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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.”
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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:
Few Notable Industry Developments-
Further Report Findings-
The global market for well intervention can be segmented in the following way:
Value (USD Billion)