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Hydraulic Workover Unit Global Market Report 2022
Major players in the hydraulic workover unit market are Archer limited, Basic Energy Services, Inc. , Canadian Energy Equipment Manufacturing FZE, Cudd Energy Services, Easternwell Group, Elnusa, Halliburton Company, High Arctic Energy Services Inc, Key Energy Services, LLC, NOV Inc.
New York, March 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hydraulic Workover Unit Global Market Report 2022" - https://www.reportlinker.com/p06247583/?utm_source=GNW
, Precision Drilling Corporation, Superior Energy Services, Inc., Uzma Berhad, Velesto Energy Berhad, and ZYT Petroleum Equipment Co Ltd.
The global hydraulic workover unit market is expected to grow from $8.65 billion in 2021 to $9.58 billion in 2022 at a compound annual growth rate (CAGR) of 10.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $12.40 billion in 2026 at a CAGR of 6.7%.
The hydraulic workover unit market consists of sales of hydraulic workover unit services by entities (organizations, sole traders, and partnerships) that utilize versatile, cost-saving, and safe techniques for the repair and maintenance of all types of wells.Hydraulic workover is a well intervention technique used for installing or removing tubes (pipes) in and out of dead wells (the well with zero surface pressure).
Hydraulic cylinders enable precise control of tubular movements and reduce the need for a huge mast structure found on traditional drilling rigs.
The main services in the hydraulic workover unit are workover and snubbing.The snubbing services are used to install or eliminate tubular from a well while the well is pressurized.
Snubbing has the advantage of allowing work to be done without dying the well, which eliminates reservoir formation damage and costly stimulation procedures.The various installation types include skid mounted, trailer mounted and has a capacity in different ranges such as 0-50 tonnes, 51-150 tonnes, above 150 tonnes.
Hydraulic workover unit is used for onshore and offshore applications.
North America was the largest region in the hydraulic workover unit market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing shale gas production is projected to propel the growth of the hydraulic workover unit market in the coming years.Shale gas is natural gas generated from a type of sedimentary rock called shale that is formed from clastic origins such as sedimentary rock or siltstone.
The most adaptable technology available in the upstream oil and gas industry is the snubbing unit, which is a type of hydraulic workover unit. According to the United States Energy Information Administration, shale gas production in the USA is expected to increase from 27.90 trillion cubic feet in 2021 to 32.50 trillion cubic feet by 2025. Therefore, the increasing shale gas production drives the growth of the hydraulic workover unit market.
The introduction of multiphase projects is a key trend gaining popularity in the hydraulic workover unit market.Major players operating in the hydraulic workover unit sector are launching multiphase projects in collaboration with technology players to set a new offshore snubbing unit or hydraulic workover world record.
For instance, in September 2020, SBS Energy Services (SBS), a US-based provider of snubbing, hydraulic workover services entered into a strategic partnership with Helix Solutions to complete a multi-phase project that deactivates roughly 29,000 feet of 10 inches by 6 inches insulated pipeline in the Gulf of Mexico.
In April 2019, High Arctic Energy Services Inc., a Canada-based drilling oil and gas wells company acquired assets of snubbing services equipment from Precision Drilling for $8.5 million. The acquisition provides the High Arctic with additional quality snubbing equipment and access to experienced personnel and crews. Precision Drilling is a Canada-based drilling rig contractor involved in offering snubbing services, oil field rental, and supplies.
The countries covered in the hydraulic workover unit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06247583/?utm_source=GNW
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