PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1284104
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1284104
Subsea Well Intervention Market Forecasts to 2028 - Global Analysis By Intervention Type, Services, Application and By Geography
According to Stratistics MRC, the Global Subsea Well Intervention Market is accounted for $6.15 billion in 2022 and is expected to reach $23.42 billion by 2028 growing at a CAGR of 24.9% during the forecast period. Subsea intervention, also known as platform well intervention, is the practise of interfering in a well to repair it and/or boost production so that profitable operations may continue. Pumping is a sort of subsea intervention in which fluid chemicals are pumped into wells to stimulate oil production or clean up by products of extraction. Another sort of intervention is the workover. Sometimes so many components of an oil or gas well must be replaced at the same time that the entire operation, or a large portion of it, must be replaced.
According to IBEF(India Brand Equity Foundation), in India, the oil demand is projected to reach 11 million barrels per day by 2025, and consumption of natural gas is expected to grow by 25 billion cubic meters, registering an average annual growth rate of 9% until 2024.
Market Dynamics:
Driver:
Increasing discoveries in oil & gas industry
The growing number of oil and gas finds in oilfield reserves, combined with major technological improvements to increase the production output from oil wells, would fuel the expansion of the subsea well intervention market. With the increasing number of significant discoveries in many countries, it is expected that oil prices will rise in the future years. This would make it easier for oil field operators, gas production corporations, and independent exploration firms to invest in oil and gas finds and exploratory activities.
Restraint:
Strict regulations
Strict government regulations on E&P activities are the main market restraints. In the long and short term, the oil and gas drilling sectors are seen as critical components of the global economy. With the petroleum act, there are many normative regulations for well intervention and subsea operations. Countries are enacting stringent measures to protect air quality. The majority of countries have stringent laws in place that oversee oil exploration and production. The Environmental Protection and Enhancement Act, for example, was enacted in Alberta to support and promote environmental protection.
Opportunity:
Surging initiatives to increase production from aging wells
Growing endeavours to incorporate efficient production processes and adaptability to advanced equipment for boosting the output produced from existing old and mature wells are expected to propel market expansion in the coming years. Well intervention techniques are an essential aspect of effective oil and gas well planning, exploration, and production. It would thereby extend the life of production tubing, minimise hazards, enhance output, and run more efficiently.
Threat:
Availability of alternatives
The market is hampered by the shift towards alternate renewable energy sources. Adoption of renewable energy sources is critically needed, despite the fact that it may be difficult. As a result, it is more of a market constraint that will persist. Renewable energy is expected to account for about 49% of worldwide electricity supply by 2050, according to figures from the Energy Information Administration (EIA).
COVID-19 Impact:
The global subsea well interventions market has been badly damaged by the COVID-19 outbreak. Containment measures and economic disruption caused by the COVID-19 pandemic have resulted in a global slowdown in output and transportation, as well as a considerable decline in global oil demand. In response to these issues, there has been a fall in demand for fossil fuel projects, and with the commencement of the COVID-19 pandemic, firms have begun shelving new projects and permanently shutting down high-cost operations in response to the oil price collapse.
The light intervention type segment is expected to be the largest during the forecast period
The light intervention type segment is estimated to have a lucrative growth because of the advantages of light well intervention, such as reduced intervention time and cost of intervention services. In comparison to the other segments, it is thought to be a more cost-effective solution. Furthermore, the rapid expansion of mature oilfields around the world increases the need for well intervention to boost well production, which is expected to fuel market growth during the analysed time frame.
The wireline cased well intervention services segment is expected to have the highest CAGR during the forecast period
The wireline cased well intervention services segment is anticipated to witness the highest CAGR growth during the forecast period. Wireline cased well intervention services are commonly utilised in the oil and gas industry for reservoir evaluation, pipe recovery practises, and intervention operations. Increasing ongoing drilling and completion activities of wells is one of the primary factors driving market growth. Furthermore, due to increased deepwater and shallow water drilling activities, as well as favourable government policies for offshore oil and gas exploration, the wireline cased well intervention segment is expected to dominate the market during the forecast period.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period as it is attributed to other nations' investments in discovering new offshore hydrocarbon deposits, as well as the rising scenario of maturing wells in India and China. Furthermore, according to the International Trade Administration, India has become the world's largest integrated refinery and petrochemical facility by developing the West Coast Refinery Project (WCRP). As a result of increased demand and government programmes, the global subsea well intervention market is expanding.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, for example, in April 2019, Shell discovered oil at the Blacktip oilfield in the Gulf of Mexico. Furthermore, the Mexican government is attempting to increase private investment in areas of the Gulf of Mexico under its control. From this deepwater location, it produced nearly 900,000 barrels per day (BPD). The growing discoveries would increase the demand for subsea well intervention in North America.
