Well Intervention Global Market Report 2024

Description

Well Intervention Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on well intervention market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for well intervention? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The well intervention market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Well Type: Horizontal Well; Vertical Well
2) By Intervention Type: Light Intervention; Medium Intervention; Heavy Intervention
3) By Service: Logging and Bottomhole Survey; Tubing or Packer Failure and Repair; Stimulation; Remedial Cementing; Zonal Isolation; Sand Control; Other Services
4) By Application: Onshore; Offshore
Companies Mentioned: Halliburton Company; Schlumberger Limited; Baker Hughes Company; Weatherford International PLC; NexTier Oilfield Solutions Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Well intervention is a comprehensive process involving a series of operations aimed at diagnosing, altering, and improving the overall health of a well. This encompasses various activities beyond drilling, such as pumping, tubing, and related processes. Well interventions prove particularly beneficial for aging oil wells experiencing reduced production.

The primary categories of well interventions include horizontal wells, vertical wells, light intervention, medium intervention, and heavy intervention. Horizontal wells involve drilling at an inclination of at least 80 degrees to enhance reservoir performance. The services associated with well intervention encompass logging and bottom hole survey, tubing or packer failure and repair, stimulation, remedial cementing, zonal isolation, sand control, artificial lift, re-perforation, fishing, and various other services, applicable to both onshore and offshore scenarios.

The well-intervention market research report is one of a series of new reports from The Business Research Company that provides well-intervention market statistics, including well-intervention industry global market size, regional shares, competitors with well-intervention market share, detailed well-intervention market segments, market trends and opportunities, and any further data you may need to thrive in the well-intervention industry. This well-intervention market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The well intervention market size has grown strongly in recent years. It will grow from $8.93 billion in 2023 to $9.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth observed in the historic period of well intervention can be attributed to various factors, including a focus on reservoir management and optimization, considerations of economic viability, efforts toward production enhancement, adherence to regulatory compliance, and the need for effective emergency response and well control. Additionally, the maturing state of oil and gas fields played a significant role in driving advancements and interventions in well operations during this period.

The well intervention market size is expected to see strong growth in the next few years. It will grow to $12.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period for well intervention is expected to be driven by factors such as the global energy transition, increased emphasis on environmental sustainability, expansion of offshore activities, effective reservoir pressure management, and the growth in unconventional resources. Additionally, major trends in the forecast period are expected to include the adoption of an integrated well services approach, advancements in intervention technologies, the implementation of asset integrity and maintenance programs, market consolidation, and partnerships, as well as a growing demand for real-time intervention data.

The rising global demand for energy is anticipated to drive the growth of the well-intervention market. Energy, defined as the capacity of a system to perform work, heavily relies on fossil fuels and petroleum products, which currently serve as the primary energy sources worldwide. The surge in energy demand consequently amplifies the need for petroleum products, thereby stimulating the well-intervention market. In 2021, reports from the International Energy Agency highlighted a 4.6% increase in global energy demand compared to 2019, with a 6% rise in global oil demand and a 3.2% increase in natural gas demand compared to 2020 levels.

The ongoing transition towards renewable energy sources is poised to propel the well-intervention market. Renewable energy sources are sustainable reservoirs replenished naturally, and optimizing geothermal wells is an integral part of well intervention in these sources. Maintaining their performance ensures sustained energy production and resource longevity. Forecasts from the International Energy Agency suggest that by 2026, nearly 95% of the increase in global power capacity will be from renewables. Notably, solar photovoltaic (PV) energy is projected to contribute more than half of this expansion, indicating a significant shift towards renewable energy sources that will drive the well-intervention market.

In the well-intervention market, technological advancements represent a prominent and growing trend. Key players in this sector are introducing innovative technologies to maintain their market standing. For instance, in November 2021, Expro, an energy service provider based in the United States, introduced Galea, the world's first fully autonomous well-intervention system. This groundbreaking product is designed to assist oil companies in boosting production while simultaneously reducing maintenance and intervention costs, health, safety, and environmental risks. Galea operates in fully autonomous mode by deploying a tool string into the well based on either scheduled intervals or in response to the well's conditions. Its remote monitoring capabilities enable continuous oversight from anywhere globally, significantly reducing the carbon footprint associated with intervention activities. Galea is particularly advantageous for multi-well platforms requiring ongoing interventions, such as paraffin wax scraping activities.

Leading enterprises within the well-intervention sector are introducing eco-friendly initiatives such as i-Winch to mitigate carbon emissions. The i-Winch conversion service stands as a sustainable remedy aimed at converting conventional diesel-hydraulic winches into fully electric-driven units. Paradigm, a US-based company specializing in upstream oil and gas technology and services, launched i-Winch in June 2021, presenting a sustainable conversion service that revolutionizes existing diesel hydraulic intervention winches into intelligent, electric-driven systems. Stemming from their E-Winch series, i-Winch meets the industry's demand for emissions reduction by repurposing traditional winches, offering heightened efficiency, and emphasizing sustainability. This transformation extends the winch's operational lifespan by a minimum of ten years, bolsters safety features, enables remote operation, and significantly reduces costs while fostering a diminished carbon footprint.

