세계의 유압식 워크오버 유닛 시장은 2022년에 75억 8,000만 달러로 평가되며, 2028년까지의 CAGR은 5.8%로, 예측 기간 중 강력한 성장을 예측하고 있습니다.
신종 코로나바이러스의 확산으로 시작된 COVID-19 팬데믹은 전 세계 산업 환경에 큰 타격을 입혔습니다. 이 업계는 큰 손실에 직면하여 COVID-19 바이러스 확산을 막기 위해 엄격한 가동 중단을 강요당해 운영을 축소할 수밖에 없었습니다. 그 결과 바이러스 발생은 HWU에 대한 수요를 완전히 바꾸어 놓았습니다. 유압식 작업 장비 산업은 석유 및 가스 활동에 크게 의존하고 있으므로 장기적인 유가 하락은 장비 투자에 큰 영향을 미쳤습니다. 여러 국가에서 봉쇄령이 내려져 필수 서비스 외의 사업장이 폐쇄되고 노동력이 최소화되면서 에너지 수요에 영향을 미쳤습니다. 이 요인은 유정 작업 부문의 업무에 직접적인 영향을 미쳤습니다.
주요 시장 성장 촉진요인
시장 성장을 가속하는 브라운필드에 대한 관심 증대
| 시장 개요 | |
|---|---|
| 예측 기간 | 2024-2028 |
| 2022년 시장 규모 | 75억 8,000만 달러 |
| 2028년 시장 규모 | 111억 6,000만 달러 |
| CAGR 2023-2028 | 5.80% |
| 급성장 부문 | 온쇼어 |
| 최대 시장 | 북미 |
성숙한 석유 및 가스전은 생산량이 정점을 지나고 있습니다. 이들 유전은 전 세계 원유 생산량의 대부분을 차지합니다. 원유증대회수법(EOR)과 같은 기술적 접근을 강화하면서 성숙 유전의 회수량은 비약적으로 증가하고 있습니다. 성숙 유전의 회수율을 높이기 위해서는 유정을 연장하고, 유정 개입과 워크오버를 통해 생산량을 증가시켜야 합니다. 석유 매장량이 악화됨에 따라 기업은 성숙 유전의 잔여 매장량에 접근하는 데 필요한 장비 발명에 중점을 두게 되었습니다. 가장 큰 초점은 회수율을 높이고 수명을 연장하는 것입니다. 그러나 제한된 탑사이드 장비, 증가하는 유량 보장 문제, 운영 비용 증가, 장비 성숙으로 인한 무결성 문제로 인해 워터컷이 증폭되어 브라운필드는 운영 및 경제적으로 비현실적으로 변하고 있습니다. 워크오버 서비스에 대한 수요 증가는 시장 성장을 가속할 것으로 예상됩니다.
Global Hydraulic Workover Unit Market was valued at USD 7.58 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.8% through 2028. The COVID-19 pandemic initiated by the spread of the novel coronavirus has had a damaging impact on the global industrial landscape. This industry faced significant losses and have had to reduce operations due to the imposition of rigorous lockdowns to contain the spread of the COVID-19 virus. Consequently, the outbreak of the virus has transformed the demand for HWUs.As the hydraulic workover unit industry is majorly dependent on oil and gas activities, the decline in oil prices in a long time has significantly impacted the investment in the instrument. The imposition of lockdowns in various countries and the shutting down businesses except for essential services with minimal workforce affected the energy demand. This factor has directly impacted work in the well interventions sector.
