Temporary Power Market Projected to reach $6.40 Billion with Highest CAGR of 10.6% from 2016 to 2021

The global temporary power market is estimated to reach USD 3.86 Billion in 2016, and is projected to grow at a CAGR of 10.6% from 2016 to 2021, to reach USD 6.40 Billion by 2021. Market growth is driven by factors such as the growing demand for power, aging grid infrastructure, and lack of access to electricity, and increasing construction and infrastructural activities across the globe.

The report segments the temporary power market on the basis of end-users into utilities, oil & gas, events, construction, mining, manufacturing, shipping, and others (military, telecom, and residential). The utilities segment recorded the largest market size in 2015. The growth can be attributed to aging power grid infrastructure in the developed economies, followed by lack of electricity supply in the developing economies of the Asia-Pacific and Africa. Poor grid infrastructure causes frequent blackouts giving rise to the need for rental power. The oil & gas industry held the second largest market share. Growing industrialization and rising demand for continuous power supply by these industries are expected to drive the temporary power market from 2016 to 2021.

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The temporary power market has also been classified on the basis of power rating into less than 80 kW, 81 kW–280 kW, 281 kW–600 kW and above 600 kW. The demand for above 600 kW power rated generators is expected to increase during the forecast period, as they are used in a wide range of applications in the oil & gas, utilities and mining sectors.
The temporary power market has also been classified on the basis of fuel type into diesel, gas, and other generators. The demand for diesel generators is expected to increase during the forecast period, as they are used in a wide range of applications, across various sectors.

North America held the largest market share followed by the Asia-Pacific, and South America. Growth in power demand and capacity expansion plans by temporary power companies are the key market drivers. The Asia Pacific and Africa is estimated to grow at a faster rate, owing to low rate of electrification, and poor grid infrastructure, which propel the demand for diesel generators. In 2015, China dominated the Asia-Pacific temporary power market, due to the increase in number of planned events.

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Some of the leading players in the temporary power market are Aggreko PLC (U.K.), APR Energy Inc. (U.S.), Ashtead Group Plc (U.K.), Caterpillar Inc.(U.S.), Power Electrics (U.K.), Speedy Hire (U.S.), United Rentals (U.S.), Cummins Inc.(U.S.), Hertz Corporation(U.S.), Kohler (U.S.), Smart Energy Solutions (UAE), and Rental Solutions and Services (UAE), among others. 

High Pressure Pumps Market Growth, Analysis, Trends and Forecast to 2021

The global high pressure pumps market is projected to reach a market size of USD 2.76 Billion by 2021, at a CAGR of 3.2% from 2016 to 2021. Increasing manufacturing and infrastructural activities in Southeast Asia, investments in sectors other than oil & gas in the Middle East & North Africa (MENA), and the growing green chemical industry in the U.S. are the major factors driving the high pressure pumps market.

Dynamic high pressure pumps are expected to constitute the fastest growing market from 2016 to 2021. These pumps are used in the oil & gas sector for cleaning heat exchanger, rust and paint removal from metal structures, and tube dechoking. In the water & wastewater treatment sector, it is used for processing drinking water, reverse osmosis process, and machine tool lubrication.

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End-User:

·         Oil & Gas

·         Power Generation

·         Manufacturing Industries

·         Chemical & Pharmaceuticals

·         Others

The report segments the high pressure pumps market based on end-user into oil & gas, power generation, chemical & pharmaceuticals, manufacturing industries, and others. The manufacturing industries segment is expected to grow at the fastest rate during the forecast period. Manufacturing industries include textile, food processing, and automotive. The growth of these sectors, particularly food processing and automotive, will likely drive the manufacturing industry segment. This segment is expected to create new revenue pockets for the high pressure pumps market during the forecast period.

Asia-Pacific: The leading market for high pressure pumps

In this report, the high pressure pumps market has been analysed with respect to six regions, namely, North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. Asia-Pacific is expected to dominate the global high pressure pumps market during the forecast period, owing to the extensive use of these devices in manufacturing industries such as steel and automotive, among others. The Asia-Pacific market is projected to grow at the highest CAGR from 2016 to 2021. The region is the largest market for the construction sector. The growth of the manufacturing sector, especially in Southeast Asian countries, coupled with an increase in power generation capacity in India, is expected to drive the high pressure pumps market in the region.

