Hydraulic Workover Units Market Summary
Hydraulic Workover is the most cost efficient method to repair all types of wells both onshore and offshore. The Hydraulic Workover Unit (HWU) is a versatile, cost saving and safe tool to perform sand cleanouts, change-out completions and to repair casing leaks.
The evolution of Hydraulic Workover (HWO) services can be traced back to the 1920s. Halliburton hydraulic workover operations began in 1929 when Mr. H.C. Otis, Sr. designed, patented and built the world’s first unit to run or pull pipe under pressure.
This report mainly focuses on the service market of Hydraulic workover.
According to the new market research report “Global Hydraulic Workover Units Market Report 2024-2030”, published by QYResearch, the global Hydraulic Workover Units market size is projected to reach USD 2.18 billion by 2030, at a CAGR of 4.9% during the forecast period.
According to QYResearch Top Players Research Center, the global key manufacturers of Hydraulic Workover Units include Halliburton, Superior Energy Services (BPC), Sinopec, Precision Drilling, Basic Energy Services, CNPC, Cudd Pressure Control (RPC), Velesto Energy Berhad, JEREH, Archer Limited, etc. In 2023, the global top 10 players had a share approximately 71.2% in terms of revenue.
In terms of product type, currently Workover is the largest segment, hold a share of 67.9%.
In terms of product application, currently Onshore is the largest segment, hold a share of 71.9%.
Market Drivers:
Industry policy support
Wide application of Hydraulic Workover Units
Launches in introducing new products
Restraint:
Raw material price fluctuation
Lack of support from upstream/downstream partners as a new entry to the market
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