Overview and Scope
Well intervention is the process in which a series of operations are carried out to diagnose, alter, and improve a well’s health. Well intervention involves various activities other than drilling, such as pumping, tubing, and other related processes. Well interventions can be useful in the case of old oil wells where production has been reduced.
Sizing and Forecast
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 in the historic period can be attributed to reservoir management and optimization, economic viability, production enhancement, regulatory compliance, emergency response and well control, maturing oil and gas fields..
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 growth in the forecast period can be attributed to global energy transition, focus on environmental sustainability, expansion of offshore activities, reservoir pressure management, growth in unconventional resources.. Major trends in the forecast period include integrated well services approach, advancements in intervention technologies, asset integrity and maintenance programs, market consolidation and partnerships, demand for real-time intervention data..
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Segmentation & Regional Insights
The well intervention market covered in this report is segmented –
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
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.
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Major Driver Impacting Market Growth
The increasing energy demand is expected to propel the growth of the well-intervention market going forward. The physical ability of a system to perform work is called energy. Fossil fuels and petroleum products are currently the largest sources of energy used worldwide. Well intervention can be a user in the oil and fossil fuel production from oil wells. Hence, the increasing demand for energy increases the demand for petroleum products, which drives the well-intervention market forward. For instance, in 2021, according to the Global Energy Review report published by the International Energy Agency, a Paris-based autonomous intergovernmental organization, global energy demand increased by 4.6% as compared to 2019 levels. Global oil demand increased by 6% as compared to 2020 levels. Natural gas demand increased by 3.2% in 2021. Therefore, the increasing energy demand is driving the growth of the demand for the well-intervention market.
Key Industry Players
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.
The well intervention market report table of contents includes:
1. Executive Summary
2. Well Intervention Market Characteristics
3. Well Intervention Market Trends And Strategies
4. Well Intervention Market – Macro Economic Scenario
5. Global Well Intervention Market Size and Growth
…
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
35. Appendix
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