- Upsurge in oil and gas production after decline in oil prices are expected to drive the overall hydraulic workover unit market.
- The onshore segment is the fastest growing segment in the hydraulic workover unit market.
- North America will be the largest market for hydraulic workover unit industry.
The hydraulic workover unit market is expected to grow from $9.8 billion in 2019 to $12.0 billion by 2024, at a CAGR of 3.97% during the forecast period. The hydraulic workover unit market in North America is estimated to be the largest, followed by Asia Pacific. The major factors driving the hydraulic workover unit market include upsurge in oil and gas production after decline in oil prices and growing shale gas production. Major heavy oil reserves are present in countries such as Canada, Venezuela, Mexico, China, and Colombia.
The services carried out by the hydraulic workover unit are completions/workover, plug & abandonments, ESP completion, sand screen installations, well deepening, fishing/clean-outs, casing repairs, and others. Moreover, the hydraulic workover units can be used to install or remove tubular pipes in or out of dead wells.
The onshore segment is the fastest growing segment in the hydraulic workover unit market
The hydraulic workover unit application segments into onshore and offshore. Hydraulic workover units are used in remote locations such as rigs/units can be relocated easily. North America, followed by the Asia Pacific and the Middle East region, is expected to be the most attractive region in onshore segment, because of the increasing oil and gas activities during the forecast period. Moreover, growth in mature oil and gas fields in regions such as North America and the Middle East has created a demand for the hydraulic workover unit market. Major players in the market include Halliburton, NOV, Superior, and Elnusa.
North America: The largest market for hydraulic workover unit industry
North America is expected to have the highest growth rate during the forecast period, due to growing shale gas production activities. The hydraulic workover unit market is driven by the growth in unconventional resources in the US and Canada and demand from the onshore & offshore fields in the Gulf of Mexico. The Gulf of Mexico is one of the major sources of conventional oil & gas in the North American region. The US is the country with the largest volume of oil reserves, with Russia and Saudi Arabia coming in the second and third position, respectively.
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More than 50% of oil reserves in the US come in the form of “unconventional shale oil,” with Texas alone containing 60 million barrels of fossil fuels. Canada is one of the top 5 shale gas reserve holders in the world with 4,995 tcf of shale gas. The country has seen development of oil & gas production in that occurred in offshore Newfoundland, Labrador, and Nova Scotia. Moreover, North America has one of the biggest advantages with 14% of the world’s crude oil and 6% of natural gas reserves. All these factors are expected to drive the hydraulic workover unit market during the forecast period
The trailer mounted segment is estimated to grow at the fastest rate from 2019 to 2024. The trailer mounted segment holds the largest share in the hydraulic workover unit market and is expected to dominate during the forecast period. Thus, with the increasing oil and gas activities across the regions, it is most likely to drive new opportunities for players operating in the hydraulic workover unit market.
- In September 2018, National Oilwell Varco expanded its reach by opening a new service center in the state of Texas in the US. The service center focuses mainly on the products offered to the Eagle Ford group that is working in the field of shale gas production.
- In May 2017, Boots & Coots, a subsidiary of Halliburton, announced that it entered into a contractual arrangement with Capstone Blowout Recovery (Calgary, Canada), for providing first responder and well control services for Boots & Coots customers throughout Canada.
- In December 2017, Nabors acquired all common shares of Tesco in an all-stock transaction. With the completion of the transaction, Tesco common stock has ceased trading on the NASDAQ Stock Market