Well intervention market worth USD 10.64 billion at 6.1%

Pune, India, December 23, 2021 (GLOBE NEWSWIRE) – The world good intervention market is expected to take advantage of growing energy demand and growing investment in the subsea oil and gas industry. This information is published by Fortune Business Insights ™ in a new report titled “Well Intervention Market Size, Share and COVID-19 Impact Analysis, By Type (Light Intervention, Medium Intervention, and Heavy Intervention), By Service (Downhole Recording and Investigation, Tube / Packer Failure and Repair , Stimulation, Corrective Cementing, Zonal Isolation, Sand Control, Artificial Elevator, Fishing, Reperforation, Others), by Application (Onshore and Offshore) and Regional Forecast, 2020-2027. The report further states that the well intervention market size was $ 8.43 billion in 2019 and is expected to reach $ 10.64 billion by 2027, with a CAGR of 6.1% during the forecast period.

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A list of all well intervention providers operating in the global market:

  • Schlumberger (Texas, United States)
  • Baker Hughes (Texas, United States)
  • Halliburton (Texas, United States)
  • Weatherford (Texas, United States)
  • National Oilwell Varco (Texas, United States)
  • HELIX ESG (Texas, United States)
  • Oceaneering International, Inc. (Texas, United States)
  • Expro Group (Reading, United Kingdom)
  • Hunting energy services (Texas, United States)
  • Deepwell AS (Avaldsnes, Norway)
  • Welltec (Municipality of Allerød, Denmark)
  • TechnipFMC (London, United Kingdom)
  • C&J Energy Services, Inc. (Texas, United States)
  • Superior Energy Services, Inc. (Texas, United States)
  • Altus Intervention (Stavanger, Rogaland)

Scope and segmentation of the report –

Cover of the report Details
Forecast period 2020-2027
Forecast period 2020 to 2027 CAGR 6.1%
2027 value projection $ 10.64 billion
Year of reference 2018
Market size in 2019 $ 8.43 billion
Historical data for 2015-2017
Number of pages 120
Covered segments A service; Application; Regional
Growth drivers Increase discoveries in the oil and gas industry to stimulate growth.
Growing initiatives to increase production from aging wells will propel growth.

Pitfalls and challenges

Increased focus on renewable energy and strict regulations to protect the environment to hamper growth

COVID-19: Closure of oil and gas companies around the world could hamper growth

The COVID-19 pandemic has forced several oil and gas companies to shut down their manufacturing facilities due to the full lockdown and social distancing measures. At the same time, the pandemic created the price war between Russia and Saudi Arabia. This has made it more difficult for companies to establish a flexible business model. Our trained analysts have developed an elaborate report to help you better understand the current market scenario. They implemented some vital methodologies to develop the best strategies to increase sales of well intervention systems.

To learn more about the short and long term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/well-intervention-market-100070

What does this report contain?

  • Develop data on market segments.
  • Historical, current and estimated market sizes.
  • Profiles of leading players and their crucial strategies.
  • In-depth analysis of growth drivers, dynamics and bottlenecks.

Conductors and constraints-

Increased number of oil and gas discoveries to increase growth

The number of oil and gas discoveries in oilfield reserves is increasing day by day. Together with this, ongoing technological advancements to increase production yields from oil wells would help the well intervention market grow in the years to come. According to our estimate, oil prices could increase significantly in the near future. This would help independent gas exploration and production companies invest significant sums in oil and gas exploration activities. However, nowadays companies are turning to renewable energy sources to generate electricity. This factor can hamper the demand for well intervention systems.

Segment-

The light interventions segment will hold the largest share thanks to profitability

On the basis of type, the light duty segment gained 59.9% in terms of well servicing market share in 2019. This growth is due to its cost effective nature. He is likely to hold the largest share over the next several years.

Regional analysis-

Increasing number of aging wells to drive growth in Asia-Pacific

Geographically, in 2019, North America generated $ 3.24 billion in revenue. The huge exploration potential of the oil fields, as well as the increasing number of oil and gas discoveries in the region would stimulate growth. In April 2019, for example, Shell successfully discovered oil on the Blacktip prospect. It is located in the deep waters of the American Gulf of Mexico.

Asia-Pacific, on the other hand, is expected to hold the second largest share, fueled by increased capital spending (CAPEX) from various countries to secure growing energy demand in the future. In addition, the growing number of old wells is expected to stimulate demand for well intervention systems in the region.

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Competitive landscape-

Major players focus on securing new orders to compete in the market

The market is fragmented with the presence of many organizations operating across the world. Most of them are trying to gain a competitive advantage by securing new orders to provide leading companies with their in-house well response systems. Below are two latest industry developments:

  • February 2020: Oceaneering International, Inc. has entered into a new contract with BP plc to provide Riserless Skylight (RLWI) response services in Blocks 18 and 31, Angola. These would support a multi-well campaign designed to include shaft changes, well stimulation and mechanical well interventions.
  • July 2019: TIOS awarded a new contract to Altus Intervention AS. This would allow the latter to offer wireline services through three light well intervention vessels, namely Island Wellserver, Island Frontier and Island Constructor.

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Contents

  • introduction
    • Scope of research
    • Market segmentation
    • Research methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
  • Key ideas
    • Main emerging trends – for the main countries
    • Latest technological advances
    • Regulatory landscape
    • SWOT Analysis of the Industry
    • Porters Five Forces Analysis
  • Qualitative analysis – Impact of COVID-19
    • Impact of COVID-19 on the well intervention market
    • Measures taken by the government to overcome the impact
    • Key developments by industry players in response to COVID-19
    • Opportunities and potential challenges due to the COVID-19 epidemic
  • Global Well Intervention Market Analysis (USD Billion), Outlook and Forecast, 2016-2027
    • Main conclusions / summary
    • Market Analysis, Information & Forecast – By Type
      • Light intervention
      • Medium intervention
      • Heavy intervention
    • Market Analysis, Information & Forecast – By Application
    • Market analysis, information and forecasts – by department
      • Logging and background survey
      • Failure and repair of tubes / packers
      • Stimulation
      • Corrective cementation
      • Zonal isolation
      • Sand control
      • Artificial ascent
      • Peach
      • Re-Perforation
      • Others
    • Market Analysis, Information & Forecast – By Region
      • North America
      • Latin America
      • Europe
      • Asia Pacific
      • Middle East and Africa
  • North America Well Intervention Market Analysis (USD Billion), Outlook and Forecast, 2016-2027
    • Main conclusions / summary
    • Market Analysis, Information & Forecast – By Type
      • Light intervention
      • Medium intervention
      • Heavy intervention

COT continues…!

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