Market research future published a raw research report on Global Well intervention Market that contains the information from 2017 to 2023. The Well intervention Market is expected to grow with the CAGR of approximately 3.5% from 2017 to 2023.
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.
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Industry Highlights
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 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.
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.
Segmental
Analysis
The
global well intervention 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 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.
Scope of the Report
This research report has provided the insights, on
various levels of analyses such industry analysis, market share analysis
leading market players and their profiles. This report also helps in studying
the target segments by providing views on emerging & high-growth segments
and market conclusion. Together the market data comprise and discuss with the
basic assessments on the competitive scenarios & strategies, of the global
well intervention market, including the high-growth regions, countries and
their political, economic and technological environments. Furthermore, the
project report also provides the views over the historical market values as
well as, pricing and cost analysis of the same.
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