According to the research report titled ‘Global Hydraulic Workover Unit Market by Service (Workover & Snubbing), Installation (Skid Mounted & Trailer Mounted), Capacity (0-50 Tones, 51-150 Tones, and Above 150 Tones), Application (Onshore, Offshore) Regional Forecasts 2021-2027’, available with Market Study Report, global hydraulic workover unit market size was worth USD 8.1 billion in 2020 and is expected to record a CAGR of 6.3% over 2021-2027, subsequently accumulating USD 12.4 billion by the end of the assessment period.
 

Increasing consumption of primary energy and growing shale oil & gas production activities are fueling global hydraulic workover unit market growth, cites the study. Moreover, on-going oil & gas exploration and drilling activities are also significantly contributing to the market development.
 

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In fact, in 2019, shale gas production accounted for more than half of overall natural gas output in the U.S. While, China is amongst the first countries outside of North America to explore shale resources, drilling about 600 shale gas wells and is expected to generate approximately 40% of total natural gas production by 2040, becoming the second-largest shale gas producer globally after the U.S. Similar advances in worldwide hydraulic workover units industry are creating lucrative prospects for businesses operating in this vertical.
 

For the unaware, hydraulic workover units are cost-effective, movable pulling devices that several benefits for offshore and onshore projects. The hydraulic workover unit is safe, inexpensive, and flexible device for finishing, repairing, and drilling wells along the shore.
 

A hydraulic workover device is highly useful during well intervention on gas wells as it reorganizes the process that would otherwise be unfeasible using a wire line or coiled tubing unit.
 

Despite the favorable prospects, growing emphasis on renewable energy is likely to hamper the industry remuneration scope over the forecast timespan.
 

Elaborating on geographical terrain, North America, Asia Pacific, Latin America, and Europe are the key contributors to the overall market growth. Of these, North America presently dominates worldwide hydraulic workover unit market share, attributable to increasing shale gas production in the region.
 

Meanwhile, Asia Pacific industry is projected to generate notable revenue over 2021-2027, owing to growing consumption of energy in rising economies like India and China.
 

Major contenders in global hydraulic workover unit market are The WellGear Group, ZYT Petroleum Equipment Co. Ltd., Tecon Oil Services Ltd., Cased Hole Well Services, Easternwell, Velesto Energy Berhad (VEB), Precision Drilling Corporation, Cudd Energy Services, Basic Energy Services Inc. (BASX), and Superior Energy Services Inc.