Where Will Be Hydraulic Workover Units Market In The Next 5 Years?

 

The global hydraulic workover units market is expected to grow at a CAGR of 4.93% during the forecast period. Based on the application, the market has been segmented into onshore and offshore. As per the latest market research report published by Technavio, the global hydraulic workover units market size will grow by USD 314.67 million during 2019-2023. Get the free sample report below for the detailed information.

 

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Onshore E&P activities involve lower costs than offshore projects, which is one of the main reasons for the dominance of the onshore segment over offshore E&P projects. In onshore sites, operating conditions are more favorable compared with offshore sites.

 

Therefore, many oil and gas companies engage in onshore oil and gas E&P activities. The increase in shale oil and gas E&P activities will spur well completion activities in the onshore segment and drive the growth of the global hydraulic workover units market in onshore oil and gas wells. 

Many onshore E&P projects have been initiated, which will require hydraulic workover units for well completion activities. Additionally, many aging oil and gas fields are present in onshore locations that require workover operations to maintain oil and gas production.

 

These numerous E&P and workover projects in onshore wells will drive the onshore segment of the global hydraulic workover units market during the forecast period.