Global Well Intervention Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
Global Well Intervention Market: Overview
"The Well Intervention Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."
Well, intervention refers to an oil or gas well operation to extend its producing life by improving performance or providing access to stranded or additional hydrocarbon reserves.
Global Well Intervention Market: Dynamics
Increasing oil & gas exploration activities, coupled with an increasing need for good intervention, mainly in the subsea areas, are some of the major factors expected to boost the growth of the target market over the forecast period. In addition, technological advancements and the introduction of new technologies in a good intervention, such as well-sense technology and FibreLine Intervention (FLI) technology, are likely to bolster the growth of the target market.
For instance, in 2017, C6 Technologies AS, the oilfield technology company specializing in developing innovative solutions for well intervention and conveyance, launched an advanced ComTrac system that can be operated onshore and offshore.
Also, increasing investments to improve the efficiency of exploration & production equipment is expected to drive the growth of the target market. Moreover, industrialization, urbanization, and strong government support by providing taxation schemes and subsidies related to oil & gas activities are some of the other factors anticipated to bolster the growth of the global market.
However, high capital costs and increasing focus on renewable energy sources are some major factors that may restrain the global market's growth during the forecast period.
Global Well Intervention Market: Segment Analysis
The global well intervention market is segmented based on service, intervention, application, and geography.
Based on service, the global market is segmented into logging & bottom hole surveys, tubing & packer failure & repair, stimulation, remedial cementing, etc. The logging & bottom hole survey segment is expected to hold a significant share in the market over the forecast period.
The global market is segmented into light well intervention and good heavy intervention based on intervention. The light well intervention segment is expected to contribute a significant share in the market over the forecast period, owing to increasing oil recovery process and safety with the help of equipment such as slackline, wireline, and coiled tubing unit.
The onshore segment is expected to hold the major share in the global target market over the forecast period.
Well Intervention Market: Regional Analysis
The market in North America is expected to account for the highest share in terms of revenue and is expected to maintain its dominance over the forecast period. This dominance is attributed to increasing onshore shale gas exploration activities and government initiatives for attaining energy security in countries such as the US and Canada.
The Middle East & Africa accounts for a significant revenue share in the global market and is expected to witness considerable growth in the upcoming period. Increasing investment-related oil & gas exploration activities, availability of oil reserves in Nigeria, Algeria, Angola, and Egypt, along with the recent discovery of offshore oilfields, are expected to propel the growth of the target market during the forecast period.
Growing support by governments of various countries for the development of the oil & gas sector, increasing private investments to support new drilling activities, and the growing number of wells in the Asia Pacific are among some of the major factors expected to support the growth of the target market in countries in the region.
According to a report published by the Oil and Natural Gas Corporation (ONGC), the Indian government is to invest US$ 2.73 Bn in drilling activities for oil and gas wells in 2018–19. ONGC drilled over 501 wells in 2016–17 compared to 386 wells in 2015–16.
Global Well Intervention Market Segmentation:
Segmentation by Service:
- Logging & Bottomhole Survey
- Tubing & Packer Failure & Repair
- Remedial Cementing
- Others (Zonal Isolation, sand control, Artificial Lift, Reperforation)
Segmentation by Intervention Type:
- Light/Medium Well Intervention
- Heavy Well Intervention
Segmentation by Application:
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Schlumberger Limited
- Baker Hughes, A GE Company
- C&J Energy Services, Inc.
- Superior Energy Services, Inc.
- Expro Group
- Altus Intervention
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