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.
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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.
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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.
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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