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Leading players in the high pressure pumps market include Andritz (Austria), GEA Group (Germany), Grundfos (Denmark), Sulzer Ltd. (Switzerland), and The Weir Group Plc. (U.K.).

Wireline Services Market: Emerging Trends Boosts the Global Industry Growth by 2021

The wireline services market is expected to grow from an estimated USD 8.26 Billion in 2016 to USD 9.15 Billion by 2021, at a CAGR of 2.1%. The global market is set to witness growth, due to the aging reservoirs, increasing oil production, and lifting of Iranian oil export sanctions. Also, oil export sanctions on Iran were lifted in January 2016, allowing the country to export oil. This has led to an increase in E&P investments in the country, leading to a rise in oil production.

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The onshore segment is expected to hold the largest share of the wireline service market, by application, during the forecast period

The onshore segment led the wireline services market in 2015, owing to the increasing demand for wireline services across the globe. This segment is primarily driven by high number of maturing fields in onshore regions. Moreover, the ease of mobility is high in onshore regions which allows for multiple usages of wireline services, and is expected to create new revenue pockets for the wireline services market during the forecast period.

North America: The leading market for wireline services

In this report, the wireline services market has been analyzed with respect to six regions, namely, North America, Asia-Pacific, Europe, the Middle East, Africa, and South America. North America is expected to dominate the global wireline services market, given the increasing shale gas production in U.S. and the offshore production in the U.S. Gulf of Mexico. The Middle East market is projected to grow at the highest CAGR from 2016 to 2021 due to the high use of enhanced oil recovery techniques in the region and the high oil production in the region. Qatar, Kuwait, and Saudi Arabia are expected to drive the wireline services market in the Middle East region.

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The Leading players include in the wireline services market are Schlumberger Limited (U.S.), Halliburton Company (U.S.), Baker Hughes Incorporated (U.S.), Weatherford International PLC (Switzerland), and Superior Energy Services (U.S.).

Power Quality Meter Market: Asia-Pacific is Expected to Exhibit the Highest Growth Rate During 2016 – 2021

The global power quality meter market is projected to grow from an estimated USD 870.5 Million in 2016 to USD 1,252.0 Million by 2021, registering a CAGR of 7.5% from 2016 to 2021. Factors such as growing investments in transmission & distribution infrastructure and increasing industrialization & infrastructural activities are driving the global power quality meter market. The power quality meter market is segmented by phase, application, end-user, and region.

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Power quality meters primarily find major application in industries & manufacturing facilities. In 2015, industrial and manufacturing was the largest segment of the power quality meter market, and accounted for the largest share of the total market. The meters are installed at the incoming of the power source to monitor the distortions in voltage and harmonics. Any distortions and fluctuations are harmful for the equipment such as motors, servers, and others. Power quality meters are used extensively to prevent damages to expensive and critical equipment. The increasing industrial growth across the developed and developing regions would in turn raise the demand for power quality meters.

North America is expected to dominate the power quality meter market

In this report, the power quality meter market has been analyzed with respect to five regions, namely, Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. North America is estimated to dominate the market, owing to factors such as industrialization, effective smart grid initiatives, high investments in the upgradation of transmission & distribution infrastructure, energy-efficiency measures, and renewable projects.

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Some of the leading players in the power quality meter market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Schneider Electric SE (France), and Siemens AG (Germany).

Air Starter Market: Future Opportunities, Market Analysis & Outlook to 2021

The air starter market is projected to grow from an estimated market size of USD 329.7 Million in 2016 to USD 397.0 Million by 2021, at a CAGR of 3.8% from 2016 to 2021. Increase in demand for compact and explosion-proof devices in industries such as offshore oil & gas and others; high power-to-weight ratio; and low maintenance are driving the global air starter market.

