Market Research Report
Well Intervention Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Well Intervention Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
Published: December 5, 2020
IMARC Services Private Limited
Content info: 138 Pages
Delivery time: 2-3 business days
The global well intervention market grew at a CAGR of around 5% during 2014-2019. Well intervention refers to a remedial operation performed on an oil or gas well to alter its state or geometry in order to increase or restore its production. It is generally performed via two methods, including light or heavy intervention. In a light intervention, technicians' lower tools or sensors into a live well to minimize potential well blockages. On the other hand, in a heavy intervention, the rig crew stops production at the formation before making significant equipment changes and removes the wellhead and other pressure barriers from the well to allow full access to the wellbore.
At present, the market is experiencing growth on account of the rising number of mature oil and gas fields, along with the escalating demand for refined petroleum products due to rapid urbanization and industrialization, especially in emerging economies. Apart from this, governments of various countries are implementing taxation schemes to focus on the development of oil and gas reserves, which is also strengthening the growth of the market. Furthermore, increasing investments in technological advancements to improve exploration and production activities is propelling the market growth. However, the sudden outbreak of the coronavirus disease (COVID-19) has negatively impacted the oil and gas industry across the globe. Consequently, several leading companies had to temporarily shut down their services due to the implementation of lockdowns in various countries to prevent the spread of the pandemic. The market is anticipated to experience growth once lockdown restrictions are uplifted in these economies. Looking forward, IMARC Group expects the global well intervention market to exhibit moderate growth during the next five years.