Key players in the market:
Some of the key players profiled in the Subsea Well Intervention Market includeWild Well Control, Axis Well Technology, Odfjell Drilling group, Archer Ltd., Schlumberger, NexTier Oilfield Services Inc., Oceaneering International, Expro Group, Altus Intervention, Weatherford International, Pioneer Energy Services and Key Energy Services.
Key Developments:
In July 2021, Altus Intervention AS has secured a 5 years contract with the NCS operator for the integrated delivery of well intervention technology and services. The expected contract value for the contract period is NOK 600 million. The contract includes the delivery of Cased Hole Logging, Powered Tractor Services, and Fiber Optic Logging together with Altus' alliance partners.
In March 2021, Expro and FTAI Ocean LLC, a subsidiary of Fortress Transportation and Infrastructure Investors LLC, formed an alliance for the supply of well intervention vessels to provide full light well intervention services to the subsea oil and gas sector.
Intervention Types Covered:
- Heavy Intervention
- Medium Intervention
- Light Intervention
Services Covered:
- Fishing Well Intervention Services
- Coiled Tubing Well Intervention
- Wireline Cased Well Intervention
- Subsea Landing String Well Intervention Services
Applications Covered:
- Onshore
- Offshore
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Subsea Well Intervention Market, By Intervention Type
- 5.1 Introduction
- 5.2 Heavy Intervention
- 5.3 Medium Intervention
- 5.4 Light Intervention
6 Global Subsea Well Intervention Market, By Services
- 6.1 Introduction
- 6.2 Fishing Well Intervention Services
- 6.3 Coiled Tubing Well Intervention
- 6.4 Wireline Cased Well Intervention
- 6.5 Subsea Landing String Well Intervention Services
7 Global Subsea Well Intervention Market, By Application
- 7.1 Introduction
- 7.2 Onshore
- 7.3 Offshore
8 Global Subsea Well Intervention Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Wild Well Control
- 10.2 Axis Well Technology
- 10.3 Odfjell Drilling group
- 10.4 Archer Ltd.
- 10.5 Schlumberger
- 10.6 NexTier Oilfield Services Inc.
- 10.7 Oceaneering International
- 10.8 Expro Group
- 10.9 Altus Intervention
- 10.10 Weatherford International
- 10.11 Pioneer Energy Services
- 10.12 Key Energy Services
List of Tables
- Table 1 Global Subsea Well Intervention Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Subsea Well Intervention Market Outlook, By Intervention Type (2020-2028) ($MN)
- Table 3 Global Subsea Well Intervention Market Outlook, By Heavy Intervention (2020-2028) ($MN)
- Table 4 Global Subsea Well Intervention Market Outlook, By Medium Intervention (2020-2028) ($MN)
- Table 5 Global Subsea Well Intervention Market Outlook, By Light Intervention (2020-2028) ($MN)
- Table 6 Global Subsea Well Intervention Market Outlook, By Services (2020-2028) ($MN)
- Table 7 Global Subsea Well Intervention Market Outlook, By Fishing Well Intervention Services (2020-2028) ($MN)
- Table 8 Global Subsea Well Intervention Market Outlook, By Coiled Tubing Well Intervention (2020-2028) ($MN)
- Table 9 Global Subsea Well Intervention Market Outlook, By Wireline Cased Well Intervention (2020-2028) ($MN)
- Table 10 Global Subsea Well Intervention Market Outlook, By Subsea Landing String Well Intervention Services (2020-2028) ($MN)
- Table 11 Global Subsea Well Intervention Market Outlook, By Application (2020-2028) ($MN)
- Table 12 Global Subsea Well Intervention Market Outlook, By Onshore (2020-2028) ($MN)
