LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global hydraulic workover units market predicts the market to witness a CAGR of close to 5% during the forecast period. This research report segments the market by application (onshore, and offshore) and geography (APAC, Europe, MEA, North America, and South America).
Growing use of laser technology in workover operations
There have been several advances in workover technologies over the past decade, which include the use of laser technologies to optimize the workover process. Laser workover systems can deliver high power laser energy to perform laser workover and completion operations in deep boreholes within the earth. The use of laser in workover operations has several advantages including faster process, higher cutting precision, and avoiding the use of harsh chemicals. Therefore, the use of laser technology in workover operations is increasing which will fuel the growth of the global hydraulic workover units market size during the forecast period.
Onshore application segment will garner the highest share
Upstream onshore oil and gas E&P activities have been in existence for more than a century and have continuously undergone technological advances that support the increase in production and the optimization of oil and gas recovery from the reservoirs. Onshore E&P activities involve lower costs than offshore projects, which is one of the main reasons for the dominance of the onshore segment over offshore E&P projects.
“The sudden fall of crude oil prices had drastically affected the growth of conventional and unconventional oil and gas projects a few years back. However, the rise in energy demand and the recovery of crude oil prices following the 2014-2016 slump are supporting the oil and gas E&P activities at present. Moreover, the increase in shale oil and gas E&P activities will spur well completion activities in the onshore segment and fuel the growth of the hydraulic workover units market worth in onshore oil and gas wells,” says a senior research analyst at Technavio
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Hydraulic workover units to witness fastest adoption in North America.
E&P activities in unconventional energy sources such as oil sands and shale are increasing significantly in North America, which is fueling the increased production of crude oil in the region. Thus, an increase in the exploration of such crude oil resources is resulting in further operations such as well completion and regular well maintenance activities such as well intervention. This is resulting in the increased use of hydraulic workover units in the region, thereby, making this region the fastest growing segment in the global hydraulic workover units market.
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Some of the key topics covered in the global hydraulic workover units market analysis include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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