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US Hydraulic Workover Unit Market Research Report Information By Capacity (Up to 50 tonnes, 50 to 150 tonnes and Above 150 Tonnes), By Installation (Skid Mount and Trail Mount), Service (Workover and Snubbing), By Application (Onshore and Offshore) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Forecast till 2030

ID: MRFR/E&P/11272-US | 100 Pages | Author: Garvit Vyas| December 2023

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us hydraulic workover unit market outlook

North America is emerging as a pivotal player in the global hydraulic workover unit market, with several factors contributing to its growth. This region's prominence in the market can be attributed to a range of factors, including a rise in per capita energy consumption, ongoing endeavors in oil & gas exploration and production, and advancements in the technologies employed for oil extraction. According to data sourced from the BP Statistical Review of World Energy in 2019, North America witnessed a 1.9% increase in per-person energy consumption from 2018 to 2019, reaching 239.8 Gigajoules per person. Furthermore, the oil production landscape in North America underwent a significant upswing, recording a 12.1% increase in 2019. This surge elevated daily production from 20.16 million barrels per day (BPD) in 2018 to 22.59 million BPD. Specifically, insights gleaned from the US Energy Information Administration (EIA) revealed that, in 2018, approximately 6.44 million BPD of crude oil was extracted from tight oil resources in the US. The escalating activities in the oil & gas sector are driving an increased demand for hydraulic workover units. These specialized units play a pivotal role in executing routine maintenance on wells, irrespective of whether they are situated on land, in inland waters, or on offshore installations. The growing momentum in oil & gas extraction and production is accompanied by a rising need for a cost-effective means of repairing wells, contributing to a notable uptick in the installations of hydraulic workover units. These unfolding developments position North America as a significant contributor to the expansion of the hydraulic workover unit market on a global scale. The surge in per capita energy consumption in North America signifies a heightened reliance on energy resources, which, in turn, fuels exploration and production activities in the oil & gas sector. This increased energy consumption is reflective of the region's industrialization, economic activities, and the general standard of living. As a consequence, the demand for hydraulic workover units is propelled by the need for efficient maintenance and repair of wells associated with heightened oil & gas production. Moreover, the advancements in oil extraction technologies have opened up unconventional reserves in North America, leading to an increased number of drilling activities. The continuous evolution of drilling methods, including seismographic and gravity surveys, has facilitated exploration and production companies in accessing previously untapped resources. This surge in drilling activities has a direct correlation with the growing demand for hydraulic workover units, which are instrumental in the repair and maintenance of wells. In conclusion, North America's pivotal role in the global hydraulic workover unit market is underpinned by a confluence of factors, ranging from increased energy consumption to advancements in oil extraction technologies. The region's contribution is not merely regional but extends to shaping the trajectory of the global market, making it a vital player in the evolving landscape of hydraulic workover units.

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