In March 2021, Baker Hughes, a prominent US-based industrial service company, completed the acquisition of Altus Intervention for an undisclosed sum. This strategic acquisition amplifies Baker Hughes' capabilities in oil and gas operations by augmenting its technological prowess and enriching its portfolio with high-efficiency solutions. Altus Intervention, headquartered in Norway, specializes in delivering well-intervention services, further bolstering Baker Hughes' position within the industry.

Major companies operating in the well intervention market report are Halliburton Company, Schlumberger Limited, Baker Hughes Company, Weatherford International PLC, NexTier Oilfield Solutions Inc., Archer Limited, Expro Group Limited, Trican Well Service Ltd., Pioneer Energy Services Corp., Basic Energy Services Inc., Nine Energy Services Inc., Key Energy Services Inc., Oceaneering International Inc., Welltec A/S, Altus Intervention Limited, Vallourec S.A., Scientific Drilling International Inc., TechnipFMC PLC, Aker Solutions ASA, Cudd Energy Services Inc., Nabors Industries Ltd., Superior Energy Services Inc., Wellpro Group Ltd., Hunting PLC, China Oilfield Services Limited, Helix Energy Solutions Group Inc., Coretrax Technology Ltd., Peak Well Systems Pty Ltd., Churchill Drilling Tools Ltd., TAM International Inc.

North America was the largest region in the well intervention market in 2023. The regions covered in the well intervention market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the well intervention market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The well intervention market includes revenues earned by entities by providing long-radius, medium-radius, short-radius, tangent, and combinations of these. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r13169

1. Executive Summary

2. Well Intervention Market Characteristics

3. Well Intervention Market Trends And Strategies

4. Well Intervention Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Well Intervention Market Size and Growth

5.1. Global Well Intervention Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Well Intervention Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Well Intervention Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Well Intervention Market Segmentation

6.1. Global Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Horizontal Well
Vertical Well
6.2. Global Well Intervention Market, Segmentation By Intervention Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Light Intervention
Medium Intervention
Heavy Intervention
6.3. Global Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Logging and Bottomhole Survey
Tubing or Packer Failure and Repair
Stimulation
Remedial Cementing
Zonal Isolation
Sand Control
Other Services
6.4. Global Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Onshore
Offshore

7. Well Intervention Market Regional And Country Analysis

7.1. Global Well Intervention Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Well Intervention Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Well Intervention Market

8.1. Asia-Pacific Well Intervention Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Well Intervention Market

9.1. China Well Intervention Market Overview
9.2. China Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Well Intervention Market

10.1. India Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Well Intervention Market

11.1. Japan Well Intervention Market Overview
11.2. Japan Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Well Intervention Market

12.1. Australia Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Well Intervention Market

13.1. Indonesia Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Well Intervention Market

14.1. South Korea Well Intervention Market Overview
14.2. South Korea Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Well Intervention Market

15.1. Western Europe Well Intervention Market Overview
15.2. Western Europe Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Well Intervention Market

16.1. UK Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Well Intervention Market

17.1. Germany Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Well Intervention Market

18.1. France Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Well Intervention Market

19.1. Italy Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Well Intervention Market

20.1. Spain Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Well Intervention Market

21.1. Eastern Europe Well Intervention Market Overview
21.2. Eastern Europe Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Well Intervention Market

22.1. Russia Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Well Intervention Market

23.1. North America Well Intervention Market Overview
23.2. North America Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Well Intervention Market

24.1. USA Well Intervention Market Overview
24.2. USA Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Well Intervention Market

25.1. Canada Well Intervention Market Overview
25.2. Canada Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Well Intervention Market

26.1. South America Well Intervention Market Overview
26.2. South America Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Well Intervention Market

27.1. Brazil Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Well Intervention Market

28.1. Middle East Well Intervention Market Overview
28.2. Middle East Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Well Intervention Market

29.1. Africa Well Intervention Market Overview
29.2. Africa Well Intervention Market, Segmentation By Well Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Well Intervention Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Well Intervention Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Well Intervention Market Competitive Landscape And Company Profiles

30.1. Well Intervention Market Competitive Landscape
30.2. Well Intervention Market Company Profiles
- 30.2.1. Halliburton Company
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Schlumberger Limited
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Baker Hughes Company
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Weatherford International plc
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. NexTier Oilfield Solutions Inc.
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Well Intervention Market Competitive Benchmarking

32. Global Well Intervention Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Well Intervention Market

34. Well Intervention Market Future Outlook and Potential Analysis

34.1 Well Intervention Market In 2028 - Countries Offering Most New Opportunities
34.2 Well Intervention Market In 2028 - Segments Offering Most New Opportunities
34.3 Well Intervention Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer