Well Intervention Market - Overview
A well intervention or well work is any operation carried out on an oil or gas well during or at the end of its productive life. The intervention alters the state of the well or well geometry, provides well diagnostics, and manages the production of the well. It enables safe entry into a well with well control in order to carry out numerous tasks other than drilling. The history of well intervention dates back to the 1800s, when the technology was first developed to afford re-entry into wells as an alternative to drilling well control systems and rigs for delivery of non-drilling services.
Demand for well intervention services in offshore areas has been increasing due to rise in demand for crude oil and fuel, increase in preventive steps taken for aging wells, rise in the number of drill rigs, and decrease in productivity of various gas and oil wells.
Globally, more than 1,800 onshore rigs were estimated to exist in 2017. However, the number of offshore rigs was about 500 in 2017. Demand for well intervention services in offshore oil & gas wells is expected to rise at a higher pace during the forecast period as compared to that in onshore oil & gas wells. This is attributed to new discoveries in offshore area and rise in investments in exploration and production activities in the offshore oil & gas industry.
This report analyzes and forecasts the well intervention market at the global and regional level. The market has been forecast based on revenue (US$ Mn) from 2017 to 2026, considering 2017 as the base year. The study includes drivers and restraints of the global well intervention market. It also covers impact of these drivers and restraints on demand for well intervention during the forecast period. The report also highlights opportunities in the well intervention market at the global and regional level.
The report includes detailed value chain analysis, which provides a comprehensive view of the global well intervention market. Porter’s Five Forces model for the well intervention market has also been included to help understand the competitive landscape. The study encompasses market attractiveness analysis, wherein products and applications are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global well intervention market by segmenting it in terms of type, services, application, and region/country. In terms of type, the well intervention market has been classified into light well, heavy well, and medium well. Based on services, the well intervention market has been divided into coiled tubing, slickline, wireline case hole intervention, thru tubing intervention, fishing services, sidetracking, subsea landing string services, and others. In terms of application, the global well intervention market has been categorized into onshore and offshore. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for well intervention in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides the actual size of the well intervention market for 2017 and estimated size for 2018 with forecast for the next nine years. The global well intervention market has been provided in terms of revenue. Market numbers have been estimated based on type, services, and application of the well intervention market. Market revenue and size have been provided in terms of global, regional, and country level markets.
The report comprises profiles of major companies operating in the global well intervention market. Key players operating in the well intervention market include Schlumberger Limited, HELIX ESG, GE, Halliburton, Oceaneering International, Inc., Expro Group, Hunting Energy Services, National Oilwell Varco, Deepwell AS, and Weatherford International Plc. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
Key Takeaways
- In terms of services, the coiled tubing segment constitutes a major share of the well intervention market
- Light well type well intervention is widely used as compared to other types. Light well intervention accounts for approximately 49% share of the market.
- Market share of the onshore well intervention systems segment is estimated to decline in the next few years due to a strong focus on offshore oil & gas assets
- North America holds a significant share of the market. This trend is projected to continue during the forecast period.
