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).
Global Well Intervention 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.
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.
Browse
Full Well Intervention Market Report at: https://www.marketresearchfuture.com/reports/well-intervention-market-2810
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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