Market Research Report
Well Intervention - Global Market Outlook (2017-2026)
|Well Intervention - Global Market Outlook (2017-2026)|
Published: February 1, 2019
Stratistics Market Research Consulting
Content info: 191 Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Well Intervention Market is accounted for $7.41 billion in 2017 and is expected to reach $13.94 billion by 2026 growing at a CAGR of 7.3% during the forecast period. Some of the key factors influencing the market growth include enlarge in global energy demand, upsurge in oil & gas production, rising penetration of matured fields and increasing government focus toward development of aging fields. However, strict government regulations on E&P activities are restricting the market growth.
Well interventions are utilized to avoid unexpected problems in oil and gas wells, clean and confiscate debris before completion, safely hang production during storms or planned maintenance, conduct remediation and stimulation to revive production, sidetrack existing wells to reach new targets, and carry out safe and effective plug and desertion at the end of the well's economic life.
Among Application, Offshore segment is expected to grow at the significant market share during the forecast period. Offshore drilling is done under the ocean and includes pre-salt and deepwater drilling. Well interventions services for offshore drilling are provided during various amenities with deepwater mobile offshore drilling units, buoyant platforms, combined drilling & production facilities, and base founded drilling rigs. Offshore drilling is very costly due to the logistics involved and it requires a substantial amount of time as compared to onshore drilling methodology.
By Geography, North America was the leading market and is expected to grow at the considerable market share during the forecast period due to surge in crude oil production by an average growth and natural gas production. The US accounted for the majority share in North America. Factors such as quest for finding possible untapped oil and gas minerals, growing offshore drilling activities in the Gulf of Mexico, and shale boom, are expected to drive market growth over the forecast period.
Some of the key players in global Well Intervention market are Schlumberger Limited, Weatherford, C&J Energy Services, Inc., Halliburton, Archer, Baker Hughes, Oilserv, Superior Energy Services, Inc., Welltec, Expro Group, Trican, Altus Intervention, National Oilwell Varco, Odfjell Well Services, Axis Well Technology, Calfrac Well Services Ltd. and Cudd Energy Services.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.