The global well intervention market was valued at US$8,501.264 million in 2018 and is expected to witness a CAGR of 5.03% over the forecast period to grow to US$11,408.791 million in 2024.
Rising exploration and production activities are the major driver of well intervention market. The growing number of matured oil and gas fields is encouraging companies to invest heavily in new exploration activities which, in turn, is boosting the demand for these services across the sector.
Favorable government initiatives and policies to develop aging reserves along with technological advancements in production activities is further bolstering the growth of the market. However, fluctuating oil prices and shift towards renewable energy solutions are restraining the growth.
By application, the offshore segment is expected to hold significant market share due to increasing deepwater drilling and production activities. Geographically, North America accounted for the major market share in 2018 owing to rising E&P activities in the U.S., supported by government policies to boost the country’s oil production.
Drivers
- Rising exploration and production activities
- Technological advancement in production activities
Restraints
- Fluctuating oil prices
- The shift towards renewable energy sources
Industry Update
- In June 2019, Jadestone Energy announced that it has begun a riserless lightweight intervention campaign at Montara complex
- By May 2019, International oilfield services company, Expro expanded its subsea intervention capabilities, introducing two new well access solutions in addition to its established subsea landing string system technologies.
Segmentation
The Well Intervention Market has been analyzed through the following segments:
By Type
- Light
- Heavy
By Service
- Logging and Bottomhole Survey
- Coiled Tubing
- Sand Control
- Stimulation
- Others
By Application
- Onshore
- Offshore
By Geography
- North America
- USA
- Canada
- Mexico
South America
- Brazil
- Argentina
- Others
Europe
- Germany
- France
- United Kingdom
- Spain
- Others
Middle East and Africa
- Saudi Arabia
- Israel
- Others
Asia Pacific
- China
- Japan
- South Korea
- India
- Others
Table of Contents
Companies Mentioned
- Precision Drilling Corporation
- Halliburton
- Superior Energy Services Inc.
- General Electric
- Schlumberger Limited
- Weatherford
- TRICAN
- Hunting
- HELIX ESG
- Deepwell
- Oceaneering International, Inc.
Methodology
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