CHICAGO, April 4, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the Hydraulic Workover Unit Market is expected to grow from USD 9.8 million in 2019 to USD 12.0 million by 2024, at a CAGR of 3.97% during the forecast period. 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.
The onshore segment is expected to grow at the highest CAGR in the Hydraulic Workover Unit Market during the forecast period
The onshore segment is the fastest growing segment in the Hydraulic Workover Unit Market. North America, followed by the Asia Pacific and the Middle East region, is expected to be the most attractive in this segment, because of the increasing oil and gas activities during the forecast period. Major contractors include Halliburton, NOV, Nabors, and Superior.
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The trailer mount segment is expected to hold the largest market share during the forecast period
Trailer mount being the most common type of hydraulic workover is expected to hold the largest market share during the forecast period. North America, followed by Asia Pacific and the Middle East, is expected to be the most attractive region in this segment, during the forecast period.
North America is expected to hold the largest market size in the hydraulic workover market during the forecast period
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. 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
Major vendors in the Hydraulic Workover Unit Market include NOV (US), Halliburton (US), Nabors (Bermuda), Superior Energy (US), Archer (Norway), Basic Energy (US), CEEM (UAE), and CUDD (US).
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