Well Intervention Market with COVID-19 Impact | Understand The Key Growth Drivers Developments And Innovations

Global Well Intervention Market is valued approximately USD 6.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.5 % over the forecast period 2020-2027. A well intervention is remedial operation performed on oil or gas wells with the concern of restoring or increasing the production. Earlier, it was traditionally done with drill rigs, but with significant advancements in technologies, construction and head designs have transformed. The number of unforeseen problems such as changes in reservoir characteristics, flow restrictions, mechanical failure, and others may occur in Oil or Gas well, which results the need of well intervention. Various oil & gas companies across regions shut down their producing assets and services as countries practiced partial or full lockdown strategy to deal with the COVID-19 pandemic. Thus, the global well intervention market is facing challenges due to corona virus crisis. The increasing efforts for production enhancement from maturing oil & gas fields, continuous shale developments, stabilized oil prices expediting upstream capital investments and rising primary energy consumption from Asia Pacific are the few factors responsible for growth of the market over the forecast period.

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Furthermore, the rising advancements and other strategic alliance by market key players will create a lucrative demand for this market. For instance: on 10th February 2020, SOCAR-AQS and Halliburton Company agreed a Memorandum of Understanding (MOU) to form a new joint venture. This venture will provide a broad suite of oilfield products and services in Azerbaijan., which further strengthens the position of Halliburton company in oilfield services. However, strict government regulations on E&P activities and decreasing oil demand in Europe are the major factors restraining the growth of the global Well Intervention market during the forecast period.

The regional analysis of global Well Intervention market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world owing to the growth in unconventional resources in the US and Canada. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.

Major market player included in this report are:
Halliburton
Schlumberger
Baker Hughes Company
Weatherford
NexTier Oilfield Solutions
Superior Energy Services
Archer
Expro Group
Trican
Pioneer Energy Services

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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

by Service:
Logging & Bottomhole survey
Tubing/Packer failure & repair
Stimulation
Sand Control
Zonal Isolation
Artificial Lift
Fishing
Re-perforation
Others

By Intervention Type:
Light Intervention
Medium Intervention
Heavy Intervention

By Application:
Onshore
Offshore

By Well Type:
Vertical Well
Horizontal Well

Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

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Target Audience of the Global Well Intervention Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

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