LONDON--(BUSINESS WIRE)--The hydraulic workover units market size is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The efforts to increase oil and gas production from mature oil and gas fields is one of the major reasons for the growth of the hydraulic workover units market. The market is witnessing significant investments in the oil and gas sector to enhance production from mature oil and gas fields. Several oil and gas companies are carrying out intervention operations to modify oil and gas wells to achieve optimal production. For instance, Trillion Energy International Inc. recently announced its plan to do workovers in the Cendere oil field in Turkey. The company aims to produce nearly 170 barrels of oil in a day. The increase in the number of workover operations will increase the demand for hydraulic workover units over the forecast period.
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As per Technavio, the growing use of laser technology in workover operations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Hydraulic Workover Units Market: 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 lasers 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.
“Apart from the growing use of laser technology in workover operations, other factors such as the increasing emergence of rigless well intervention and abandonment technologies, and the development of intelligent well completion technologies will have a positive impact on the growth of the hydraulic workover units market during the forecast period,” says a senior analyst at Technavio.
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Hydraulic Workover Units Market: Segmentation Analysis
This market research report segments the hydraulic workover units market by application (onshore and offshore) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by MEA, Europe, APAC, and South American. The growth of the hydraulic workover units market share in North America can be attributed to the increasing production of crude oil in the region.
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Some of the key topics covered in the report 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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