Key Market Drivers
Increasing Focus on Brownfields to Bolster Market Growth
| Market Overview | |
|---|---|
| Forecast Period | 2024-2028 |
| Market Size 2022 | USD 7.58 Billion |
| Market Size 2028 | USD 11.16 Billion |
| CAGR 2023-2028 | 5.80% |
| Fastest Growing Segment | Onshore |
| Largest Market | North America |
A mature oil and gas field is past peak production. These oilfields account for a majority of the world's crude oil production. With enhanced technological approaches like enhanced oil recovery (EOR), the recovery of mature oil fields has seen a tremendous increase. Increasing recovery from mature fields has necessitated prolonging the well and improving production using well interventions and workover. With the deterioration in oil reserves, companies have increased their focus on inventing equipment required to access remaining reserves on mature wells. The prime focus is to improve recovery and prolong life. But the amplified water cut with constrained topside facilities, growing flow assurance problems, rising operating costs, and integrity issues because of the maturing facilities have made brownfield operationally and economically impractical. The increasing requirement for workover services is anticipated to bolster the market growth.
Increasing Energy Requirement to Propel Demand
The growing population explosion and urbanization has resulted in a spike in energy requirement from the various end-user sector. As renewable energy is still in an early adoption stage of its product life cycle, the majority of power generation is handled by hydrocarbons. Due to inadequate development of other energy sources, the growing global oil and gas demand enhances well drilling and maintenance. The increase in crude oil and shale gas production capacities and an increasing number of brownfields is expected to enhance the well workover and intervention demand, fueling the market growth.
Amplified Investment In Offshore Oil and Gas Developments to Enhance HWU Demand
In July 2019, Kuwait signed a USD 600 billion offshore exploration contract with Halliburton. The contract aimed to drill six exploration wells in the next two to three years, which is anticipated to increase around 100,000 b/d in the forecast period. The United Arab Emirates invested approximately 31,000 square kilometers of acreage for offshore oil gas production, majorly in the Abu Dhabi and Ras Al Khaima regions. In January 2020, Russia announced a significant investment of around USD 300 billion for new offshore oil and gas projects.The world is likely to derive massive oil and gas from offshore production. The more arduous production conditions in offshore locations increase the investment in more complex and newer technologies like hydraulic workover units. The onerous requirement for offshore with ease of operations is the primary market driver during the projected period.
Growing Demand for Efficient Technology to Drive Market Growth
There is a substantial increase in demand for developing a safe, versatile, and cost-effective tool for workover and well intervention operations due to the increasing number of mature oil fields. This factor bolsters the demand for HWUs globally. This equipment can be efficiently used with low setup times and are more cost-effective. Earlier workover rigs were used for similar operations, which took a lot of time and effort to be set up and used. Further, the wells had to be killed before operations, However, with newer technologies, HWUs with snubbing capabilities have made snubbing capabilities possible with newer technologies.In 2021, MEIL, India started manufacturing a new type of HWUs with indigenous know-how, especially for the local market. The increasing demand for more effortless functioning, avoiding well-killing, secure and cost-effective well intervention units is an important trend for the hydraulic workover unit market.
Key Market Challenges
Increasing Consumer Obligation Towards Renewable Energy to Restrain Market Growth
The primary factor restraining the hydraulic workover unit market growth is the consumer shift towards clean fuels. The increasing requirement of the renewable energy sector will undoubtedly decrease the investment being made in the oil and gas energy sector, which will harm the well intervention sector. The increasing proportion of power generation using renewable energy can hinder the principal investments being made for oil and gas. Also, the necessity to reduce carbon emissions has powered the acceptance of renewable energy, with government incentives being granted worldwide. Further, the developing competence of renewables for power generation with durable benefits can result in increased adoption over conventional fuels. Volatility in Oil Prices: The hydraulic workover unit market is sensitive to fluctuations in oil prices. Low oil prices can lead to reduced investment in oil and gas projects, impacting the demand for hydraulic workover services.
Environmental and Regulatory Constraints
Increasing environmental concerns and stricter regulations can pose challenges to oil and gas operations, affecting the growth of the hydraulic workover unit market. Compliance with environmental standards may require additional investments and operational adjustments.
