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The global brachytherapy afterloaders market size will grow by USD 88.92 million during 2019-2023.
1 month ago

Hydraulic Workover Units Market by Application and Geography - Global Forecast and Analysis 2019-2023

Apr 6th 2020 at 6:09 AM
The global hydraulic workover units market size will grow by USD 314.67 million during 2019-2023. This report provides a detailed analysis of the market by application (onshore and offshore) and geography (APAC, Europe, MEA, North America, and South America). The report analyzes the market’s competitive landscape and offers information on several hydraulic workover units companies including Canadian Energy Equipment Manufacturing FZE, Halliburton Co., High Arctic Energy Services Inc., National Oilwell Varco Inc., and Superior Energy Services Inc.
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Industry Overview The global hydraulic workover units market is witnessing significant investments in the oil and gas sector to enhance production from mature oil and gas fields. Several oil and gas companies are carrying out intervention operations to modify oil and gas wells to achieve optimal production. Trillion Energy International Inc. recently announced its plan to do workovers in the Cendere oil field in Turkey. The company has aimed at producing nearly 170 barrels of oil in a day. The increase in the number of many such workover operations will increase the demand for hydraulic workover units and drive the market expansion over the forecast period.
The growing adoption of laser technology in workover operations is one of the major hydraulic workover units market trends influencing growth. Many companies are replacing traditional machining processes with laser technologies owing to several advantages. Laser systems speed up the workover process by precisely performing the job in a single downtime pass without damaging adjacent materials, thereby eliminating multiple trips. This saves time and eliminates the possibilities of any kind of contact with harmful chemicals and explosives. Downhole laser systems are also used in removing restricted materials and various scale deposits. The adoption of laser systems in workover operations will result in an increase in the overall operational efficiency of oil and gas companies. As a result of these factors, the global hydraulic workover units market size will grow at a CAGR of nearly 5% during the forecast period.
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