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A rise in production & exploration activities increased investments in the oil and gas sector across the globe and increased the number of..
A rise in production & exploration activities increased investments in the oil and gas sector across the globe and increased the number of hydraulic fracturing operations, which may lead to an increase in the demand for hydraulic workover units over the forthcoming years.
Hydraulic Workover Units Market: Global Forecast Over 2031
A hydraulic workover unit is a piece of equipment that is used to change the drilling fluid or remove debris from a well. This unit can also be used to add or remove the pipe from the well. The importance of this unit is that it helps to keep the well clean and function properly. The hydraulic workover unit is a safe, affordable, and adaptable tool primarily used for completing, repairing, and drilling wells throughout the shore. These units serve as an alternative to conventional drilling and workover rigs. The surge in demand for hydraulic workover units during the anticipated period is being attributed to an increase in offshore exploration and production (E&P) activities.
Jun 15, 2021 (AB Digital via COMTEX) -- The global Hydraulic Workover Unit Market size will grow to USD 11.0 billion by 2025 from USD 8.1 bi
The global Hydraulic Workover Unit Market size will grow to USD 11.0 billion by 2025 from USD 8.1 billion in 2020, at a post-COVID-19 CAGR of 6.3% during the forecast period. The rising number of mature fields in Europe and the Middle East, along with rising primary energy demand from the Asia Pacific, are the driving factors for the Hydraulic Workover Unit Market globally. The hydraulic workover unit activities are fundamental requirements while well completion, production, and well abandonment, which creates opportunities for growth of the market...
Oilfield Services Market is projected to touch US$ 139.1 billion by the completion of 2025
Synopsis:
The global Oilfield Services Market scope was appreciated by US$ 103.26 billion in 2016 and is projected to touch US$ 139.1 billion by the completion of 2025. It will register a CAGR of 3.4% between 2017 and 2025.
The oilfield services comprise diverse oil-associated actions for example intervention, stimulation, drilling, production, completion and exploration, among numerous others for accomplishing several purposes above the complete life cycle of oil well exploration. The services are furthermore useful in classification of well, zonal isolation, sand washing, perforation, well stimulation, and setting tubing plugs.
Due to the continuously growing population, the oil and gas industry is presently flourishing, and therefore the demand in the global market for oilfield services is estimated to grow by a healthy development percentage for the duration of the forecast.
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Drivers:
The finding of fresh fields of oil & gas is likely to trigger the demand for oilfield services particularly from subdivisions for example transportation and power plants. During the last few years, there has been an important growth in the removal of oil & gas resources for example crude oil and natural gas. This growth is additional reason motivating the oilfield services industry.
The sector of oil & gas is transforming due to enhanced oil recovery or EOR. This involves methods of thermal injection, gas injection, and chemical injection. This is additionally estimated to trigger the demand for oilfield equipment; thereby altering the viewpoint of oilfield services business. The technologies for example robotic oil rigs and remotely operated vehicles or ROVs may well help the enlargement of offshore oilfields. In this manner motivating the oilfield service market. Additionally, this is expected to empower development in the business of oilfield services for the duration of forecast. Oilfield operators are constantly concentrating on increasing the production and dropping price of oilfield equipment to enhance the market for oilfield services.
Classification:
The global oilfield service industry can be classified by Application, Service, and Region. By Application, it can be classified as Offshore, Onshore. By Service, it can be classified as Separation Service& Processing Service, Workover Service & Completion Service, Seismic Service, Production Service, Drilling Service, Well Completion Equipment & Services, Wireline Services, Pressure Pumping Services, Well Intervention Services, OCTG, Coiled Tubing Services, and Others.
Regional Lookout:
By Region the global oilfield services market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to make up the most important stake in the global market for oilfield services by the completion of the prediction period. Furthermore, the increasing demand for oilfield services in the U.S.A. comprises directional and horizontal drilling actions, mainly due to the existence of shale gas reservoir.
Additional cause accountable for the development of oilfield services in this region is the growing number of deep-water schemes particularly in the U.S.A. The Asia Pacific’s market is likewise estimated to develop at an important percentage due to the reasons for example growing number of offshore actions particularly in China and increasing figure of oil rigs. Finally, the market for oilfield services in the Middle East & Africa is expected to observe a greater CAGR. This is mainly due to the growing budget of investment in Gulf nation state and concentration on offshore possessions.
Companies:
Some of the important companies for oilfield services market are China Oilfield Services Limited, Oil States Industries, BJ Services Company, Weatherford International Ltd., Baker Hughes Inc., National Oilwell Varco, Schlumberger Limited, Weir Oil and Gas, Petrofac, Saipem, Transocean, SGS, Halliburton Company, Superior Energy Services, GE Oil & Gas, Nabors Industries Ltd., Superior Energy Services Inc., Precision Drilling Corporation, Trican Well Service Ltd., Liberty Oilfield Service, TechnipFMC plc, Bronco Oilfield Services Inc., and Asian Oilfield Services Limited.
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