DUBLIN--(BUSINESS WIRE)--The "Hydraulic Workover Unit Market by Application (Onshore, And Offshore), Service (Workover, and Snubbing), Installation (Skid Mount and Trail Mount), Capacity (0 to 50, 50 to 150, and Above 150) and Region - Global Trends and Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global hydraulic workover unit market is projected to reach USD 11.96 billion by 2024 from an estimated value of USD 9.61 billion in 2019, at a CAGR of 3.97% from 2019 to 2024.
Workover is a well intervention technique that is used in the upstream oil and gas market. Workover Units are used to recover useful life from wells or to remove any fault in the tubings of a well that interrupts its normal operation. Earlier, workover was done by means of mechanical weights, but nowadays, hydraulic workover is more common because of the advantages associated with it.
Various advantages of a hydraulic workover unit include higher efficiency, compact design, shorter operating duration, more controlled operation, and versatility. By virtue, the design of hydraulic workover units makes it operational for both onshore as well as offshore projects with ease in their mobility/transportation.
Growth in the levels of oil and gas requirement across the world and investments in infrastructure developments for shale oil and gas are the key factors driving the hydraulic workover unit market. Stringent environmental laws are a restraint for the growth of the hydraulic workover unit market. However, increasing explorations in the Arctic and the Middle Eastern region offer promising new opportunities in the hydraulic workover unit market.
The report segments the market, by region, into Asia Pacific, Europe, North America, the Middle East and Africa, and South America. North America is estimated to be the largest market for hydraulic workover units in 2018 due to the increased investments in shale oil and gas exploration, especially in the US.
North America is also the fastest growing market for hydraulic workover units, followed by Asia Pacific. Countries such as the US, Canada, Indonesia, and Malaysia are expected to grow at the fastest rate in the hydraulic workover market, globally, during the forecast period.
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