Impact of COVID-19 on Well Intervention Market : Implications on Business

The global well intervention market was valued at nearly US$ 6 Bn in 2017 and is anticipated to expand at a CAGR of more than 6% from 2018 to 2026, according to a new report titled ‘Well Intervention Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 –2026’ by Transparency Market Research (TMR) . Rapid depletion of oil reserves is influencing the outlook of the global oil and gas industry. Hence, efforts are being undertaken to explore new oilfield reserves, particularly in North Sea, South China Sea, Gulf of Mexico, and the Persian Gulf, in order to cater to this ever increasing demand. This, in turn, is anticipated to offer substantial expansion opportunities to the well intervention market in the near future.

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Rise in Investments in Offshore Oil & Gas to Boost Demand and Weakening Prices of Crude Oil to Impact Market Expansion

Excess depletion of onshore oil and gas assets has shifted the investments from onshore to offshore oil and gas assets. Rise in demand for energy and increasing expenditure in the shallow, deep, and ultra-deep water oil & gas assets are expected to propel demand for well intervention services. Several key players in the oil and gas industry are investing heavily in offshore assets. Thus, a move from onshore to deep-water offshore drilling is expected to gain momentum, led by major international oil and exploration & production companies that stand to uncover large discoveries and are willing to pour substantial dollars into exploration efforts. More than 70% of new discoveries have been found in offshore areas.

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Coiled tubing services consist of reliable and efficient well intervention for vertical, horizontal, highly deviated, and live wells. Coiled tubing is designed to improve well and reservoir performance. Its applications include wellbore cleanout, matrix and fracture stimulation, logging, nitrogen kickoff, perforation, sand control, drilling, well circulation, mechanical isolation, and cementing. Coiled tubing and slickline are widely used during well intervention. Coiled tubing is an important type of service, as it can be used for vertical, horizontal, highly deviated, and live wells.

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The global well intervention market is a highly competitive. Leading players dominate the market. It is highly fragmented with a large number of local and international players competing in the market. Leading players dominate the market. Key players operating in the well intervention market are Schlumberger Limited, HELIX ESG, GE, Halliburton, Oceaneering International, Inc., Expro Group, Hunting Energy Services, National Oilwell Varco, Deepwell AS, and Weatherford International Plc.

Well Intervention Market, by Type

Light Well
Heavy Well
Medium Well

Well Intervention Market, by Services

Coiled Tubing
Slickline
Wireline Cased Well Intervention
Thru Tubing Intervention
Fishing Services
Sidetracking
Subsea Landing String Services
Others

Well Intervention Market, by Application

Onshore
Offshore

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