The oil & gas industry is expected to occupy the largest share of the air starter market, by end-user

The oil & gas industry is the largest end-user segment for air starters, due to the large-scale application of heavy equipment in the potentially explosive and space-constrained environment. Aviation, mining, and marine industries are the other major end-users that employ air starters. The air starter market in the aviation industry is expected to grow at the highest CAGR during the forecast period. This growth is attributed to rising air traffic and investments in civil and military aviation.

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Turbine starter segment is expected to account for the largest share of the air starter market, by type

Turbine starters are estimated to constitute the largest segment of the air starter market. They are widely employed within the industry, owing to simple design, low maintenance, robust construction, and compatibility with almost all industrial applications. Major end-user industries such as oil & gas, aviation, mining, and marine employ turbine starters for diverse applications. Vane starters constitute a very small share, and is projected to grow at a slower rate as compared to the turbine starter market.

North America is currently the largest market; however, it is projected to dominate the global air starter market during the forecast period

North America is estimated to be the largest air starter market in 2016, with the U.S. expected to lead the market in terms of growth rate from 2016 to 2021. In this report, the air starter market has been analyzed with respect to five regions, namely, Asia-Pacific, Europe, North America, South America, and the Middle East & Africa. The air starter market is expanding in developed countries, owing to the rising preference for such devices in large-size engine-starting applications.

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Some of the leading players in the air starter market, including Ingersoll Rand (U.S.), Maradyne Corporation (U.S.), Tech Development (TDI) (U.S.), Gali Internacional (Spain), Air Starter Components, Inc., (ASC) (U.S.), and KH Equipment Pty Ltd. (Australia).

Pressure Vessel Market Progresses For Huge Profits During 2016 - 2021

The pressure vessel market is expected to reach USD 184.87 billion by 2021, at a CAGR of 5.38% from 2016 to 2021. Pressure vessel is a container used to contain fluids and gases at pressure levels greater than that of atmospheric pressure. It is one of the key equipment majorly used in power generation and the chemicals industry. Factors such as rapid growth in the Middle East chemical industry, changing trends in the energy sector, and growing power generation capacity have led to increasing deployment of pressure vessels. Modernization of existing power infrastructure and rapid urbanization in developing economies has increased the usage of pressure vessels. These are the major reasons behind the growth of the pressure vessel market.

Power generation capacity addition and change in energy trends are the reasons behind the boost in its demand. In addition, end-user industries are deploying pressure vessels for power generation and processing raw materials to produce the final product, primarily in the chemicals & petrochemicals industry.

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The chemicals sector is expected to be the largest market among end-user industries. Increasing investments by chemical companies in shale gas related projects present lucrative growth opportunities for the chemicals industry. Asia-Pacific is a potential market for this segment. Moreover, the power segment has growth opportunities in Asia-Pacific because of increasing energy capacity development in the region.

Some of the leading players in the pressure vessel market include:

·         Mitsubishi Heavy Industries, Ltd. (Japan)

·         Babcock and Wilcox Enterprises, Inc. (U.S.)

·         Doosan Heavy Industries & Construction (South Korea)

·         Bharat Heavy Electricals Limited (India)

·         Larsen & Toubro Limited (India)

·         Dongfang Electric Machinery Co., Ltd. (China)

·         General Electric (U.S.)

·         Halvorsen (U.S.)

·         IHI Corporation (Japan)

·         Pressure Vessels India (India)

·         Samuel Pressure Vessel Group (U.S.)

·         Westinghouse Electric Company LLC. (U.S.)

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Asia-Pacific the largest market for pressure vessel

Asia-Pacific is estimated to account for the largest market share, by value, in the pressure vessel market in 2016. It is one of the key markets for pressure vessel manufacturers and suppliers. In the Asian region, countries such as China and India are driving the market because of increasing investments in the energy sector, for enhancing power generating capacities, and investments in nuclear power plants. Additionally, the booming renewable sector and changing trends in energy demand have resulted in the increased demand for pressure vessels. All these factors are expected to boost the pressure vessel market in Asia-Pacific. 