- Table 13 Global Subsea Well Intervention Market Outlook, By Offshore (2020-2028) ($MN)
- Table 14 North America Subsea Well Intervention Market Outlook, By Country (2020-2028) ($MN)
- Table 15 North America Subsea Well Intervention Market Outlook, By Intervention Type (2020-2028) ($MN)
- Table 16 North America Subsea Well Intervention Market Outlook, By Heavy Intervention (2020-2028) ($MN)
- Table 17 North America Subsea Well Intervention Market Outlook, By Medium Intervention (2020-2028) ($MN)
- Table 18 North America Subsea Well Intervention Market Outlook, By Light Intervention (2020-2028) ($MN)
- Table 19 North America Subsea Well Intervention Market Outlook, By Services (2020-2028) ($MN)
- Table 20 North America Subsea Well Intervention Market Outlook, By Fishing Well Intervention Services (2020-2028) ($MN)
- Table 21 North America Subsea Well Intervention Market Outlook, By Coiled Tubing Well Intervention (2020-2028) ($MN)
- Table 22 North America Subsea Well Intervention Market Outlook, By Wireline Cased Well Intervention (2020-2028) ($MN)
- Table 23 North America Subsea Well Intervention Market Outlook, By Subsea Landing String Well Intervention Services (2020-2028) ($MN)
- Table 24 North America Subsea Well Intervention Market Outlook, By Application (2020-2028) ($MN)
- Table 25 North America Subsea Well Intervention Market Outlook, By Onshore (2020-2028) ($MN)
- Table 26 North America Subsea Well Intervention Market Outlook, By Offshore (2020-2028) ($MN)
- Table 27 Europe Subsea Well Intervention Market Outlook, By Country (2020-2028) ($MN)
- Table 28 Europe Subsea Well Intervention Market Outlook, By Intervention Type (2020-2028) ($MN)
- Table 29 Europe Subsea Well Intervention Market Outlook, By Heavy Intervention (2020-2028) ($MN)
- Table 30 Europe Subsea Well Intervention Market Outlook, By Medium Intervention (2020-2028) ($MN)
- Table 31 Europe Subsea Well Intervention Market Outlook, By Light Intervention (2020-2028) ($MN)
- Table 32 Europe Subsea Well Intervention Market Outlook, By Services (2020-2028) ($MN)
- Table 33 Europe Subsea Well Intervention Market Outlook, By Fishing Well Intervention Services (2020-2028) ($MN)
- Table 34 Europe Subsea Well Intervention Market Outlook, By Coiled Tubing Well Intervention (2020-2028) ($MN)
- Table 35 Europe Subsea Well Intervention Market Outlook, By Wireline Cased Well Intervention (2020-2028) ($MN)
- Table 36 Europe Subsea Well Intervention Market Outlook, By Subsea Landing String Well Intervention Services (2020-2028) ($MN)
- Table 37 Europe Subsea Well Intervention Market Outlook, By Application (2020-2028) ($MN)
- Table 38 Europe Subsea Well Intervention Market Outlook, By Onshore (2020-2028) ($MN)
- Table 39 Europe Subsea Well Intervention Market Outlook, By Offshore (2020-2028) ($MN)
- Table 40 Asia Pacific Subsea Well Intervention Market Outlook, By Country (2020-2028) ($MN)
- Table 41 Asia Pacific Subsea Well Intervention Market Outlook, By Intervention Type (2020-2028) ($MN)
- Table 42 Asia Pacific Subsea Well Intervention Market Outlook, By Heavy Intervention (2020-2028) ($MN)
- Table 43 Asia Pacific Subsea Well Intervention Market Outlook, By Medium Intervention (2020-2028) ($MN)
- Table 44 Asia Pacific Subsea Well Intervention Market Outlook, By Light Intervention (2020-2028) ($MN)
- Table 45 Asia Pacific Subsea Well Intervention Market Outlook, By Services (2020-2028) ($MN)
- Table 46 Asia Pacific Subsea Well Intervention Market Outlook, By Fishing Well Intervention Services (2020-2028) ($MN)
