Well Intervention Market Development Leads To High Demand During 2021-2030

Global well intervention market generated $8.7 billion in 2020, and is projected to reach $15.3 billion by 2030, witnessing a CAGR of 5.8% from 2021 to 2030. Rise in demand for crude oil and other oil & gas products and surge in usage of dual fuel or hybrid vehicles drive the growth of the global well intervention market. However, rise in electric vehicle demand hinders the market growth. On the other hand, increase in investments toward oil & gas exploration and production activities present new opportunities in the coming years.

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Significant development of the end-use industries, such as mining, manufacturing, offshore, automotive, and building & construction, and others, is fueling the demand for oil and gas products, which, in turn, is expected to drive the growth of the well intervention market during the forecast period. In addition, increase in demand for enhancing the production of oil & gas by oil & gas companies to fulfill the increasing demand is driving the growth of the market, globally. However, implementation of stringent government regulations toward environmental pollution from burning of conventional fuels and rapid development of the electric vehicle sector are the key factors hampering the growth of the global market in the coming years.

Depending on service, logging and bottomhole survey segment held the highest market share of about 43.1% in 2020, and is expected to maintain its dominance during the well intervention market forecast period. This is attributed to rise in number of active rigs and flexibility of conducting logging and bottomhole survey during drilling, completion, production, and in case of shut-in. In addition, rise in awareness toward maintenance and recovery of aged & abandoned oil wells to enhance the production is anticipated to propel the market growth from 2021 to 2030.

On the basis of intervention type, light segment holds the largest market share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to benefits associated with light well intervention such as reduced intervention time and cost of intervention services.

In addition, rapid growth of mature oilfields across the globe increases the need for well intervention to enhance the production of wells, which is expected to fuel the growth of the market during the analyzed time frame.

On the basis of well type, vertical segment holds the largest market share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to increase in exploration & production activities and vast presence of vertical wells across the globe. In addition, rise in awareness toward careful planning and management of operations in vertical wells and benefits associated with well intervention of vertical wells, such as low cost, and increased productivity, are the factors expected to fuel the well intervention market growth in the coming years.

On the basis of application, the onshore segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 60.9%. This is attributed to effectiveness of onshore well intervention as compared to offshore wells and rise in number of mature onshore oil wells across the globe. In addition, rise in onshore sites propels the market growth, as onshore sites are easily operatable and it takes less years for production in comparison to offshore. Moreover, 70.0% of the world's oil and gas come from onshore sites, which notably contributes toward the growth of the well intervention market.

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Based on region, North America contributed to the highest share in 2020, accounting for nearly one-third of the total share, and is estimated to maintain its leadership status in terms of revenue by 2030. However, Europe is estimated to portray the largest CAGR of 7.4% during the forecast period.

Leading players of the global well intervention market analyzed in the research include Altus Intervention, Baker Hughes Company, Archer, Helix Energy, Halliburton, Oceaneering International, Inc., Key Energy Services, LLC, Trican, Schlumberger Limited, and Weatherford International PLC.

Key Findings Of The Study
• In 2020, the logging and bottomhole survey segment accounted for about 43.2% of the share in the global well intervention market, and is expected to maintain its dominance till the end of the forecast period.
• In 2020, the light intervention segment accounted for 60.7% well intervention market share in 2020, and is anticipated to grow at a rate of 5.3% in terms of revenue, increasing its share in the global market.
• In 2020, the horizontal well segment accounted for about 55.7% of the share in the global well intervention market, and is expected to maintain its dominance till the end of the forecast period.
• Offshore accounted for 60.8% market share in 2020, and is anticipated to grow at a rate of 5.5% in terms of revenue, increasing its share in the global well intervention market.
• Offshore is expected to grow at the fastest rate, registering a CAGR of 6.2% during the forecast period.
• In 2020, North America dominated the global well intervention market with more than 33.0% of the share, in terms of revenue.

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