Hydraulic Workover Unit Global Market Report 2024

The hydraulic workover unit market size has grown strongly in recent years. It will grow from $10.5 billion in 2023 to $11.5 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The increase observed in the historical period can be attributed to increased oil and gas exploration activities, cost-effective well interventions, rigless operations, routine well maintenance, and workover and completion operations.

The hydraulic workover unit market size is expected to see strong growth in the next few years. It will grow to $16.47 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The expansion anticipated in the forecast period can be linked to increasing focus on well intervention, environmental considerations, global energy demand, unconventional resource development, and asset lifecycle management. Major trends projected for the forecast period encompass modular hydraulic workover units, digital technologies for monitoring and control, rigless interventions and light well servicing, skid-mounted and trailer-mounted units, and industry collaboration and partnerships.

The hydraulic workover unit market is expected to grow as a result of the increasing shale gas production. Shale gas, a versatile source of natural gas, is driving the demand for hydraulic workover units in the upstream oil and gas industry. The United States Energy Information Administration predicts a significant increase in shale gas production from 27.90 trillion cubic feet in 2021 to 32.50 trillion cubic feet by 2025, highlighting the positive outlook for the hydraulic workover unit market.

The hydraulic workover unit market is anticipated to experience growth due to the increasing well services in crude oil and natural gas drilling activity. Well services in crude oil and natural gas drilling involve specialized operations to enhance efficiency and productivity. Hydraulic workover units offer a flexible and cost-effective solution for addressing wellbore challenges and optimizing production. The Energy Information Administration reported an increase in active well service rig count from 738 in 2020 to 949 in 2021, indicating growing demand for hydraulic workover units.

Premier companies in the hydraulic workover unit market are introducing autonomous well intervention systems to enhance profitability. Expro, a US-based energy services provider, launched Galea in November 2021, representing an autonomous well intervention system designed to perform well intervention operations without direct human involvement. Galea revolutionizes slickline operations with fully autonomous deployment for various well tasks, improving production efficiency, reducing operating costs, and minimizing environmental impact.

Premier companies in the hydraulic workover unit market are launching new hydraulic rigs to increase profitability. Hydraulic Workover Unit relies on a hydraulic rig, which is a set of hydraulic components, to perform various tasks in the oil and gas industry. Megha Engineering and Infrastructures Limited (MEIL), an India-based diversified corporation, launched indigenous hydraulic rigs in April 2021. These drilling rigs incorporate cutting-edge hydraulic technology with a robust 1500 HP capacity, enabling successful drilling to depths of up to 4000 meters.

In November 2021, VAALCO Energy Inc., a US-based hydrocarbon exploration company, acquired two hydraulic workovers at Etame field offshore Gabon, increasing the company's oil production capability to approximately 1,050 gross barrels of crude oil per day.

Major companies operating in the hydraulic workover unit market report are NOV Inc., COSL Well Services Co.Ltd., Nabors Industries Ltd., Cudd Energy Services, Easternwell Group, Ensign Energy Services Inc., KCA Deutag Offshore Rig Services, Precision Drilling Corporation, C&J Energy Services, Superior Energy Services Inc., Elnusa, Archer Limited, Hunting Energy Services Inc., Basic Energy Services Inc., Al Rushaid Petroleum Services Co. Ltd., ZYT Petroleum Equipment Co. Ltd., Key Energy Services LLC, Keane Group Inc., Jackup Drilling AS, Uzma Berhad, Velesto Energy Berhad, High Arctic Energy Services Inc., Falcon Well Services Ltd., Canadian Energy Equipment Manufacturing FZE, Oil & Gas Services (OGS) Limited, Horizon Well Services Limited, Ocean Energy Services Ltd.

North America was the largest region in the hydraulic workover unit market in 2023. The regions covered in the hydraulic workover unit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hydraulic workover unit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary services in hydraulic workover units are workover and snubbing. Snubbing services install or remove tubular from a pressurized well, allowing work without killing the well, preventing reservoir formation damage and costly stimulation procedures. Installation types include skid-mounted and trailer-mounted, with capacities ranging from 0-50 tons to above 150 tons, applicable in onshore and offshore applications.

The hydraulic workover unit market research report is one of a series of new reports that provides hydraulic workover unit market statistics, including hydraulic workover unit industry global market size, regional shares, competitors with market share, detailed hydraulic workover unit market segments, market trends and opportunities, and any further data you may need to thrive in the hydraulic workover unit industry. This hydraulic workover unit market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The hydraulic workover unit market consists of sales of standalone, drilling unit, and rig unit. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.