- Table 47 Asia Pacific Subsea Well Intervention Market Outlook, By Coiled Tubing Well Intervention (2020-2028) ($MN)
- Table 48 Asia Pacific Subsea Well Intervention Market Outlook, By Wireline Cased Well Intervention (2020-2028) ($MN)
- Table 49 Asia Pacific Subsea Well Intervention Market Outlook, By Subsea Landing String Well Intervention Services (2020-2028) ($MN)
- Table 50 Asia Pacific Subsea Well Intervention Market Outlook, By Application (2020-2028) ($MN)
- Table 51 Asia Pacific Subsea Well Intervention Market Outlook, By Onshore (2020-2028) ($MN)
- Table 52 Asia Pacific Subsea Well Intervention Market Outlook, By Offshore (2020-2028) ($MN)
- Table 53 South America Subsea Well Intervention Market Outlook, By Country (2020-2028) ($MN)
- Table 54 South America Subsea Well Intervention Market Outlook, By Intervention Type (2020-2028) ($MN)
- Table 55 South America Subsea Well Intervention Market Outlook, By Heavy Intervention (2020-2028) ($MN)
- Table 56 South America Subsea Well Intervention Market Outlook, By Medium Intervention (2020-2028) ($MN)
- Table 57 South America Subsea Well Intervention Market Outlook, By Light Intervention (2020-2028) ($MN)
- Table 58 South America Subsea Well Intervention Market Outlook, By Services (2020-2028) ($MN)
- Table 59 South America Subsea Well Intervention Market Outlook, By Fishing Well Intervention Services (2020-2028) ($MN)
- Table 60 South America Subsea Well Intervention Market Outlook, By Coiled Tubing Well Intervention (2020-2028) ($MN)
- Table 61 South America Subsea Well Intervention Market Outlook, By Wireline Cased Well Intervention (2020-2028) ($MN)
- Table 62 South America Subsea Well Intervention Market Outlook, By Subsea Landing String Well Intervention Services (2020-2028) ($MN)
- Table 63 South America Subsea Well Intervention Market Outlook, By Application (2020-2028) ($MN)
- Table 64 South America Subsea Well Intervention Market Outlook, By Onshore (2020-2028) ($MN)
- Table 65 South America Subsea Well Intervention Market Outlook, By Offshore (2020-2028) ($MN)
- Table 66 Middle East & Africa Subsea Well Intervention Market Outlook, By Country (2020-2028) ($MN)
- Table 67 Middle East & Africa Subsea Well Intervention Market Outlook, By Intervention Type (2020-2028) ($MN)
- Table 68 Middle East & Africa Subsea Well Intervention Market Outlook, By Heavy Intervention (2020-2028) ($MN)
- Table 69 Middle East & Africa Subsea Well Intervention Market Outlook, By Medium Intervention (2020-2028) ($MN)
- Table 70 Middle East & Africa Subsea Well Intervention Market Outlook, By Light Intervention (2020-2028) ($MN)
- Table 71 Middle East & Africa Subsea Well Intervention Market Outlook, By Services (2020-2028) ($MN)
- Table 72 Middle East & Africa Subsea Well Intervention Market Outlook, By Fishing Well Intervention Services (2020-2028) ($MN)
- Table 73 Middle East & Africa Subsea Well Intervention Market Outlook, By Coiled Tubing Well Intervention (2020-2028) ($MN)
- Table 74 Middle East & Africa Subsea Well Intervention Market Outlook, By Wireline Cased Well Intervention (2020-2028) ($MN)
- Table 75 Middle East & Africa Subsea Well Intervention Market Outlook, By Subsea Landing String Well Intervention Services (2020-2028) ($MN)
- Table 76 Middle East & Africa Subsea Well Intervention Market Outlook, By Application (2020-2028) ($MN)
- Table 77 Middle East & Africa Subsea Well Intervention Market Outlook, By Onshore (2020-2028) ($MN)
- Table 78 Middle East & Africa Subsea Well Intervention Market Outlook, By Offshore (2020-2028) ($MN)
