The hydraulic workover unit market is expected to grow from an estimated USD 8.1 billion in 2020 to USD 11.0 billion by 2025, at a post-COVID-19 CAGR of 6.3% during the forecast period. With the growing demand for primary energy and the rapid rate of maturing of oil & gas fields, there are high growth prospects for the hydraulic workover unit market during the forecast period.
A few major players that have a wide regional presence dominate the hydraulic workover unit market. The leading players in the hydraulic workover unit market include Halliburton (US), Basic Energy Services (US), Superior Energy Services (US), Precision Drilling (Canada), and Velesto Energy (Malaysia).The major strategies adopted by these players include contracts & agreements,new product launches, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. Contracts & agreements and new product launches were the two most commonly adopted strategy from 2016 to May 2020.
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Halliburton (US) established in 1919, is one of the leading service providers and product suppliers in the upstream sector of the oil & gas industry. The company provides 14 Product Service Lines (PSLs) under two main divisions, namely, drilling and evaluation and completion and production. It provides consulting and project management study services for both divisions. It offers an artificial lift, cementing, completion tools, multi-chem, production enhancements, and solutions under the completion and production division, while wireline and perforating services are provided under the drilling and evaluation division. The company has operations in more than 80 countries globally, which it groups as North America, South America, Europe/Africa/the Commonwealth of Independent States (CIS), and the Middle East/Asia. The company has manufacturing facilities in the US, China, Singapore, Canada, Malaysia, and the UK. The company has a strong focus on contracts & agreements and new product launches. For instance, in February 2020, Halliburton and SOCAR-AQS entered into an agreement to provide a Broad Suite of Oilfield Products and Services in Azerbaijan.
Basic Energy Services is one of the major players in the oil & gas well-servicing industry. The company offers solutions for all stages of a well, as well as for challenged and complex wells. The company operates its business through 3 major segments, namely, Completion and Remedial Services, Well Servicing, and Water Logistics. Under the Well Servicing segment, basic energy services also provide snubbing services. The company offers snubbing services with a variety of rigs that have a capacity of ranging from 30 Tonnes to 113 Tonnes. The company also offers a wide range of services, such as coil tubing, water solution services, wireline services, and contract drilling services. The company has a presence in 116 locations across the US. It has concentrated its operations in onshore oil and natural gas-producing regions located in Texas, New Mexico, Oklahoma, Arkansas, Louisiana, Wyoming, North Dakota, California, and Colorado. It has a significant presence in the Permian Basin and the Bakken, Eagle Ford, Haynesville, Denver-Julesburg, and Marcellus shales. Its primary competitors include Key Energy Services, NexTier Oilfield Solutions, Superior Energy Services, and Pioneer Energy Services.
Hydraulic Workover Unit Market by Service (Workover & Snubbing), Installation (Skid Mounted & Trailer Mounted), Capacity (0–50 Tonnes, 51–150 Tonnes, and Above 150 Tonnes), Application (Onshore, Offshore), and Region–Global Forecast to 2025
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