Well Intervention Market set for rapid growth forecst 2020-2026| Key Players: Schlumberger, Baker Hughes, a GE company, Halliburton, Helix Energy Solutions Group, C&J Energy Services, Expro, TechnipFMC, Superior Energy Services, Welltec, DeepWell AS.
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In terms of type, light intervention held the highest share in the global well intervention market. Light intervention accounted for 58.8% of the global market in 2018. The popularity of light intervention is high among end users due to its less operational cost compared to heavy and medium intervention. However, the demand for heavy and medium intervention is likely to increase during the forecast period in response to the increasing well intervention activities.
To cater the constantly increasing demand for oil and gas, key market players are trying to increase the productivity of existing wells. This is likely to increase the growth rate in the global well intervention market.
o Baker Hughes, a GE company
o Helix Energy Solutions Group
o C&J Energy Services
o Superior Energy Services
o DeepWell AS
Key Industry Developments
In July 2020, TIOS has won a contract to provide wireline service across three light well intervention vessels.
In July 2020, Tatweer Petroleum has awarded multiple well intervention contract to National Energy Services Reunited Corporation in the kingdom of Bahrain.
In June 2020, C-Innovation, LLC and its family of companies has been awarded a contract to perform riserless light well intervention in Gulf of Mexico.
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Key Segmental Overview:
1. By Type
o Light Intervention
o Medium Intervention
o Heavy Intervention
2. By Service
o Logging & Bottom Hole Survey
o Tubing/Packer Failure & Repair
o Remedial Cementing
o Zonal Isolation
o Sand Control
o Artificial Lift
3. By Application
4. By Geography
o North America (USA and Canada)
o Europe (UK, Germany, France, Italy, Norway, Russia and Rest of Europe)
o Asia Pacific (China, India, Japan, Australia, Indonesia, Thailand and Rest of Asia Pacific)
o Latin America (Argentina, Venezuela, Mexico, Brazil and Rest of Latin America)
o Middle East & Africa (GCC, Algeria, Egypt, Nigeria and Rest of Middle East & Africa)
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Onshore Segment Emerged Dominant in the Global Well Intervention Market
In terms of application, onshore segment was leading the global well intervention market in 2018. However, the offshore segment is anticipated to witness high demand and grow at a relatively higher CAGR during the forecast period 2020-2026. Growth witnessed in this segment is attributable to the increasing investment in subsea oil and gas assets. This is likely to fuel the demand in the global well intervention market.
Increasing number of well intervention activities and rising number of active rigs are key factors expected to drive the global well intervention market during the forecast period 2020-2026. Moreover, discovery of new wells and rigs is also anticipated to give impetus to the global well intervention market.
On the flip side, the high cost associated with well intervention activities may restrain the global well intervention market during the forecast period.
"Market players should focus on investing in offshore assets. This will help improve the reservoir performance and overall life cycle of the well. This may also boost the global well intervention market," said a lead analyst at Fortune Business Insights.
Important Features that are under Offering and Key Highlights of the Market Report:
o Detailed overview of Market Share
o Changing market dynamics of the industry
o In-depth market segmentation by Type, Application, etc.
o Historical, current and projected market size in terms of volume and value
o Recent industry trends and developments
o Competitive landscape of Market
o Strategies of key players and product offerings
o Potential and niche segments/regions exhibiting promising market growth
Middle East and Africa to Expand at the Highest CAGR
North America was dominating the global well intervention market in 2018. The market in North America was worth US$ 3,268.3 Mn in 2018. Asia Pacific and Europe also held a significant share in the global well intervention market. North America is expected to dominate the global market even during the forecast period. Increase in offshore activities in the Gulf of Mexico and North Sea will create growth opportunities for the well intervention market in North America. Additionally, in 2017 the U.S. accounted for 50% of the new well drilled, followed by China and other Asian nations. The Middle East and Africa, is expected to grow at a relatively higher CAGR owing to the increased investment inflow and huge budget aided from Gulf nations.
Queries Addressed In Market Report:
o What opportunities are present for the market players to enhance their business footprint?
o What manufacturing techniques are being implemented in the development of advanced Construction Equipment?
o Which segment is witnessing huge traction from the consumers?
o For what purposes, is the market being utilized?
o How many units are estimated to be sold in 2020?
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Key Features of Market Research Report:
o This report provides detail analysis of the market and have a comprehensive understanding of the market and its commercial landscape.
o Learn about the various market strategies that are being adopted by leading companies.
o It provides a five-year forecast assessed based on how the market is predicted to grow.
o It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
o To understand the future scope and outlooks for the market.
o Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2026.
o Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
o Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of industry.
o The global market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
o Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
o Market Report also mentions market share accrued by each product in the market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Table of Content
5. Global Well Intervention Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast - By Service
5.2.1. Logging & Bottom Hole Survey
5.2.2. Tubing/Packer Failure & Repair
5.2.4. Remedial Cementing
5.2.5. Zonal Isolation
5.2.6. Sand Control
5.2.7. Artificial Lift
5.3. Market Analysis, Insights and Forecast - By Type
5.3.1. Light Intervention
5.3.2. Medium Intervention
5.3.3. Heavy Intervention
5.4. Market Analysis, Insights and Forecast - By Application
5.5. Market Analysis, Insights and Forecast - By Region
5.5.1. North America
5.5.3. Asia Pacific
5.5.4. Middle East & Africa
5.5.5. Latin America
6. North America Well Intervention Market Analysis, Insights and Forecast, 2015-2026
6.1. Key Findings
6.2. Market Analysis, Insights and Forecast - By Service
6.2.1. Logging & Bottom Hole Survey
6.2.2. Tubing/Packer Failure & Repair
6.2.4. Remedial Cementing
6.2.5. Zonal Isolation
6.2.6. Sand Control
6.2.7. Artificial Lift
6.3. Market Analysis, Insights and Forecast - By Type
6.3.1. Light Intervention
6.3.2. Medium Intervention
6.3.3. Heavy Intervention
6.4. Market Analysis, Insights and Forecast - By Application
6.5. Market Analysis, Insights and Forecast - By Country
7. Europe Well Intervention Market Analysis, Insights and Forecast, 2015-2026
7.1. Key Findings
7.2. Market Analysis, Insights and Forecast - By Service
7.2.1. Logging & Bottom Hole Survey
7.2.2. Tubing/Packer Failure & Repair
7.2.4. Remedial Cementing
7.2.5. Zonal Isolation
7.2.6. Sand Control
7.2.7. Artificial Lift
7.3. Market Analysis, Insights and Forecast - By Type
7.3.1. Light Intervention
7.3.2. Medium Intervention
7.3.3. Heavy Intervention
7.4. Market Analysis, Insights and Forecast - By Application
7.5. Market Analysis, Insights and Forecast - By Country
7.5.7. Rest of Europe
8. Asia Pacific Well Intervention Market Analysis, Insights and Forecast, 2015-2026
8.1. Key Findings
8.2. Market Analysis, Insights and Forecast - By Service
8.2.1. Logging & Bottom Hole Survey
8.2.2. Tubing/Packer Failure & Repair
8.2.4. Remedial Cementing
8.2.5. Zonal Isolation
8.2.6. Sand Control
8.2.7. Artificial Lift
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