The global well intervention market accounted for a value of USD 6.5 billion in 2019 and is projected to register growth at a CAGR of 4.0% during forecast period.
COVID-19 has impacted the well intervention market as it has significantly impacted the oil & gas industry. Many companies have to shut their services and assets due to lockdown. Many projects have been suspended or postponed due to pandemic. The crude oil prices have been impacted due to corona virus. The supply chain of oil & gas is also disrupted due to travel restrictions. The market will see decline during forecast period due to COVID-19.
For more details, visit: Global Well Intervention Market By Intervention Type (Light, Medium, Others), By Application (Onshore & Offshore), By Services (Stimulation, Fishing, Others), By Well Type (Horizontal & Vertical), By Region, Forecast & Opportunities to 2026
The demand for oil & gas is increasing in various countries and this makes companies to increase the production. Many companies are enhancing the production from maturing oil & gas fields. The demand for extending life of mature fields is increasing which also increases the natural production levels. This drives growth in well intervention market during forecast period.
On the basis of service, the well intervention market is segmented into re-perforation, fishing, artificial lift, zonal isolation, sand control, logging & bottomhole survey, tubing/packer failure & repair, stimulation and others. The logging & bottomhole survey segment is estimated to dominate the market during forecast period. Logging tools are used to measure various properties of well’s surface formations such as electrical, radioactive and electromagnetic properties. The logging & bottomhole helps in identifying the actual condition of a well and it helps in increasing production of unconventional resources. The demand and adoption of logging and bottomhole survey services is increasing around the globe and this drive growth in logging and bottomhole survey segment during forecast period.
On the basis of application, the well intervention market is segmented into onshore and offshore. The offshore segments is estimated to be fastest growing market during forecast period. The drilling operations are increasing in various regions such as Africa and North America due to new oilfield discoveries in offshore locations. There are various upcoming and planned explorations to be started in coming years in offshore locations. The offshore segment is sub-segmented into ultra-deepwater, deep-water and shallow water. The developments in offshore segment are increasing and this drives growth in offshore segment during forecast period.
On the basis of well type, the well intervention market is segmented into vertical well and horizontal well. The horizontal well segment is estimated to dominate the market during forecast period. Booming shale production requires hydraulic fracturing which is offered by horizontal well. Horizontal helps in focusing on improving primary production. It also helps in developing oilfield by reducing number of wells. The adoption of horizontal wells is increasing by many companies around the world and this drives growth in horizontal well segment during forecast period.
North America region is estimated to hold largest market share during forecast period. The unconventional resources are increasing in this region especially in US and Canada. The demand for well intervention is increasing rapidly in this region. The intervention is increasing onshore and offshore fields in US. Many new projects and planned exploration projects are beginning in coming years in this region. This drives growth in North America region during forecast period.
The key market players in well intervention industry are Halliburton, Schlumberger, Baker Hughes Company, Weatherford, Nextier Oilfield, Superior Energy Services, Archer, Expro Group, Trican, Pioneer Energy Services, Basic Energy Services, Nine Energy Services, Key Energy Services, Oceaneering International, Step Energy Services, Well Tec, Altus Intervention and Oilserv.
- What are the expected industry trends over the next three to five years?
- Which of the well intervention type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?