Global Economic Conditions: Economic uncertainties and downturns can lead to a decrease in capital expenditure by oil and gas companies, affecting their willingness to invest in hydraulic workover services. Advancements in alternative technologies or methods for well intervention and maintenance could pose a challenge to the traditional hydraulic workover approach. The hydraulic workover unit market, like any other industry, can be affected by disruptions in the supply chain, which may impact the availability of key components and equipment.
Key Market Trends
Increasing demand for hydraulic workover units for offshore oil & gas operations
Increasing demand for hydraulic workover units for offshore oil & gas operations is expected to boost the growth of the global hydraulic workover unit market during the forecast period.Shale natural gas resources are a part of shale formations. They contain significant accumulations of natural gas and oil. According to the EIA (Energy Information Administration) predictions, natural gas production will reach 554 BcF/d by 2040. The largest component of the market growth is natural gas production from shale resources. It will grow to 168 BcF/d by 2040. Participating regional countries like the US, Canada, China, and Argentina have commercial shale gas production. Moreover, other countries such as Mexico and Algeria will encourage the development schedules of shale resources with the help of technological funding for improvements. Hydrocarbon's mature fields are responsible for its past peak production. Mature oilfields have more than 70% of the world's oil and gas production. The constant recovery of mature oil fields is increasing. 80% of these estimated reserves are found in countries like the Middle East, North America, Asia Pacific, and Latin America. Also, there has been an easy recovery from mature fields that involves extending the life of the well and improving production. For the same, various methods such as artificial lifts, intervention, and snubbing are used. Mature oil fields are a part of conventional, unconventional, or deepwater reservoirs. It depends on its permeability and the reservoir's flow regime. Major oil & gas companies are shifting their attention toward technological advancements to cater to the decline in reserves with the help of inventing tools and techniques.
Segmental Insights
Application Insights
Due to the high oil production from the onshore segment and the larger number of onshore oil rigs, the segment dominates the market. Moreover, most of the onshore oil rigs are mature and drive significant demand for the market. The offshore segment is increasing faster due to the rising shift towards offshore and increasing complexity of operations that demands easy to set up equipment like the HWUs.
Capacity Insights
The concentrated portion of the equipment manufactured is skid-mounted due to its ease of setup and utilization in onshore and offshore activities. The trailer mounted HWUs are more portable and require less space but can be used only in onshore applications. Due to rising demand from the offshore segment, the skid-mounted segment is growing at a high CAGR.
Regional Insights
The North American region holds a significant share in the market due to the high adoption of workover and snubbing services, coupled with demand for ease and efficiency of operations and technological advancement. Also, the rising proportion of mature oilfields in the region drives the market. Additionally, the government norms to reduce emissions led to companies finding it unviable to increase exploration and an increased necessity to prolong existing oil wells and drive the region's market.Middle East & Africa is the second-most dominant market due to the increased proportion of mature oil wells in the region. The GCC countries contribute to a majority of the demand for the equipment in the region.China dominates the market in the Asia Pacific. The rapid industrialization and urbanization, which has led to increased energy demand, is a significant driver for the market. The offshore development, coupled with maturing offshore sites in Europe, drives the region's demand for HWUs.
The hydraulic workover unit market in North America is estimated to account for the highest share, where per capita energy consumption, exploration and production of oil & gas, and advancements in upstream operations drive the growth of the regional market. According to the US Energy Information Administration (EIA), in 2018, approximately 6.44 million BPD of crude oil was produced from tight oil resources in the US. The increase in the extraction and production of oil and gas boosts the demand for hydraulic workover units for performing routine well maintenance for land, inland waters, and offshore installations. These developments lead to an increase in the demand for a cost-efficient method to repair, resulting in the installation of hydraulic workover units. Such factors are expected to drive the growth of the hydraulic workover unit market in North America.
Baker Hughes
Halliburton
National Oilwell Varco
Velesto Energy Berhad
Canadian Energy Equipment Manufacturing FZE
Schlumberger
Precision Drilling Corporation
Archer
CUDD Energy Services
In this report, the Global Hydraulic Workover Unit Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below: