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.
The
growth of the Well
Intervention Services 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.
Market Potential
and Pitfalls
The global well intervention
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.
Global Well
Intervention Market: Segmental Analysis
The global Well Intervention Market is
segmented on the basis of service and application.
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.
Leading 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.
Regional
Frontiers
Geographically, the well
intervention 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.
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