces

10.1.1. Threat of New Entrants

10.1.2. Bargaining Power of Suppliers

10.1.3. Threat of Substitutes

10.1.4. Rivalry

10.2. PEST Analysis

10.2.1. Political

10.2.2. Economic

10.2.3. Social

10.2.4. Technological

11. Hydraulic Workover Unit Market

11.1. Market Size & forecast, 2019A-2030F

11.1.1. By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

11.1.2. By Volume (Million Units) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12. Hydraulic Workover Unit: Market Segmentation

12.1. By Regions

12.1.1. North America:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.2. Europe:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.3. Asia-Pacific:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.4. MEA:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.5. Latin America:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2. By Service: Market Share (2020-2030F)

12.2.1. Workover, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.2. Snubbing, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3 By Installation: Market Share (2020-2030F)

12.3.1. Skid Mounted, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.2. Trailer Mounted, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4 By Application: Market Share (2020-2030F)

12.4.1. Onshore, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4.2. Offshore, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

13. Company Profile

13.1.1. Halliburton (US)

13.1.2. Company Overview

13.1.3. Company Total Revenue (Financials)

13.1.4. Market Potential

13.1.5. Global Presence

13.1.6. Key Performance Indicators

13.1.7. SWOT Analysis

13.1.8. Product Launch

13.2. Superior Energy Services (US)

13.3. Archer (Norway)

13.4. Basic Energy Services (US)

13.5. Key Energy Services(US)

13.6. UZMA

13.7. Cudd Energy Services (US)

13.8. High Arctic Energy Services (Canada)

13.9. Precision Drilling (Canada)

13.10. Velesto Energy (Malasysia)

13.11. Elnusa (Indonesia)

13.12. Easternwell (Australia)

13.13. ZYT Petrloeum Equipment (China)

14 Consultant Recommendation

**The above given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.

Methodology/Research Approach

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Research Programs/Design

Historical Data (2015-2019)	Industry Trends Competitive Landscape By Company Expansion Mergers and Acquisitions Market Segment by Type by Application By Regions/ Geography	Value Status and Outlook Value for Major Players Market Share Growth Rate Present Situation Analysis Value Market Share Growth Rate Present Situation Analysis
Influencing Factors	Market Environment Government Policy Technological Changes Market Risks	Market Drivers Growing Demand of Downstream Reduction in Cost
Market Forecast (2021-2026)	Overall Size by Type by Application By Regions/Geography	Key Data (Value) Market Share Growth Rate CAGR (2021-2026)

Market Size Estimation

Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).

The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.

Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report

The following figure shows an illustrative representation of the overall market size estimation process used for this study.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.

Data Source

Secondary Sources

Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.

Market Size	Segmental value Geographic Penetration Product Adoption Rate for Different market	Journals, Websites, and Press Releases Annual Reports and SEC Filings Company Websites and Press Releases Public and Paid Databases Market Intellix Data Repository
Market Position of Top Company	Product Financials Geographic value Mix Total Company value Business/Segmental value Mix
Qualitative Analysis	Influence Factors Market Potential Market Risks and Opportunities Industry Trends Geographical Features Government Policies	Company Websites and Press Releases Public and Paid Databases Annual Reports Industry Associations Market Intellix Data Repository

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.

Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.

Key Executives Interviewed

Key Data Information from Primary Sources

Primary Sources	Parameters	Key Data
Market Segments(by Application, by Type)	Value by Type Status and Forecast Value by Application Value by Regions, Status and Forecast (2021-2026)	Value Market Share by Type Value Growth Rate by Type Value by Application Percentage and Growth Rate by Application Value Growth Rate and Market Share by Regions Market Size Status and Forecast (2021-2026)
Total Market	Overall Size, Status and Forecast	Market Size Status and Forecast (2021-2026)