Smart Gas Meter Market to witness Impressive Growth by 2016 to 2021

The smart gas meter market is expected to reach a size of USD 2.27 billion by 2021, at a CAGR of 7.24% from 2016 to 2021. Factors such as government policies & mandates in developed economies and accurate billing & improved customer service are driving the market globally. Residential customers are the largest end-users of smart gas meters, followed by commercial and industrial customers.

The smart gas meter market in this report has been classified based on end-users into three segments, namely, residential, commercial, and industrial. The residential segment accounted for the largest market size, in terms of value, in 2015. The global gas pipeline network construction in the residential segment accounted for 1,054 kms (approx.) in the past 5 years with another 100 km expected to be constructed in next 2-3 years, which would boost the smart gas meter market.

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The AMR segment would dominate the global smart gas meter market by 2021
The AMR segment is estimated to be the largest market for smart gas meters in 2016. Popular in North America and Europe, this metering infrastructure is increasingly being implemented in other regions as well; it was developed initially and is less expensive than AMI, and hence, has the largest market size. However, the AMI market is projected to grow at the highest rate because of its advanced technology. Moreover, AMI reduces labor cost, and several gas utilities worldwide are replacing AMR with AMI infrastructure, further creating growth opportunities for the AMI market.

North America: the dominant market for smart gas meters
North America dominates the smart gas meter market, and Europe is expected to grow at the highest rate during the forecast period. In North America, the growth of the smart gas meter market could be attributed to factors such as investments in smart grid and gas pipeline networks. Meanwhile, several smart gas meter rollouts are taking place in countries such as the U.K., Spain, and France. This, coupled with the EU’s (European Union) plans regarding carbon emission reductions, would drive growth in the European region.

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Some of the leading players in the smart gas meter market includes Itron, Inc. (U.S.), Honeywell International, Inc. (U.S.), Apator Group (Poland), Landis+Gyr (Switzerland), Diehl Metering (U.K.), Sensus (U.S.), EDMI Limited (Singapore), Chongqing Shancheng Gas Equipment Co., Ltd. (China), Dandong Dongfa Group (China), Raychem RPG (India), and Master Meter (U.S.).

Mooring Systems Market: Exploration and Production Activities in the Deep & Ultra-Deep Water across the Globe will Boost the Market

The mooring systems market is estimated to be USD 1.58 billion in 2015 and is expected reach a market size of USD 1.89 billion by 2020. The market is projected to grow at a CAGR of 3.7% from 2015 to 2020. Decrease in oil & gas production in shallow water basins, untapped potential for large hydrocarbon reserves in deep-water, improvement in technology, and economic viability of projects are major drivers for rising investments in deepwater drilling. On-going discoveries of deepwater hydrocarbon reserves create several opportunities for the oil & gas producers as well as service providers along the value chain, are the major driving factors for the market.

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Application:

· Floating Production Storage & Offloading (FPSO)

· Tension Leg Platform (TLP)

· SPAR, Semi-Submersible

· Floating Liquefied Natural Gas (FLNG)

The Market for mooring systems has also been classified on the basis of applications such as shallow water, deepwater, and ultra-deepwater based operations. Nearly half of the mooring systems market is covered by shallow water applications, but with the advent of advanced technology, the operators are entering into deepwater and ultra-deepwater zones. Moreover, decreasing production in shallow water basins and large potential of untapped subsea hydrocarbon reserves are contributing in the increasing focus in deepwater drilling. There has been increasing deepwater oil discoveries in India, Africa, Australia, the U.S., Russia, and Norway. Oil discoveries in African region especially Ghana, Congo, Mozambique, and Angola are creating lucrative business opportunities, where market players are trying to focus on enhancing their revenue.

Asia-Pacific to lead the global mooring systems market in terms of growth rate

In regions, Asia-Pacific has taken the lead with the fastest growth rate among all other regions followed by the Middle East & Africa. Rapid technological developments are improving the drilling and production capability of rigs and vessels which aids exploration and production activities in the deep-water and ultra-deep-water areas across the globe. This has given a boost to the mooring systems market. Recent discoveries of oil & gas in the offshore basins in Australia, Gulf of Thailand, and South China Sea and high demand from China and India are expected to drive the exploration and production activities in the region, thereby pushing the mooring systems in this region. Asia-Pacific is among the largest consumers of oil & gas following North America. This demand will lead to more exploration and production in the region. However, Africa is estimated to attract more investments due to liberal regulatory policies and is expected to witness the highest growth.

