Hydraulic Workover Unit Market

Halliburton (US) and National Oilwell Varco (US) are the Key Players in the Hydraulic Workover Unit Market

The hydraulic workover unit market is projected to reach USD 12.0 billion by 2024 at a CAGR of 3.97% from an estimated USD 9.8 billion in 2019. In 2019, the hydraulic workover unit market in North America is estimated to be the largest, followed by Asia Pacific. Factors such as upsurge in oil and gas production after decline in oil prices are driving the hydraulic workover unit market.

The hydraulic workover unit market is dominated by a few major players that have a global presence. The leading players in the hydraulic workover unit market include Halliburton (US), NOV (US), Nabors (Bermuda), Superior Energy (US), and Precision (Canada).

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The major strategies adopted by the players include new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions. Contracts & agreements were the most commonly adopted strategy from January 2015 to December 2018. The industry players also adopted new product launches, which was the second most widely followed strategy during the same period.

Halliburton is one of the key players that develops, manufactures, and provides various products and services in the field of upstream oil and gas. The company offers its products and services under 2 main divisions namely completion & production and drilling & evaluation. Halliburton offers a total of 22 products and services such as software services, well control and prevention, well completion, reservoir, and testing. Hydraulic workover and snubbing solutions are offered under the well intervention segment, a sub division of completion and production. In 2017, Boots & Coots, a subsidiary of Halliburton, announced that it entered into a contractual arrangement with Capstone Blowout Recovery (Calgary, Canada), for providing first responder and well control services for Boots & Coots customers throughout Canada.

National Oilwell Varco, Inc. has been one of the significant players in the upstream oil and gas segment. The company has active operations in numerous countries such as the US, Canada, Brazil, Mexico, Egypt, Nigeria, South Africa, Australia, India, Malaysia, Germany, the UK, and Qatar. It offers its products and services under 3 segments which are, completion and production solutions, wellbore technologies, and rig technologies. NOV offers snubbing equipment and services under the sub segment of intervention and stimulation equipment that falls under the completion and production solutions business segment. It is also one of the oldest players in the sector that has been operational for the last 150 years, as of 2019.

Related Reports:

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

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Report Code
EP 3332
RI Published ON
4/3/2019
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