Growing digitization in Well Intervention Market is expected to create opportunity in near future
According to the study published by Evolve Business Intelligence, The Global Well Intervention market was valued at $ 7,919.1 million in 2019 and is anticipated to grow at a CAGR of 4.65% from 2020 to 2027. Some of the major factors impacting the overall growth of the well intervention market include increasing efforts for production enhancement from maturing oil & gas fields and continuous shale developments. One of the factors hindering the growth of the market is strict government regulations in the oil & gas sector. However, the digitalization of intervention services is expected to register a significant opportunity to market.
Analyst's View
According to Evolve Business Intelligence “The COVID-19 pandemic had a positive impact on the well intervention market. Government officials enforced strict regulations, forcing industry players to encourage their workers to work from home. During the pandemic, the use of technology, such as advanced electronics and automated equipment, not only ensured the survival of companies but also increased job efficiency, encouraging the development of the well intervention market and the fluctuating supply and prices of raw materials had also affected the growth of the global well intervention market.”
Schlumberger to hold the highest market share in Well Intervention
The Well intervention market has witnessed several new additions to the number of players offering the product. Some of these players are Schlumberger, Baker Hughes, Halliburton Company, NOV, Weatherford International. Schlumberger collaboration with Milaha to establish stimulation vessel operation in Qatar. GeoFrame Energy will combine with Schlumberger’s subsurface and drilling expertise with Thermal Energy Partners in project development and risk mitigation.
The Well intervention market report published today includes market revenue generated through the sale of Intervention types such as light intervention, medium intervention, and heavy intervention. The report also includes the analysis of the market based on well types such as vertical well and horizontal well. the report also includes the analysis of the market based on applications such as onshore and offshore and the report also includes the analysis of the market based on Service include coiled tubing, slickline, wireline case intervention, thru tube intervention, fishing services, sidetracking, and subsea landing string services.
