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Well Intervention Market By Service (Logging and Bottomhole Survey, Tubing/Packer Failure and Repair, Stimulation, Remedial Cementing, Fishing, Others) By Intervention Type (Light Intervention, Medium Intervention, Heavy Intervention) By Well Type (Horizontal Well, Vertical Well) - Growth, Future Prospects, Competitive Analysis And Forecast 2016 - 2028

About this report

The global Well Intervention Market report explores the critical analysis of the Well Intervention industry using key parameters. The report consists of investment strategies, the need for investments in the Well Intervention industry, and the multiple benefits for the investors. Importantly, this report sets out major changes in the global technical regulations for the Well Intervention industry and how economic and non-economic barriers are helping the Well Intervention market grow. Moreover, the report analyzes the global, regional, and country-level historic and forecasted market size. The report also provides a comprehensive analysis of key investment propositions, demand and supply gap, competitors positioning, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses such as porter's five forces analysis, PESTEL analysis, value chain analysis, etc.

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Key Highlights of the report

How are the major segments performing in the Well Intervention Market?

In 2021, the stimulation segment will be one of the leading segments by service. Stimulation is a service that enhances hydrocarbon flow from an oil or gas reservoir's drainage area into the wellbore. By creating new tracks and channels in formations to promote the smooth flow of oil and gas, this service aids in increasing production; hence, it is expected to grow faster during the forecast period.

Offshore application is expected to rise at the fastest rate during the projected period. Due to their planned exploration and drilling projects for the upcoming years, North America and Africa are likely to see a rise in drilling operations due to new oilfield finds in deep- and ultra-Deepwater offshore areas. Offshore advancements like these are driving the Well Intervention Market.

Which region dominated the Well Intervention Market?

North America's largest market contributed 77.7% of the total market revenue in 2021. Production of both natural gas and crude oil surged in the local market. Throughout the forecast period, the market expansion is anticipated to be fuelled by elements, including the search for possible untapped oil and gas reserves, rising offshore drilling activity in the Gulf of Mexico, and the shale boom.

What is the competitive environment of the Well Intervention Market?

The well intervention industry's competitive environment offers information on the total economic profit made by suppliers and businesses, the sales and revenues produced in this sector, the well intervention market share globally, the business organization overview, the introduction of new products, and the opportunities for the well intervention market. Major competitors are focused on well intervention innovation to gain competitive advantage. For instance, Baker Hughes, an American energy services company, introduced the MS-2 Annulus Seal, a novel subsea wellhead technology, in May 2022. According to the optimized technique, fewer rig visits result in significant operational rig cost savings, lowering the cost of well construction and intervention.

Executive Summary

What are the technological developments being developed in the Well Intervention Market?

The digitalization and automation of intervention services have improved due to technological breakthroughs. Innovations in the sector are constantly improving oil and gas reserve recovery. As an illustration, upstream operators now favor digital slickline techniques over traditional operations. The operators can get real-time downhole information thanks to digital wireline logging (e-line). This function lowers the expense of costly reruns and raises the success rate of difficult, prolonged runs.

Which are the key investments by the players in the Well Intervention Market?

Various investments are made throughout the market by key players. For instance, the signing of an agreement to buy Altus Intervention, a global facility with more than 40 years of industry experience in down-hole oil & gas technology and well intervention services, was announced by Baker Hughes in March 2022. Expro, a Houston, Texas-based energy services firm, announced the release of GaleaTM in November 2021, which it claims to be the first fully autonomous well intervention system in the world. According to the manufacturer, the product will increase output while lowering HSE risks, intervention expenses, and environmental impact. The i-Winch®, a sustainable ultra-low carbon well intervention, will be available in the market for CAPEX-constrained oilfield services in June 2021, according to an announcement by Paradigm, a Dutch upstream oil and gas technology and services firm.

Some of the major players in the market are Halliburton (US), Schlumberger (US), Baker Hughes (US), Weatherford International (US), NexTier Oilfield Solutions(US), Archer (Norway), Expro Group (UK), Trican Well Service (Canada), Pioneer Energy Services(US), Basic Energy Services (US), Nine Energy Services(US), Key Energy Services(US), Oceaneering International (US), Welltec (Denmark), and Altus Intervention (Norway) and others.  

What are the Major Driving Factors for the Well Intervention Market?