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Some of the leading players in the mooring systems market include SBM Offshore (Netherlands), BW Offshore Ltd. (Norway), Modec Inc.(Japan), Bluewater Holding B.V. (Netherlands), Cargotec Corporation (Finland), Delmar Systems, Inc. (U.S.), and Timberland Equipment limited (Canada), Usha Martin Ltd. (India), Volkerwessels (Netherlands), Delmar Systems Inc. (U.S.), Mampaey Offshore Industries (Netherlands), Grup Servicii Petroliere S.A. (Luxembourg), and others.

Seismic Survey Market Revenue to hit $9.28 Billion by 2022

The seismic survey market is projected to grow from an estimated USD 7.54 billion in 2017 to USD 9.28 billion by 2022, at a CAGR of 4.24% from 2017 to 2022. North America and Europe is likely to be the largest market for seismic survey market. The Seismic survey market is mainly driven demand of seismic technology in brownfield projects and shale gas exploration. The multi client’s surveys will provide the opportunity to oil and gas companies to share the costs of exploration projects.

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In terms of the service market, services such as the data processing and data interpretation offer high growth opportunities. Data processing covers both the time and depth domain analysis. Data processing and interpretation is the most critical step as investment from oil and gas companies depend on proper interpretation. Oil and gas companies are using data processing and interpretation to explore the brownfields projects. The companies are investing in the multi-clients and brownfields projects because of slump in oil price.

In terms of market, by technology, the 3D market is expected to grow at the fastest pace during the forecast period. African countries will offer high growth opportunities to seismic survey market. Factors such as targeting brownfields, and improving production rate would impart growth in geophysical seismic systems market. Oil and gas companies are targeting the economies reserves which are economical in costs and provide better results.

The North American market is expected to be the largest segment of the seismic survey market, by region. The region has extensive untapped resources which will create an opportunity for oil & gas exploration companies. Since the slump in oil prices, shale exploration has been on the decline. However, operators are currently able to meet the breakeven price of shale with oil prices as low as USD 40/barrel. This has resulted in a surge in the demand for geophysical seismic data for shale reserves. The increased investments in shale gas exploration have led to an increase in the demand for seismic surveys in North America.

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Compagnie generale De geophysique (CGG) (France), Fugro N.V. (Netherlands), Petroleum Geo-Services (PGS) (Norway), Schlumberger Limited (WestrenGeco) (U.S.), and Tomlinson Geophysical Services Inc. (TGS) - NOrwegian Petroleum Exploration Consultants (NOPEC) Geophysical Company (Norway) are the market leaders of Seismic survey market.

Utility Communication Market Growing at a CAGR of 15.55% to reach $15.45 Billion by 2021

The utility communication market is expected to grow at a CAGR of 15.55%, from 2016 to 2021, to reach a market size of USD 15.45 billion by 2021. Asia-Pacific is estimated to be the largest market for utility communication, followed by North America in 2016. This trend is expected to continue till 2021. The growth of the utility communication market is driven by the increasing use of smart grids and mobile devices, modification in billing practices in power utility companies, and stringent regulatory requirements for power utilities. In addition, several government initiatives focusing on building smart cities, data centers, and cyber cites are expected to boost the market for utility communication technologies.

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Target Audience:
· Government and industry associations

· Investment and consulting firms

· Power distribution utilities

· State and national regulatory authorities

· State- or government-owned corporations

· Utility communication equipment manufacturing companies

· Utility communication service providers

The report segments the utility communication market, based on utility type, into private and public utility. Although public utility is the largest market for utility communication, the private utility segment is expected to grow at the fastest rate during the forecast period. Public utilities are state-owned or municipal-owned and are publicly listed companies. They are subject to public control and regulations. On the other hand, private utilities are business organizations managed as private enterprises without any interference by governments.

