November 6, 2019
— The well intervention market is anticipated to garner a CAGR of 3.5% during the forecast period (2017-2023), Market Research Future (MRFR) unveils in a detailed report. Well intervention is the operation which is being carried out during the life of an oil well. These operations are generally carried out to improve the production as well as for the maintenance of the well.
The growth of the well intervention market is driven by the increasing pressure on the oil field operators to increase the production of the hydrocarbons. The gradual depletion of the existing oil and gas natural reserves is leading to the increase in the use of well intervention services. The maturity of the existing oil and gas wells has increased the need for maintenance of oil wells to increase the productivity. The well intervention industry is important to both the equipment manufacturers and the service operators.
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Market Potential and Pitfalls
The global well intervention market is expanding at breakneck speed due to the surging demand for oil across the globe and constant depletion of oil reserves. Rapid industrialization and urbanization call for an increased demand for energy, which further supports the growth of the market in the foreseeable future. The augmenting production of oil and gas coupled with the regeneration of aging wells and fields are further encouraging the market growth. Well intervention services offer certain benefits like stimulation of well to make it ready for production by improving the hydrocarbon’s flow, cleaning up of the wells, monitoring the on-going operations in the wells, and offering annular seal to isolate specific sections of the well. These services are considered key components of oil and gas exploration and production procedure. These benefits offered by well intervention are likely to create growth opportunities for the market in the long run.
On the contrary, strict mandates and regulations for production and exploration of oil and natural gas are considered to impede the market growth. Moreover, the growing focus on renewable energy is likely to restrict the growth of the market across the globe.
Global Well Intervention Market: Segmental Analysis
The global Well Intervention Market is segmented on the basis of service and application.
Amongst all kinds of service, the well stimulation service is expected to grow the fastest. The growth of the well stimulation services can be attributed to the increase in demand for matrix treatments along with hydraulic fracturing. The production from wells is affected by skin formation, near the wellbore area and well stimulation services help restore and enhance the production.
Based on applications, the well intervention market can be segmented as onshore and offshore. The offshore well intervention segment is expected to grow the highest owing to the increasing E&P activities in the market. At the same time, the onshore well intervention application segment is gaining maturity. However, the revitalization of aging onshore wells, is expected to contribute to the growth of the onshore well intervention.
The key players of global well intervention market are GE Oil & Gas (U.K.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), TechnipFMC plc. (U.K.), Baker Hughes Incorporated (U.S.), Weatherford International plc. (Switzerland), Archer Limited (U.K.), Trican Well Service Ltd. (Canada), Superior Energy Services, Inc. (U.S.), Basic Energy Services, Inc. (U.S.) and Others.
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Geographically, the well intervention market spans across the Asia Pacific, North America, Europe, and Rest of the World (RoW).
Considering the global scenario, North America occupies the largest share in the well intervention market due to the ongoing shale gas revolution prevailing in the region. The regional market’s course is also directed by factors such as the increased production activities in this region. The surging production of crude oil, along with the increased production rate of natural gas is estimated to be primary growth factors for well intervention in the region.
The Asia Pacific is considered an emerging regional market in well intervention due to the surging use of intervention services in oil and shale services. The increased production and exploration activities due to increased demand for energy, especially from Indonesia, India, and China is further accelerating the growth of the market.
Also Read: https://www.marketwatch.com/press-release/well-intervention-market-2019-upcoming-strategies-top-manufacturers-growth-insights-dynamics-competitive-analysis-worldwide-overview-segmentation-and-forecast-till-2023-2019-11-04
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