The development of new oilfields and rising energy consumption are anticipated to be major market growth drivers. Drilling activities are anticipated to be influenced by rising E&P to increase productivity in conventional oil and gas fields, particularly in Saudi Arabia, the U.S., Canada, China, and Russia. Huge untapped hydrocarbon reserves in both onshore and offshore basins and the industry's heavy reliance on different economies are projected to drive market expansion shortly. During the projected period, it is predicted that a high rate of deep sea and ultra-deep sea explorations, particularly in the North Sea, South China Sea, Gulf of Mexico, and the Persian Gulf, will drive well intervention demand.

What are the Major Risks for the Well Intervention Market?

Coal, oil, and natural gas are non-renewable energy sources with finite supplies that cannot use sustainably. Therefore, a significant shift in how renewable energy sources like solar, water, wind and other sources are used to produce electricity has been considered. The oil and gas sectors' stringent government rules for exploration and production activities further restrain the market for well intervention.

Which is the key application in the Well Intervention Market?

The offshore category is anticipated to increase the fastest during the projected period. Based on the depth of the well, the offshore sector is further divided into shallow, deep, and ultra-deep water. Compared to the deep-water segment, the ultra-deepwater segment is anticipated to increase at a quicker CAGR. In the end, this would open up new income opportunities for the well intervention market during the anticipated term. Additionally, due to their planned exploration and drilling projects for the upcoming years, North America and Africa are likely to increase their drilling operations due to new oilfield finds in deep-water and ultra-deepwater offshore areas. These offshore advancements drive the well intervention market.

How is the Well Intervention Market performing in regions?

North America, the largest market, provided 77.7% of the industry's overall revenue in 2021. Both natural gas and crude oil production increased in the neighborhood market. The quest for potential untapped oil and gas sources, increasing offshore drilling activities in the Gulf of Mexico, and the shale boom are all expected to fuel market expansion during the projection period.

The Middle East & Africa region's numerous continuing activities in significant oilfields like Khurais, Ghawar, Shaybah, and Safaniya are anticipated to be crucial to the expansion of the oil & gas business in the area. In Qatar, large-scale natural gas development and export projects for downstream industries that use it as a feedstock have taken place. The region's LNG market is anticipated to grow due to major projects from companies including Total, Shell, ExxonMobil, and ConocoPhillips. Over the next eight years, oil E&P in the region is anticipated to be driven by the application of cutting-edge techniques like enhanced oil recovery (EOR) for oil exploration activities in fields including Al-Shaheen, Bu Hanine, Dukhan, and Idd al-Shargi. Due to growing industrialization and the hospitality industry, there will likely be an increase in demand for gasoline, air conditioning, and other industrial cooling equipment.

What is the regulatory landscape for the Well Intervention Market?

New laws concerning greenhouse gas emissions, oil and gas operation performance criteria, and maintenance recommendations for certain stationary gas and diesel engines have been passed in both OECD and non-OECD nations. Due to multiple health and environmental concerns, including air and water contamination, New York and Maryland US states have banned hydraulic fracturing. In a month in 2014, Ohio reported 77 small earthquakes, most of which were brought on by

Segmentation of Global Well Intervention Market-

Global Well Intervention Market – By Service

  • Logging and Bottomhole Survey
  • Tubing/Packer Failure and Repair
  • Stimulation
  • Remedial Cementing
  • Zonal Isolation
  • Sand Control
  • Artificial Lift
  • Re-perforation
  • Fishing
  • Others

 Global Well Intervention Market – By Intervention Type

  • Light Intervention
  • Medium Intervention
  • Heavy Intervention

Global Well Intervention Market – By Well Type

  • Horizontal Well
  • Vertical Well

Global Well Intervention Market – By Application

  • Onshore
  • Offshore
  • Shallow Water
  • Deepwater
  • Ultra-deepwater

Global Well Intervention Market – By Region

  • North America
    • US.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

Frequently asked questions about the global well intervention market.

Well intervention activities were halted during the pandemic, affecting it negatively.

North America accounted for the highest global well intervention market share.

Maximising the production potential of oil fields is the major factor driving the market's growth.

The tubing segment had a major market revenue share in 2021.

The onshore segment had a major share in the global market in 2021.

Well Intervention Market Scope

Report Attribute Details
Market Value in 2021 USD XX billion
Market Value in 2028 USD XX billion
CAGR XX%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Godaddy
Published Date:  Oct 2022
Category:  Automation & Process Control
Report ID:   60754
Report Format:   PDF
Pages:   120
Rating:    4.6 (40)
Delivery Time: 24 Hours to 48 Hours   
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