The well intervention market size will grow to USD 8.8 billion by 2025 (forecasted year) from USD 7.1 billion in 2020 (estimated year), at a post COVID-19 CAGR of 4.5% during the forecast period. The rising number of mature fields in Europe and the Middle East, along with rising primary energy demand from the Asia Pacific are the driving factors for the well intervention market, globally. The well intervention activities are fundamental requirements while well completion, production, and well abandonment, which creates opportunities for growth of the market.
The light intervention segment is expected to dominate the well intervention market, by intervention type, during the forecast period.
Light well intervention is carried out using wireline, slickline, or coiled tubing units. These are generally done to service the downhole equipment such as pumps or valves and to gather bottom-hole temperature, flow, and pressure data. The increasing capital expenditure trend from upstream operators to optimize the production of oil & gas from the existing wells is the driving force for the light intervention market during the forecast period.
The stimulation segment is expected to be the fastest growing well intervention market, by service, during the forecast period.
The stimulation segment, by service, well intervention market is estimated to grow at the fastest rate during the forecast period. This is mainly because of the continuous demand for stimulation services from new shale development activities in North America. Moreover, the process of well stimulation addresses the major challenge of wax formation in the producing wells. There are two types of remedial stimulation methods, hydraulic fracturing, and matrix treatments. The demand for hydraulic fracturing is robust worldwide, with high growth from North, South, and Central America, making them lucrative markets. Such factors propel the growth of stimulation operations in the well intervention market.
North America likely to emerge as the largest well intervention market
In this report, the well intervention market has been analyzed for six regions, namely, North America, South & Central America, Europe, Asia Pacific, Middle East, and Africa. According to the IEA, the US is determined to become the net exporter of energy by 2020 and to fulfill this objective; the oil production is being increased across the nation. Moreover, the US is the top explorer and producer of shale oil and gas. The old oil & gas fields in the Permian Basin and Bakken Ford require the intervention operations to enhance the productivity of the wells. Thus, North America dominated the well intervention market during the forecasted period.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the well intervention market.
Some of the key players are Schlumberger (US), Halliburton (US), NOV (US), Weatherford (Switzerland), and Baker Hughes Company (US). The leading players are adopting various strategies to increase their share in the well intervention market.
This report is now available on ASDReports!
Source: ASDReports - Market Research
Date: Jul 24, 2020