The growth of the well intervention market
is driven by the increasing pressure on the oil field operators to increase the
production of the hydrocarbons. The gradual depletion of the existing oil and
gas natural reserves is leading to the increase in the use of well intervention
services. The maturity of the existing
oil and gas wells has increased the need for maintenance of oil wells to
increase the productivity. The well intervention industry is important to both
the equipment manufacturers and the service operators. Owing to factors such as
an increased demand for oil and the drop in replacement of depleting
hydrocarbon reservoirs, the well intervention market is expected to experience
a gradual increase in demand of well intervention.
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Segmentation
The market has been analyzed based on the
services, applications and regions.
Amongst all kinds of service, the well
stimulation service is expected to grow the fastest. The growth of the well
stimulation services can be attributed to the increase in demand for matrix
treatments along with hydraulic fracturing. The production from wells is affected
by skin formation, near the wellbore area and well stimulation services help
restore and enhance the production.
Based on applications, the well
intervention market can be segmented as onshore and offshore. The offshore well
intervention segment is expected to grow the highest owing to the increasing
E&P activities in the market. At the same time, the onshore well
intervention application segment is gaining maturity. However, the
revitalization of aging onshore wells, is expected to contribute to the growth
of the onshore well intervention.
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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.
Key
Players
The key players of global well
intervention market 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.
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