PUBLISHER: The Business Research Company | PRODUCT CODE: 1675852
PUBLISHER: The Business Research Company | PRODUCT CODE: 1675852
Hydraulic workover is an intervention technique for installing or removing tubes in dead wells, utilizing hydraulic cylinders for precise control of tubular movements, reducing the need for a large mast structure seen in traditional drilling rigs.
The primary services in hydraulic workover units are workover and snubbing. Snubbing services install or remove tubular from a pressurized well, allowing work without killing the well, preventing reservoir formation damage and costly stimulation procedures. Installation types include skid-mounted and trailer-mounted, with capacities ranging from 0-50 tons to above 150 tons, applicable in onshore and offshore applications.
The hydraulic workover unit market research report is one of a series of new reports from The Business Research Company that provides hydraulic workover unit market statistics, including hydraulic workover unit industry global market size, regional shares, competitors with market share, detailed hydraulic workover unit market segments, market trends and opportunities, and any further data you may need to thrive in the hydraulic workover unit industry. This hydraulic workover unit market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The hydraulic workover unit market size has grown strongly in recent years. It will grow from $11.41 billion in 2024 to $12.46 billion in 2025 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to increased oil and gas exploration activities, cost-effective well interventions, rigless operations, routine well maintenance, workover and completion operations.
The hydraulic workover unit market size is expected to see strong growth in the next few years. It will grow to $18.05 billion in 2029 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to increasing focus on well intervention, environmental considerations, global energy demand, unconventional resource development, asset lifecycle management. Major trends in the forecast period include modular hydraulic workover units, digital technologies for monitoring and control, rigless interventions and light well servicing, skid-mounted and trailer-mounted units, industry collaboration and partnerships.
Rising shale gas production is anticipated to drive the growth of the hydraulic workover unit market in the coming years. Shale gas, a form of natural gas, is derived from shale, a sedimentary rock with clastic origins such as sedimentary rock or siltstone. The snubbing unit, a type of hydraulic workover unit, is one of the most versatile technologies in the upstream oil and gas sector. According to the United States Energy Information Administration, shale gas production in the U.S. is projected to increase from 27.90 trillion cubic feet in 2021 to 32.50 trillion cubic feet by 2025. Thus, growing shale gas production is fueling the hydraulic workover unit market's expansion.
The increase in well services within crude oil and natural gas drilling activity is expected to drive the hydraulic workover unit market forward. In the context of crude oil and natural gas drilling, well services encompass specialized operations designed to improve drilling efficiency and productivity, as well as to support the extraction and production of hydrocarbons from wells. Hydraulic workover units are valuable tools for well services in these fields, providing a flexible and cost-effective approach to addressing wellbore challenges, performing maintenance, and optimizing production. For example, in May 2022, the U.S. Energy Information Administration reported that the United Kingdom produced 934,000 barrels per day of total liquid fuels and 1.1 trillion cubic feet of natural gas in 2021. Therefore, the increase in well services in crude oil and natural gas drilling is propelling growth in the hydraulic workover unit market.
Leading companies in the hydraulic workover unit market are developing advanced hydraulic workover units to enhance well intervention efficiency, minimize operational downtime, and improve safety during well servicing activities. These innovations aim to meet the growing demand for reliable and effective well maintenance and intervention solutions in both onshore and offshore oil and gas fields. For example, in July 2024, PetroVietnam Drilling & Well Service Corporation (PV Drilling), a Vietnam-based well services provider, signed a major contract with Drillmec S.p.A. (Italy) to acquire a new hydraulic workover unit (HWU). This HWU is expected to strengthen PV Drilling's capabilities in the competitive oil and gas market. As the global energy sector rebounds with rising crude oil prices, the demand for drilling services is anticipated to rise. The acquisition of this HWU aligns with PV Drilling's commitment to maintaining a robust fleet that can meet increasing client demands across the region.
In October 2024, Axis Energy Services LLC, a U.S.-based oil and gas operations provider, merged with Brigade Energy Services LLC for an undisclosed amount. This merger aims to establish the largest and most innovative well servicing company in the nation, combining the expertise and resources of Axis Energy Services LLC and Brigade Energy Services LLC to improve operational efficiency, flexibility, and sustainability in the oil and gas sector amidst changing market conditions. Brigade Energy Services LLC is a U.S.-based provider of hydraulic workover units.
Major companies operating in the hydraulic workover unit market include NOV Inc., COSL Well Services Co.Ltd., Nabors Industries Ltd., Cudd Energy Services, Easternwell Group, Ensign Energy Services Inc., KCA Deutag Offshore Rig Services, Precision Drilling Corporation, C&J Energy Services, Superior Energy Services Inc., Elnusa, Archer Limited, Hunting Energy Services Inc., Basic Energy Services Inc., Al Rushaid Petroleum Services Co. Ltd., ZYT Petroleum Equipment Co. Ltd., Key Energy Services LLC, Keane Group Inc., Uzma Berhad, Velesto Energy Berhad, High Arctic Energy Services Inc., Falcon Well Services Ltd., Oil & Gas Services (OGS) Limited, Horizon Well Services Limited, Ocean Energy Services Ltd.
North America was the largest region in the hydraulic workover unit market in 2024. The regions covered in the hydraulic workover unit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the hydraulic workover unit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The hydraulic workover unit market consists of sales of standalone, drilling unit, and rig unit. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Hydraulic Workover Unit Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hydraulic workover unit market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hydraulic workover unit ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hydraulic workover unit market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.