Well Intervention Market Share to Grow at 3.5% CAGR by 2023
Market Analysis/Dynamics
The Well Intervention Market share will
grow at a 3.5% CAGR between the forecast period 2017- 2023, states the recent
Market Research Future (MRFR) analysis. Well intervention, simply put, is the
operation performed on gas or oil well during or towards the end of the
production life, which improves the efficiency of well geometry by repair,
replacement, or maintenance of the equipment.
Various factors are propelling the
global Well Intervention Market Share. According to the recent MRFR report,
such factors include the growing number of matured oil and gas fields,
increasing need for refined petroleum products, rapid industrialization and
urbanization across emerging economies, aging oilfields, lower exploration rate
of newer fields, enhanced oil recovery, and increasing need for logging
services for change in geological substructure of wells. Additional factors
adding market growth include superior energy services, increasing investments
for technological advances to improve the efficiency, increasing subsea
production, on-going government focus towards the development of aging fields,
and favorable government taxation schemes.
On the contrary, volatile crude oil
costs, geopolitical uncertainty, and the negative impact on the oil and gas
sector during the COVID-19 pandemic may limit the global well
intervention market share growth over the
forecast period.
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Market
Segmentation
The MRFR report highlights an
inclusive segmental analysis of the global Well Intervention Market Share based on applications and
services.
By services, the global Well
Intervention Market Share is segmented into re-perforation, artificial lift,
stimulation, logging and bottom hole survey, and others. Of these, the logging
and bottom hole survey segment will lead the market over the forecast
period.
By applications, the global Well
Intervention Market Share is segmented into off-shore and on-shore. Of these,
the offshore segment will dominate the market over the forecast period for its
increasing demand in offshore oil rigs for harsh environmental
conditions.
Regional Analysis
By region, the Well Intervention
Market Size covers the growth opportunity and recent trends across Europe,
North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of
these, North America will spearhead the market over the forecast period. Growth
in unconventional resources in
Canada and the US, demand for
intervention operations in mature offshore fields in the Gulf of Mexico, rising
number of discoveries in the oil and gas industry, increasing discoveries, and
huge potential for exploring oil fields are adding to the global Well
Intervention Market Share growth in the
region.
In the APAC region, the Well
Intervention Market Share is predicted to have healthy growth over the forecast
period. Increased use of well intervention services in the natural gas and oil
sector, increased aged wells, and increasing capital expenditure are adding to
the global Well Intervention Market
Share growth in the region.
In Europe, the Well Intervention
Market Size is predicted to have sound growth over the forecast period.
Investments to explore new offshore hydrocarbons reserves and streamlined
operations are adding to the global Well Intervention Market Share growth in
the region.
In the Rest of the World, the Well
Intervention Market Share is predicted to have steady growth over the forecast
period. An increase in the productivity of oil wells and an improvement in the
performance of such wells are adding to the global Well Intervention Market Share
growth in the region.
Competitive Landscape
Key
contenders profiled in the global Well Intervention Market Share report include Basic Energy Services,
Inc. (U.S.), Superior Energy Services, Inc. (U.S.), Trican Well Service Ltd. (Canada),
Archer Limited (U.K.), Weatherford International Plc. (Switzerland), Baker
Hughes Incorporated (U.S.), TechnipFMC plc. (U.K.), Schlumberger Limited
(U.S.), Halliburton Company (U.S.), and GE Oil & Gas (U.K.), among
others.
Browse Complete Report - https://www.marketresearchfuture.com/reports/well-intervention-market-2810
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