Market Ecosystem:The utility communication ecosystem comprises power and automation technology companies such ABB, Ltd. (Switzerland), Schneider Electric (France), and Ericsson (Sweden), among others; industry and energy companies such as Motorola Solutions, Inc. (U.S.) and Black & Veatch Holding Company (U.S.), among others; manufacturing and engineering companies such as Siemens AG (Germany) and General Electric (U.S.), among others; developers, manufacturers, and marketers of network access companies such as RAD Data Communications, Ltd. (Israel), Oracle Corporation (U.S.), and Fujitsu (Japan), among others, who integrate the utility communication technologies and sell them to end-use utilities to cater to their unique requirements.

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Asia-Pacific: The largest market for utility communication
Asia-Pacific is currently the largest market for utility communication, closely followed by North America. The Asia-Pacific market is primarily driven by countries such as China, India, Japan, and Australia where there are high demands for utility communication technologies due to the many smart grids coming up. The market in this region is projected to grow at a high rate, with China expected to dominate the market. Increasing domestic demand for efficient power infrastructure would drive the market for power utility communication. China is expected to invest around USD 31 billion in smart grid projects by 2020; this will likely boost the demand for utility communication.

Synchronous Condenser Market Growth Opportunities by Regions, Scope, Key Players, Type and Application, Trend and Forecast to 2022

According to the new market research report "Synchronous Condenser Market by Cooling Type (Hydrogen, Air, and Water), Reactive Power Rating (Up to 100 MVAr, 100-200 MVAr, & Above 200 MVAr), Type, Starting Method (Static Frequency Converter, Pony Motor), End User, and Region - Global Forecast to 2021", The synchronous condensers market is expected to grow from an estimated USD 515.3 Million in 2016 to USD 572.9 Million by 2021, at an estimated CAGR of 2.1%. The global market is witnessing significant growth due to increasing renewable power generation, long service life, and rising need for power factor correction.

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Hydrogen cooling segment is expected to capture the major share of the synchronous condensers market by cooling type
Hydrogen-cooled synchronous condenser is the largest segment and is expected to grow faster than other cooling methods. It is the preferred method of cooling employed for medium- to large-sized synchronous condensers. The key driving factor will be installation of medium- to large-sized synchronous condenser units between 100 and 300 MVAr across the regions.

Browse and in-depth TOC on "Synchronous Condenser Market"
71 - Tables
47 - Figures
134 - Pages

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Electric utilities are the leading end-users of synchronous condensers and are expected to lead the market throughout the forecast period
Electric utilities have been historically the largest users of power factor correction equipment. Industries employ synchronous condensers only when the requirement for power factor correction is high and the power transmission is over a long distance. Mining and metal processing industries have been the major user of synchronous condensers but their share is low compared with electric utilities. Hence, the market for electric utilities will remain dominant and grow at a faster rate during the forecast period.

Market Dynamics

North America is expected to dominate the global synchronous condensers market
Rising demand for synchronous condensers in Canada, especially new installations and conversion of old power plants to synchronous condensers in the U.S. would drive the synchronous condenser market in North America. Many thermal power plants are being shut down in the U.S. to curb pollution and promote renewable power generation. This is also likely to create a huge demand for synchronous condensers in the region.

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To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Siemens AG (Germany), General Electric (U.S.), Eaton Corporation Plc. (Ireland), ABB Ltd. (Switzerland), and Voith GmbH (Germany) along with other prominent manufacturers of synchronous condensers.

Offshore Decommissioning Market Driving Companies to Accelerate Decommissioning Plans for Oil & Gas Fields

The offshore decommissioning market is projected to reach USD 8.76 billion by 2025, growing at a CAGR of 5.05%, from 2017 to 2025. Europe is estimated to be the largest market for offshore decommissioning, followed closely by North America. The European market is also projected to be the fastest growing market during the forecast period. The growth of the offshore decommissioning market is driven by ageing offshore infrastructure, maturing fields and low international oil prices.

The European market is estimated to be the fastest growing market for offshore decommissioning from 2017 to 2025. This growth is attributed to increasing decommissioning activities and planned projects, particularly for fields on the British continental shelf. A strong regulatory environment with set guidelines and support from government agencies is an important factor in the growth of the offshore decommissioning market in the region.

