Well Intervention Market to Grow at 3.5% CAGR by 2023 Well Intervention Market Eyeing Healthy Growth due to Rapid Urbanization North America to Spearhead Well Intervention Market
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 growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global well intervention market based on applications and services.
By services, the global well intervention market 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 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.
By region, the well intervention market 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 growth in the region.
In the APAC region, the well intervention market 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 growth in the region.
In Europe, the well intervention market 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 growth in the region.
In the Rest of the World, the well intervention market 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 growth in the region.
Key contenders profiled in the global well intervention market 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.