Well Intervention
Services Market Scenario
The
well intervention market is anticipated to garner a CAGR of 3.5% during the
forecast period (2017-2023), Market Research Future (MRFR) unveils in a
detailed report. Well intervention is the operation which is being carried out
during the life of an oil well. These operations are generally carried out to
improve the production as well as for the maintenance of the well.
Market Potential and
Pitfalls
The
global Well
Intervention Services Market is expanding at breakneck speed due to the
surging demand for oil across the globe and constant depletion of oil reserves.
Rapid industrialization and urbanization call for an increased demand for
energy, which further supports the growth of the market in the foreseeable
future. The augmenting production of oil and gas coupled with the regeneration
of aging wells and fields are further encouraging the market growth. Well
intervention services offer certain benefits like stimulation of well to make
it ready for production by improving the hydrocarbon’s flow, cleaning up of the
wells, monitoring the on-going operations in the wells, and offering annular seal
to isolate specific sections of the well. These services are considered key components
of oil and gas exploration and production procedure. These benefits offered by
well intervention are likely to create growth opportunities for the market in
the long run.
On
the contrary, strict mandates and regulations for production and exploration of
oil and natural gas are considered to impede the market growth. Moreover, the
growing focus on renewable energy is likely to restrict the growth of the
market across the globe.
Global Well Intervention
Market: Segmental Analysis
The
global well intervention service market is segmented on the basis of service
and application.
By
service, the well intervention market is segmented into stimulation, logging
and bottom hole survey, re-perforation, artificial lift, and others. Among
these, logging and bottom hole survey is likely to gain prominence due to high
production of oil and gas from shale reserves and shale gas revolution. With the
growing production of an unconventional resource shale in Asia Pacific and
America, logging and bottom hole survey has gained importance.
By
application, the well intervention market is segmented into onshore and
offshore. Among these, the offshore application is likely to expand at the
fastest rate due to the surging demand for well intervention services on the
offshore oil rigs. The rising deep-water drilling, along with the production
activities and the growing number of maturing subsea wells are contributing to
the growth of the offshore application segment.
Regional Frontiers
Geographically,
the well intervention service market spans across the Asia Pacific, North
America, Europe, and Rest of the World (RoW).
Considering
the global scenario, North America occupies the largest share in the well
intervention market due to the ongoing shale gas revolution prevailing in the
region. The regional market’s course is also directed by factors such as the
increased production activities in this region. The surging production of crude
oil, along with the increased production rate of natural gas is estimated to be
primary growth factors for well intervention in the region.
The
Asia Pacific is considered an emerging regional market in well intervention due
to the surging use of intervention services in oil and shale services. The
increased production and exploration activities due to increased demand for
energy, especially from Indonesia, India, and China is further accelerating the
growth of the market.
Industry Updates
June
2019: An affiliate of Edison Chouest Offshore, C-Innovation, has recently secured
a contract from BP. The contract aims towards performing riser less light well
intervention (RLWI) in the region of the Gulf of Mexico. The offshore work
includes both hydraulic and mechanical acid simulation.
Competitive Dashboard
The
top players dominating the global well intervention market include Halliburton
Company (U.S.), GE Oil & Gas (U.K.), TechnipFMC plc. (U.K.), Schlumberger
Limited (U.S.), Weatherford International Plc. (Switzerland), Baker Hughes
Incorporated (U.S.), Trican Well Service Ltd. (Canada), Archer Limited (U.K.),
Basic Energy Services, Inc. (U.S.), Superior Energy Services, Inc. (U.S.), and others.
Related
Reports: http://www.24article.com/fuel-management-solutions-market-analysis-share-size-trends-industry-growth-segments-and-forecasts-to-2023.html
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