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Based on the types of offshore decommissioning services, the market has been segmented into project management, engineering and planning, permitting and regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization and demobilization of derrick barges, platform removal (includes topside, jacket removal, subsea), pipeline and power cable decommissioning, materials disposal, and site clearance. The well plugging and abandonment segment is estimated to have the largest market share, by value, in 2016, and this trend is likely to continue during the forecast period of 2017 to 2025, in view of demand in the North Sea and the Gulf of Mexico. Since a large number of offshore wells have already reached the maturity phase, the market for well plugging and abandonment is likely to grow fast as operators look to shut wells that are less productive.

The markets in the Asia-Pacific, the Middle East, Latin America, and the Caribbean are projected to witness steady growth of the offshore decommissioning market. Countries in the Asia-Pacific, such as China, Indonesia, and Malaysia have a significant number of offshore platforms that are eligible for decommissioning. In Latin America and the Caribbean, maturing wells in Brazil, Colombia, and Trinidad and Tobago offer decommissioning opportunities. There is an increasing focus on offshore oil & gas production in Middle Eastern countries, such as Saudi Arabia, UAE, and Qatar, which would bring future opportunities for the offshore decommissioning market.

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The offshore decommissioning market is served by a mix of large international players with presence and capabilities across different regions and local players with a strong presence in their domestic markets. The key players operating in the market include Amec Foster Wheeler ASA (France), Aker Solutions (Norway), AF Gruppen S.A. (U.S.), Tetra Technologies (U.S.), John Wood Group PLC (U.K.), Able UK (U.K.), DNV GL (Norway), Heerema Marine (The Netherlands), Allseas Group (Switzerland), DeepOcean Group (The Netherlands) and Technipfmc PLC (U.S.), among others.

Hydraulic Workover Unit Market: North America is Expected to Grow at the Highest CAGR During the Forecast Period

According to the new market research report "Hydraulic Workover Unit Market by Application (Onshore, And Offshore), Service (Workover, and Snubbing), Installation (Skid Mount and Trail Mount), Capacity (0 to 50, 50 to 150, and Above 150) and Region - Global Trends and Forecast to 2024", published by MarketsandMarkets™, the Hydraulic Workover Unit Market is expected to grow from USD 9.8 billion in 2019 to USD 12.0 billion by 2024, at a CAGR of 3.97% during the forecast period. The major factors driving the Hydraulic Workover Unit Market include upsurge in oil and gas production after decline in oil prices and growing shale gas production.

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The onshore segment is expected to grow at the highest CAGR in the Hydraulic Workover Unit Market during the forecast period
The onshore segment is the fastest growing segment in the Hydraulic Workover Unit Market. North America, followed by the Asia Pacific and the Middle East region, is expected to be the most attractive in this segment, because of the increasing oil and gas activities during the forecast period. Major contractors include Halliburton, NOV, Nabors, and Superior.

The trailer mount segment is expected to hold the largest market share during the forecast period
Trailer mount being the most common type of hydraulic workover is expected to hold the largest market share during the forecast period. North America, followed by Asia Pacific and the Middle East, is expected to be the most attractive region in this segment, during the forecast period.

North America is expected to hold the largest market size in the hydraulic workover market during the forecast period
North America is expected to have the highest growth rate during the forecast period, due to growing shale gas production activities. The Hydraulic Workover Unit Market is driven by the growth in unconventional resources in the US and Canada and demand from the onshore & offshore fields in the Gulf of Mexico. The Gulf of Mexico is one of the major sources of conventional oil & gas in the North American region. Moreover, North America has one of the biggest advantages with 14% of the world’s crude oil and 6% of natural gas reserves. All these factors are expected to drive the Hydraulic Workover Unit Market during the forecast period

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Major vendors in the Hydraulic Workover Unit Market include NOV (US), Halliburton (US), Nabors (Bermuda), Superior Energy (US), Archer (Norway), Basic Energy (US), CEEM (UAE), and CUDD (US).