Hydraulic Workover Units (HWUs) are well intervention techniques for performing sand cleanouts and repair of casing leaks. It is also known as snubbing. Improvement in hydrocarbon production and zone repairs in offshore and onshore sites are primary requirements amid the need for extraction of gas and other fuels. The global hydraulic workover unit market report by Market Research Future (MRFR) comprises an enumerated list of drivers and challenges as well as projections for the forecast period (2019-2025) during the COVID-19 pandemic.

Market Scope
The global hydraulic workover unit market size is projected to reach USD 12.29 Billion by 2025, with 3.84% CAGR over the forecast period.

The major factors driving the growth of the global hydraulic workover unit industry include the increase in shale gas production and oil & gas production after the decline in oil prices. For instance, according to the Energy Information Administration report, shale gas production of the U.S. accounted for 18,589 bcf in 2018. Moreover, according to BP Energy Outlook 2019, oil production has increased globally accounting for 4,474.3 million tons in 2018. The focus on mature oil & gas fields and exploration of arctic regions for gas are the opportunities to grow the global hydraulic workover unit market globally.

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Competitive Outlook
VELESTO ENERGY, Nabors Industries Ltd., PRECISION DRILLING CORPORATION, Halliburton, National Oilwell Varco, PT Elnusa Tbk, UZMA BERHAD, Canadian Energy Equipment Manufacturing FZE, Basic Energy Services, Cudd Energy Services, ZYT Petroleum Equipment Co. Ltd., Superior Energy Services, Inc., Archer, and High Arctic Energy Services Inc. are key players of the global hydraulic workover unit market.

Segmentation
The global hydraulic workover unit market is segmented based on application, service, installation, and capacity.
By application, the global market includes onshore and offshore. The onshore segment is expected to hold the largest share due to its extensive use in remote locations such as rigs/units and can be relocated easily. Presence of mature oil fields in North America and the Middle East can drive the segment growth. On the flip side, the offshore hydraulic workover unit is expected to grow its market share in the global market.
By service, the global market is segmented into workover and snubbing. The workover segment is expected to grow with the highest CAGR during the forecast period as the services provided under workover are plug & abandonment, casing repairs, ESP completion, sand screen installations, fishing/clean-outs, well deepening, and others.
By installation, the global hydraulic workover unit market is segmented into skid mount and trail mount. The skid mount segment is expected to hold the largest share within the global hydraulic workover unit market.

Regional Analysis
By region, the global hydraulic workover unit market is segmented into Asia Pacific (APAC), North America, Europe, the Middle East & Africa (MEA), and South America. North America dominated the hydraulic workover unit market in terms of market share owing to increase in unconventional resources from the US & Canada and demand from the onshore & offshore fields in the Gulf of Mexico. Canada is one of the top contributors of the region with 4,995 trillion cubic feet of shale gas. The country has invested in development of oil & gas production in offshore areas of Labrador, Newfoundland, and Nova Scotia which helps to drive the demand for hydraulic workover unit market in North America.

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