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Well Intervention Market to Reach USD 10.64 Billion by 2027; Rising Usage of Intelligent Digitalized Solutions to Accelerate Growth

October 16, 2020 | Energy & Power

The global well intervention market size is projected to reach USD 10.64 billion by 2027. The rising adoption of intelligent digitized solutions, services, and devices is set to boost growth. Besides, the implementation of data collection platforms, innovative technologies, data analysis, and wireless mobility would affect growth positively. Fortune Business Insights™ presented this information in a new study, titled, “Well Intervention Market Size, Share & COVID-19 Impact Analysis, By Type (Light Intervention, Medium Intervention, and Heavy Intervention), By Service (Logging & Bottom Hole Survey, Tubing/Packer Failure & Repair, Stimulation, Remedial Cementing, Zonal Isolation, Sand Control, Artificial Lift, Fishing, Reperforation, Others), By Application (Onshore and Offshore), and Regional Forecasts, 2020-2027.” The study further mentions that the market stood at USD 8.43 billion in 2019. But, it would exhibit a CAGR of 6.1% during the forecast period between 2020 to 2027.


Weatherford Signs Contract worth $87 Million with Petróleo Brasileiro


In September 2019, Weatherford International plc, a multinational oil and gas company headquartered in the U.S. signed a contract worth USD 87 million with Petróleo Brasileiro S.A. for intervention and fishing services. The latter is a petroleum company based in Brazil. This four-year contract is considered to be the largest fishing contract signed by Weatherford.


As per a company official, “Securing this new contract would help Weatherford to showcase its commitment to its long-term visions and validate its strategy. For decades, it has offered fishing services to customers worldwide.”


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/well-intervention-market-100070


Increasing Adoption of Unique Equipment to Drive Growth


The rising initiatives to adapt to state-of-the-art equipment and to integrate novel production techniques for improving the output produced from the mature wells would accelerate the well intervention market growth in the near future. Apart from that, well intervention techniques are an integral part of production, exploration, and planning of oil & gas wells. They also aid in providing effective operation, escalating production, lowering risks, and surging the life of production tubing. However, the implementation of strict laws imposed on exploration & production activities worldwide may decline the demand for well intervention systems.


Key Players Aim to Sign New Contract & Bag Orders to Intensify Competition


The market for well intervention is highly fragmented in nature. Numerous oil production companies are engaging in new contract signing and bagging new orders to compete against their rivals. Some of the others are focusing on joint ventures and acquisitions to strengthen their positions.  


Fortune Business Insights™ lists out the names of the renowned well intervention service providers operating in the market. They are as follows:



  • Schlumberger (Texas, US)

  • Baker Hughes (Texas, US)

  • Halliburton (Texas, US)

  • Weatherford (Texas, US)

  • National Oilwell Varco (Texas, US)

  • HELIX ESG (Texas, US)

  • Oceaneering International, Inc. (Texas, US)

  • Expro Group (Reading, United Kingdom)

  • Hunting Energy Services (Texas, US)

  • Deepwell AS (Avaldsnes, Norway)

  • Welltec (Allerød Municipality, Denmark)

  • TechnipFMC (London, United Kingdom)

  • C&J Energy Services, Inc. (Texas, US)

  • Superior Energy Services, Inc. (Texas, US)

  • Altus Intervention (Stavanger, Rogaland)


Few Notable Industry Developments-



  • July 2019: National Energy Services Reunited Corp. (NESR) bagged several contracts from Tatweer Petroleum, Bahrain to deliver well intervention services. It would help NESR to be a key enabler and partner in Bahrain’s growth plans.

  • June 2019: C-Innovation, LLC received a new contract from BP to perform riserless light well intervention (RLWI) activities in the Gulf of Mexico. It would complement the multi-year IMR agreement and help C-Innovation to enhance its relationship with BP.


Further Report Findings-



  • The light intervention segment, based on type generated 59.9% in terms of well intervention market share in 2019. It is set to hold the largest share in the coming years because of its cost-effectiveness.

  • North America held USD 3.24 billion in terms of revenue in 2019 backed by the increasing number of discoveries in the oil & gas industry. It would help in boosting the demand for well intervention systems.

  • Asia Pacific is anticipated to procure the second-largest share fueled by the presence of numerous aging wells in the regions. National Oil Company (NOC), for instance, is investing hefty amounts of money in offshore exploration & production activities to accelerate domestic production in the region.


The global market for well intervention can be segmented in the following way:











































  ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



By Type



  • Light Intervention

  • Medium Intervention

  • Heavy Intervention



By Application



  • Onshore

  • Offshore



By Service



  • Logging & Bottom Hole Survey

  • Tubing/Packer Failure & Repair

  • Remedial Cementing

  • Zonal Isolation

  • Stimulation

  • Remedial Cementing

  • Zonal Isolation

  • Sand Control

  • Artificial Lift

  • Fishing

  • Re-Perforation

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Norway, Russia, and Rest of Europe)

  • Asia-Pacific (China, India, Japan, Australia, Indonesia, Thailand, and Rest of Asia- Pacific)

  • Latin America (Argentina, Venezuela, Mexico, Brazil, and Rest of Latin America)

  • The Middle East & Africa (GCC, Algeria, Egypt, Nigeria, and Rest of Middle East & Africa)


Global Well Intervention Market
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