Press release
Well Intervention Market to Reach USD 10.64 Billion by 2027; Schlumberger, Baker Hughes, Halliburton, Weatherford, National Oilwell Varco, HELIX ESG, Oceaneering International, Inc., Expro Group, Hunting Energy Services, Deepwell AS, Welltec, TechnipFMC,
COVID-19: Shutdown of Oil & Gas Companies Worldwide May Hinder Growth
The COVID-19 pandemic has compelled several oil & gas companies to shut down their manufacturing facilities owing to the complete lockdown and social distancing measures. At the same time, the pandemic has created the Russia/Saudi price war. It has made it more difficult for companies to establish a flexible business model. Our skilled analysts have developed an elaborate report to help you better understand the current scenario of the market. They have implemented certain vital methodologies to develop the best strategies for surging sales of well intervention systems.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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What Does This Report Contain?
Elaborate data about the segments in the market.
Historical, present, and estimated sizes of the market.
Profiles of prominent players and their crucial strategies.
In-depth analysis of the growth drivers, dynamics, and hindrances.
Drivers & Restraints-
Rising Number of Oil & Gas Discoveries to Augment Growth
The number of oil & gas discoveries in oilfield reserves is increasing day by day. Coupled with this, the ongoing technological advancements to boost production outputs from oil wells would contribute to the well intervention market growth in the coming years. As per our estimation, oil prices may surge significantly in the near future. This would aid independent exploration & gas production companies to invest hefty amounts in oil & gas exploration activities. However, nowadays, companies are shifting towards renewable energy sources for generating power. This factor may obstruct the demand for well intervention systems.
Segment-
Light Intervention Segment to Hold Largest Share Backed by Cost-effectiveness
Based on type, the light intervention segment earned 59.9% in terms of well intervention market share in 2019. This growth is attributable to its cost-effective nature. It is likely to hold the largest share throughout the forthcoming years.
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Regional Analysis-
Increasing Number of Aging Wells to Favor Growth in Asia Pacific
Geographically, in 2019, North America procured USD 3.24 billion in terms of revenue. The huge potential for exploring oilfields, as well as the increasing number of oil & gas discoveries in the region would propel growth. In April 2019, for instance, Shell successfully discovered oil at the Blacktip prospect. It is located in the deepwater of the U.S. Gulf of Mexico.
Asia Pacific, on the other hand, is set to hold the second-largest share stoked by the increasing capital expenditure (CAPEX) by various countries to secure the rising energy demand in future. Also, the surging number of old wells is set to boost the demand for well intervention systems in the region.
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Competitive Landscape-
Key Players Focus on Gaining New Orders to Compete in Market
The market is fragmented with the presence of numerous organizations operating across the globe. Most of them are trying to gain a competitive edge by obtaining new orders for delivering prominent firms their in-house well intervention systems. Below are two latest industry developments:
February 2020: Oceaneering International, Inc. bagged a new contract from BP p.l.c. to deliver riserless light well intervention (RLWI) services in Blocks 18 & 31, Angola. These would support a multi-well campaign designed to include tree change-outs, well stimulations, and mechanical well interventions.
July 2019: TIOS awarded a new contract to Altus Intervention AS. It would enable the latter to offer wireline services across three light well intervention vessels, namely, Island Wellserver, Island Frontier, and Island Constructor.
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Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Regulatory Landscape
Industry SWOT Analysis
Porters Five Forces Analysis
Qualitative Analysis – Impact of COVID-19
Impact of COVID-19 on the Well Intervention Market
Steps Taken by the Government to Overcome the Impact
Key Developments by Industry Players in Response to COVID-19
Potential Opportunities and Challenges due to COVID-19 Outbreak
Global Well Intervention Market Analysis (USD Billion), Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Light Intervention
Medium Intervention
Heavy Intervention
Market Analysis, Insights and Forecast – By Application
Onshore
Offshore
Market Analysis, Insights and Forecast – By Service
Logging & Bottom Hole Survey
Tubing/Packer Failure & Repair
Stimulation
Remedial Cementing
Zonal Isolation
Sand Control
Artificial Lift
Fishing
Re-Perforation
Others
Market Analysis, Insights and Forecast – By Region
North America
Latin America
Europe
Asia Pacific
Middle East and Africa
Continued….
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𝐂𝐨𝐧𝐭𝐚𝐜𝐭:
Name: Ashwin Arora
Email: sales@fortunebusinessinsights.com
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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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