The increase in demand and supply gap worldwide in energy sector has increased the drilling activities around the globe which has finally increased the usage of hydraulic workover unit market.
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Hydraulic workover unit can be used to install or remove tubular in or out of well which has zero surface pressure, mud or heavy fluid in the wellbore. The volume based market is projected to grow with a CAGR of 6.2% between 2014 and 2019.
The oil & gas industry witnesses high number of the E&P activities every year which is undertaken to meet the growing global energy demand.
Hydraulic workover units form an integral part of the well lifecycle and can be used on the drilling, completion and workover phases. It provides increased lifting capacity during well intervention operations which cannot be performed using either a wireline or a coiled tubing unit.