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Global Well Intervention Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ X15.4 Bn by 2028, Likely to Grow with the CAGR of of 5.8% During the Forecast Period.
Growth in well intervention market is expected due to rise in efforts by various companies to improve the production from the mature fields. These technologies are widely used for performing various activities such as tasks related to oil and gas to increase the production span. Apart from this, well intervention helps in optimization of performance and also provides an access to hydrocarbon reserves. High demand of intervention is required in oil and gas industry owing to various factors such as flow restrictions, high sand production and mechanical failure.
High energy demand also plays an important role driving the growth of the market. In addition to this, emergence of oil fields also contribute to the growth of the market. In addition to this, increasing demand for well intervention in subsea is expected to boost the opportunities across the globe.
By Service, The Logging & Bottom hole Survey Segment Is Expected To Witness High Demand
Logging tools are used to detect electrical, radioactive, acoustic and electromagnetic properties of the subsurface formations. It is performed during various phases such as drilling, producing, and at abandonment. This further helps in identifying the condition of a well. Logging and bottomhole survey has gained traction in last few years with high production of resources.
By Application, The Offshore Segment Is Expected To Witness A CAGR Of XX % During Forecast Period
The offshore segment is expected to witness a CAGR of X% during the forecast period. The offshore segment is categorized on well depth as shallow, ultra-deepwater and deepwater . The ultra-deepwater segment is expected to witness high growth. In addition to this, discoveries related to oilfield in ultra-deep water and deep-water are expected to increase the operations, especially in Africa and North America, due to various drilling projects and planned exploration for years to come. Such developments in the offshore are expected to drive the market.
North America Is The Leading Region With Maximum Share During The Forecast Period
North America accounted for a significant share of XX% in 2019 and is expected to remain dominant during the forecast period. Growing emergence of low-pressure oil wells along with increase in energy consumption will boost the growth of the market. Increasing number of matured oil fields along with high focus towards shale reserves will boost the market. Moreover, high demand for intervention operations in the offshore fields in the Gulf of Mexico and other regions in the US is expected to drive market growth.
The major players in the global well intervention market are Weatherford, Schlumberger, Halliburton, Superior Energy Services, Inc., Archer, Altus Intervention, Expro Group, and Welltec. Digitization of the operations related to intervention and various discoveries offer lucrative opportunities for the key players.
- In June 2019, BHGE expanded its facility in Angola to manufacture, service and repair equipment and technologies. This facility would help provide quicker response and mobilization to customer sites.
Well Intervention Market Segmentation
Well Intervention Market By Service Type
- Logging & Bottomhole survey
- Tubing/Packer failure & repair
- Sand Control
- Zonal Isolation
- Artificial Lift
Well Intervention Market By Intervention Type
Well Intervention Market By Application Type
- Shallow Water
- Ultra-deep Water
Well Intervention Market By Well Type
Well Intervention Market By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa