Hydraulic workover unit services market is projected to reach $12.2 billion by 2019 at a CAGR of approximately 6.6% from 2014 to 2019.
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The report defines and segments the hydraulic workover unit market with analysis and forecasting of the global oilfield services revenue and applications. It also identifies driving and restraining factors for the hydraulic workover unit services market with an analysis of trends, opportunities, burning issues, and winning imperatives.
The market is segmented and revenues are forecasted on the basis of regions, such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
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The key countries are covered and forecasted for each region. Further, the market is segmented and revenues are forecasted on the basis of major services, such as Snubbing and Workover services.
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North America- Hydraulic workover unit services market size in terms of revenue is expected to occupy the largest market share in the next five years
North America is the largest market for hydraulic workover units. The region which did fairly well in the last 10 years, accounted for approximately 46% of the total market in 2013.
The growth rate has slackened considerably due to the decline in the oil prices.
Workover services – Major Service type for the hydraulic workover unit market
Hydraulic workover unit based services are categorized into two primary segments: workover services and snubbing services. The major market is captured by workover services which involve the use of the hydraulic workover units on dead wells (wells that are not producing while the intervention operation is being carried out).
On the other hand, snubbing services utilizes the hydraulic workover unit on live wells (wells that are producing while the intervention operation is being carried out). The key driver for the market is the increasing energy demand resulting in the increase in oil & gas production.
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