Well Intervention Market Size to Grow at 3.5% CAGR by 2023
Market Analysis/Dynamics
The Well Intervention Market Size
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 Size.
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 size 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 Size based on applications and
services.
By services, the global Well
Intervention Market Size 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 Size 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 Size growth in the region.
In the APAC region, the Well
Intervention Market Size 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 Size 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 Size growth in the region.
In the Rest of the World, the Well
Intervention Market Size 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 Size growth
in the region.
Competitive Landscape
Key
contenders profiled in the global Well Intervention Market Size 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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