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The Global Well Intervention Market size, was valued at more than US$ 8 Bn in 2018, and is projected to reach approximately US$ 12.5 Bn by the end of 2026, exhibiting a CAGR of 5.23%. Well Intervention market plays a significant role in the upstream service industry, especially in offshore assets. The demand for light & medium intervention holds major market share owing to eliminating the need for a separate drilling rig and its associated cost involved.
The increasing focus of key companies towards enhancing the production output while reducing cost is a key factor contributing to the growth of the worldwide well intervention market. Moreover, the range of customized packages offered by major upstream service companies participating in well intervention covers results in saving millions of dollars to the operators. The rising demand for oil & gas from offshore areas is expected to boost the market of well intervention during the forecast period of 2018-2026.
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"Light Intervention Segment to Emerge as Most Attractive Type"
The cost involved in well intervention activity is one of the major concern for operators around the world. Globally, light intervention is widely preferred among the operator owing to eliminating the additional cost incurred in separate drilling rig in case of heavy intervention. Demand for riserless light well intervention is on the rise and gaining lots of attention in offshore assets mainly located in the North Sea and the Gulf of Mexico. Currently, Light Intervention segment accounted for a major share of the global well intervention market in 2018. But as the number of well intervention activities are increasing the demand for medium and heavy intervention are expected to increase during the forecast period during 2019-2026.
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"Logging & Bottom Hole Survey to dominate the Well Intervention Market"
The number of well intervention activities has increased a lot since the recovery of the industry in 2016, supported by new oil & gas discoveries and an increase in the count of active rigs around the world. Rise in demand for energy and increasing expenditure in offshore assets are the major contributing factor in the growth of well industry service industry. These services are designed to improve the production rate and reservoir performance. In terms of service, logging & bottom hole survey and tubing/packer failure & repair segment accounted for major market share globally. The trend is expected to follow in the forecast period from 2019-2026.
"Increasing Investment in Offshore Upstream Sector to Augment the Well Intervention Market"
In terms of application, the offshore sector is expected to be the fastest growing segment for the forecast duration, owing to increasing investment in subsea oil & gas assets. Various oil field operators are investing deeply in offshore assets to increase their well productivity, reservoir performance and overall life cycle of the well. The global well intervention market was dominated by onshore segment in the year 2018 but we expect the demand for the offshore segment is going to witness a huge shift during the forecast period 2019-2026
"North America is Going to Dominate the Market with a Significant Growth Rate"
North America accounted for a major share of the global demand followed by the Asia Pacific and Europe respectively. The trend is anticipated to remain the same during the forecast period with significant activates expected to happen in offshore assets in the Gulf of Mexico and the North Sea. Globally, the US accounted for almost 50% of the new well drilled in the year 2017 followed by China and other Asian countries. Middle East & Africa region is expected to expand at a relatively higher CAGR during 2019-2026, which is attributable to the increasing focus on offshore assets and huge investment budget in the Gulf countries.
North America Well Intervention Market, 2018
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"Schlumberger and Halliburton Account for a Major Market Share in Terms of Revenue"
The global well intervention service industry is highly fragmented with the presence of lots of competitive players around the world. Schlumberger is the leading player in well intervention services followed by multiple other key players such as Halliburton, NOV, Baker Hughes, Oceaneering, Weatherford, Helix, Expro Group, Hunting Energy Services, Altus Intervention, Superior Energy Services, C&J Energy Services, TechnipFMC, Welltec, Deepwell AS, among others.
With the increasing demand of oil & gas around the world, companies are focusing on increasing production rate from excising wells and at the same time focusing on reducing well cost by adopting the latest and advanced technology available in the market. Well intervention is one of the widely accepted methods to increase production from old well and reduce well cost by eliminating the need for an additional drilling rig for workover.
The report provides qualitative and quantitative insights on the well intervention industry and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by type, service, applications, and geography. On the basis of type, the global well intervention market is categorized into light intervention, medium intervention, and heavy intervention. Based on the service, the global well intervention market is segmented into logging & bottom hole survey, tubing/packer failure & repair, stimulation, remedial cementing, zonal isolation, sand control, artificial lift, fishing, re-perforation, and others. Based on the applications, the global PCC market is segmented into onshore, and offshore. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
Along with this, the report provides elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, upstream investment scenario, technological advancement and key industry trends.
Fortune Business Insights says that the well intervention market is projected to reach 12.5 Billion by 2026
In 2018, the well intervention market was valued at 8 Billion.
Growing at a CAGR of 5.23%, the well intervention market will exhibit steady growth in the forecast period.
Light well intervention type dominates the global market and is projected to lead the market in the forecast period.
Increasing focus on cost-efficient production and rising shale gas exploration are the key factor driving the growth of the global well intervention market.
Schlumberger, Baker Hughes, Halliburton, National Oilwell Varco, Oceaneering International, Inc., and Weatherford International are among the top players in the well intervention market.
North America holds the major share in the well intervention market and is projected to maintain its dominance in the forecast period
Logging & Bottom hole survey, Tubing/Packer Failure & Repair, and Stimulation service type holds a major portion of the market and is projected to dominate the segment in the forecast period.