Global Well Intervention Market worth 16.27 Billion USD by 2023
Continuous depletion of oil reserves coupled with increasing demand for oil all over the world, have created a huge potential for well intervention market. The factors boosting the well intervention market include upsurge in production of oil & gas, increase in global energy demand, and revitalization of aging wells. Availability of unexplored hydrocarbon rich reserves both in onshore and offshore basins along with the significant dependence of various economies in the industry is providing a fillip to the market. Moreover, increase in demand for energy globally subjected to rapid industrialization and urbanization will lead to high increased demand for well intervention. The demand for applications in the well intervention market will be increased through rise in deep water and ultra-deep water drilling activities. The growth of this industry is further influenced by the factors such as changes in reservoir conditions, excessive sand production, flow restrictions to oil in wells, mechanical failure, weight restrictions and limited space on platforms. According to a research report added by Decisiondatabases.com, the Global Well Intervention Market is expected to grow at a CAGR of 4.15 % from USD 12.26 Billion in 2016 and reach USD 16.27 Billion by 2023.
The well intervention include services such as coiled tubing, wireline, tractors, logging and bottom-hole survey, hydraulic workover, stimulation, zonal isolation, remedial cementing services and reperforations. Of these, coiled tubing, logging and bottom-hole survey is anticipated to influence the well intervention market due to the stimulation services showing highest growth rate. Stimulation is a service which helps to increase production by opening new tracks and channels in formations to enable smooth flow of oil and gas. Also logging & bottom hole survey service is used to monitor cementing, packer settings, perforations, radioactivity, corrosion, formation fluids, temperature survey, and plug settings. Well intervention operations can be applied in both the segments- onshore as well as offshore. Among these, offshore well intervention segment is expected to show the highest growth during the predicted period owing to the increasing E&P activities in the offshore environment.
North America leads the global well intervention industry in terms of market revenue in the year 2016. However, factors such as increasing offshore drilling activities in the Gulf of Mexico, and shale boom and quest for finding potential untapped oil and gas reserves are anticipated to boost the market growth. Africa will be one of the fastest growing well intervention market owing to the increased oil production in Nigeria. The ongoing operations in the Middle East & Africa region in major oilfields including Ghawar, Shaybah, Khurais and Safaniya are expected to play a significant role in oil & gas industry growth in the region. Qatar has observed large scale projects in natural gas development and exports for downstream industries that utilize it as a feedstock. The U.S. has raised the momentum of exploration and production driving the business. The industry in U.S. will be driven by the adoption of well intervention in shale and oil wells. In Mexico, the key factor which is boosting the well intervention market is introduction of riser less coiled tubing technique.
Some of the key players in the well intervention market include Halliburton, Baker Hughes, Schlumberger, Superior Energy, Weatherford, Aker Solutions, and Royal Dutch Shell.
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