The Global Well Intervention market was valued at $ 7,369.5 million in 2020 and is anticipated to grow at a CAGR of 4.65% from 2021 to 2027. This growth is attributed to several macro and micro economic factors such as
- Increasing efforts for production enhancement from maturing oil & gas fields
The oil & gas extraction is one of the oldest business with several plants extracting for more than 25 years. In this type of oil field, drilling new wells do not provide a sustainable solution to increase the profitability of the oil field. This requires new and innovative techniques of well intervention to increase the profit and make the oil field more productive. This is expected to increase the demand for well intervention equipment and services during the next few years. Around 55% of the oil produced worldwide depends on the oil fields more than 20 years old. Thus, lack of new oil fields may lead to an increase in the productivity of mature oil fields to cater the continuously growing demand in the oil & gas sector. Further, most of the oil-rich areas have been covered and oil fields have been constructed onshore as well as offshore. Thus, its highly significant to use different well intervention techniques, which is expected to drive the well intervention market growth.
- Continuous shale developments
Shale gas has significant potential in terms of exploration and development. There are several concerns regarding the well integrity of shale gas development. These concerns relate to the potential for the unintended flow of fluid out of, or into, the well, between layers of rock or to the surface via the well. This increases the use of well intervention equipment and services in shale gas development. Shale gas production is expected to witness significant growth during the forecast period with one of the major extracting countries to be the US. Mentioned below is the Shale production in the US from 20017 to 2018, which is projected to increase considerably during the forecast period. This is expected to drive the well intervention market over the forecast period.
Further several factors restraining the market growth include
- Strict government regulations in the oil & gas sector
Collaborations and Alliances in the Well Intervention market is expected to generate higher avenues during the forecast period.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the Well Intervention market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
In terms of COVID 19 impact, the Well Intervention market report also includes following data points:
- Impact on Well Intervention market size
- Services Trend, Preferences and Budget Impact
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in Well Intervention market
Key Insight in the report:
The global Well Intervention market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.
Our report covers extensive competitive intelligence which include following data points:
- Business Overview
- Business Segment Data
- Financial Data
- Product Segment Analysis and Specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Well Intervention market is analyzed across below-mentioned different segments:
- Well Type
- Vertical Well
- Horizontal Well
- Intervention Type
- Light Intervention
- Medium Intervention
- Heavy Intervention
- Coiled Tubing
- Wireline Case Intervention
- Thru Tube Intervention
- Fishing Services
- Subsea Landing String Services
Well Intervention market is also analyzed across below-mentioned regions/countries:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
- South America
- Middle East & Africa
Some of the key players in of Well Intervention market include:
- Baker Hughes Company
- National Oilwell Varco, INC
- NexTier Oilfield Solutions Inc.
- Superior Energy Services
- Pioneer Energy Services Corp.
REPORT CONTENT BRIEF:
- High level analysis of the current and future market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Well Intervention market estimates for 2020 and forecast from 2021 to 2027
- Vendor market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations and partnerships as well as funding taken and investment done, among others.
- Suppliers and traders
- Government, associations, and industrial bodies
- Investors and trade experts
- Consulting Firms or Individual Consultant
- Anyone interested in understanding industry dynamic of Well Intervention market