Well intervention or well work is the
operation performed on oil and gas wells during their productive life, which
alters the well geometry and manages the production of wells by providing
extensive well diagnostics. Market Research Future (MRFR) has recently
published a detailed report on the global well intervention market asserting
that the global market for well intervention is anticipated to expand at a
steady CAGR of 3.5% during the forecast period of 2017-2023.
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Prominent
Players:
The prominent players of the global well
intervention market that are profiled in the report by MRFR are GE Oil &
Gas (U.K.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), TechnipFMC
plc. (U.K.), Baker Hughes Incorporated (U.S.), Weatherford International Plc.
(Switzerland), Archer Limited (U.K.), Trican Well Service Ltd. (Canada),
Superior Energy Services, Inc. (U.S.), Basic Energy Services, Inc. (U.S.) and
Others.
Market
Drivers and Restraints:
The rapid rise in global population and
increased production and usage of automobiles are inducing high demand for
non-renewable energy sources such as fossil fuels, which is acting as a major
driver for the expansion of the global well intervention market. The vital role
of well intervention services in drilling operation that includes monitoring
the pressure and temperature in the reservoir, transportation of fluids to and
fro the reservoirs and others are inducing the demand for high quality well
intervention services owing to the increase in oil and gas exploration
activities and production process.
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The major benefits of well intervention
services such as cleaning up of wells, stimulation of well for making it
production ready by enhancing the flow of hydrocarbons in it, monitoring all
the on-going operations in the wells, providing annular seal for isolating
certain sections of the well and others make these services an essential
component of the oil and gas exploration and production process, which is
fueling the growth of the global well intervention market. The increased
exploration and production activities in oil and natural gas industry are
simultaneously leading to the expansion of the global well intervention market
during the forecast period.
Segmental
Analysis:
The global well intervention market has
been segmented on the basis of services and applications. Based on services,
the well intervention market has been segmented into logging & bottom hole
survey, stimulation, artificial lift, re-perforation and others.
Based on applications, the well
intervention market has been segmented into on-shore and off-shore. The
off-shore application segment of the global well intervention market is
projected to grow at the fastest rate owing to the high demand for well
intervention services on the off-shore oil rigs due to the harsh environmental
conditions.
Regional
Analysis:
The global well intervention market has
been geographically segmented into four major regions such as North America,
Europe, Asia Pacific and the rest of the world. The North America region is
projected to be the largest market in the global well intervention market owing
to the ongoing revolution in shale gas exploration and production activities in
this region. The Asia Pacific and Africa regions are emerging as significant
regions in the global well intervention market owing to the increased
utilization of well intervention services in the oil and natural gas sector of
these regions.
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