Well
Intervention Market Overview
Market Research Future
(MRFR) reveals in its new report that the global Well
Intervention Market shows the potential of achieving a CAGR of more
than 3.5% during the forecast period (2017-2023).
Primary
Drivers and Key Barriers
Well intervention can be
described as any operation conducted during the productive life of an oil and
gas well. Declining number of oil reserves, given the mounting demand for
energy has led to accelerated production activities that helps increase the
life of the well. Sand production, reduction in well pressure, mechanical
failure, flow restriction of oil, scaling and numerous other oil, change in
reservoir condition, and gas field issues lead to the rising need for well
intervention operations, which benefits the well intervention market.
More and more companies
in the market are striving to develop new technologies that can help enhance well
intervention operations. Citing a reference, in 2017, C6 Technologies had
developed ComTrac system that is used to operate onshore and offshore. The
system comprises a control unit, injector unit, a head that provides well
pressure control, and internal electrical conductors.
Soaring energy demand, surge
in production activities of oil and gas wells, and construction of new oil and
gas wells are boosting the number of well intervention activities, thereby
fuelling the market growth across the globe. On the downside, severe downhole
environments including high temperature and pressure and surge in the number of
exotic trajectories, can downplay the market performance in the coming years.
Market
Segmentation
The global well
intervention market has been extensively examined on the basis of segments like
services and applications.
Given the services
segment, the well intervention market consists of logging & bottom hole
survey, stimulation, artificial lift, re-perforation and others.
Depending on the applications,
the well intervention market can be segregated into on-shore and off-shore. The
off-shore application segment can attain the fastest CAGR in the following
years, on account of the strong demand for well intervention services taking
place on off-shore oil rigs because of adverse environmental conditions.
Regional
Insight
Region-wise, the global
well intervention market has been split into Asia Pacific (APAC), North
America, Europe, and the rest of the world (RoW).
North America has the
highest chance of gaining the largest share in the market and acquiring the top
position during the review period. Surge in onshore exploration, as well as
production activities with shale gas boom, has done wonders for the well
intervention market in the region. Also, in the Gulf of Mexico, there has been
a hike in the number of offshore oil and gas production activities which helps
the regional market grow at a fast pace. High concentration of esteemed vendors
in the United States (U.S.), including Baker Hughes Incorporated, Halliburton
Co., Schlumberger Limited, Basic Energy Services, Inc., and others, stimulates
market growth in North America.
APAC is another prominent
region making waves in the global well intervention market, thanks to the
gradually rising exploration and production activities due to advancing energy
demand. These activities have mostly
increased in number in developing countries like India, China, and Indonesia.
Besides, the aging infrastructure of wells coupled with the requirement for
higher production is working in favor of the regional market.
MEA is exhibiting fast-paced
growth in the global well intervention market, backed by increasing oil
production in Angola, Nigeria, Egypt, and Algeria.
Top
Players
Some of the top-performing
players in the worldwide well intervention market included in the MRFR report
are Basic Energy Services, Inc. (U.S.), Superior Energy Services, Inc. (U.S.),
Baker Hughes Incorporated (U.S.), TechnipFMC plc. (U.K.), GE Oil & Gas
(U.K.), Weatherford International Plc. (Switzerland), Halliburton Company
(U.S.), Trican Well Service Ltd. (Canada), Archer Limited (U.K.), Schlumberger
Limited (U.S.), to mention a few.
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Market Research Future (MRFR), we enable our customers to unravel the complexity
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