Well Intervention Market Anticipated to Reach $9.3 billion by 2026, Witnessing a CAGR of 4.2% During 2021 to 2026

According to a research report "Well Intervention Market by Service (Logging and Bottomhole Survey, Tubing/Packer Failure and Repair, Stimulation), Intervention (Light, Medium, Heavy), Application (Onshore, Offshore) Well (Horizontal, Vertical) Region - Global Forecast to 2026" published by MarketsandMarkets, the well intervention market size will grow to USD 9.3 billion by 2026 from USD 7.6 billion in 2021, at a CAGR of 4.2% during the forecast period.

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Continuous rise in number of mature oil & gas fields in North America, Europe, and the Middle East, along with growing primary energy demand from the Asia Pacific are the driving factors for the well intervention market, globally. The well intervention activities are fundamental requirements while well completion, production, and well abandonment, which creates opportunities for growth of the market.

Tubing/Packer Failure and Repair to hold second-largest share of the well intervention market, by service in 2020

The tubing/packer failure and repair services are typically carried out during the production stage of a well. Packer is a crucial part of downhole equipment in completion as it acts as a seal between tubing and casing. It also allows the optimum well flow to meet designed production flow rates. Tubing/packer damage is often seen in mature wells as a result of years of erosion, corrosion, or wear fatigue. However, it is increasingly occurring in newer wells due to the wear incurred while installing initial tubing, packers, and casing in long and complex horizontal and highly deviated wellbores,which in turn us driving the market for this service. The key players providing these services include Halliburton (US), Schlumberger (US), Baker Hughes (US), Weatherford International (US), NexTier Oilfield Solutions (US), Superior Energy Services (US), Trican Well Service (Canada), NOV (US), Key Energy Services (US), and TechnipFMC. (UK).

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By application, the offshore segment is expected to grow at the fasted rate during the forecast period.

The natural gas production from offshore wells has increased by 50.0% since 2000, owing to advanced Floating Production & Storage (FPS) infrastructures being installed to produce and store natural gas at the farthest offshore locations. According to the International Energy Agency (IEA), by 2040, offshore investment is expected to increase twofold, creating opportunities for the well intervention market. Furthermore, the North Sea region is playing a crucial role in fueling the growth of the offshore well intervention services market as the reserves in the region are reaching maturity. In Norway and the UK, 60% of the fields have attained maturity. Countries such as South America, Brazil, and Mexico are considered to be the major offshore markets.

The rise in deepwater and ultra-deepwater activities for oil has increased the demand for heavy well intervention applications. Operators are interested in investing in offshore oilfields to meet energy demands. Historically, the cost of rig mobilization, coupled with short-duration operations, had dampened enthusiasm for this activity. Thus, faster, more easily deployed Riserless Light Well Intervention (RLWI) vessels are preferred because they do not require anchor handlers during installation and demobilization and need any riser to be run and be tested on. Besides, they are highly cost-effective and help in time saving, which in turn is driving the market growth of the segment.

The light intervention segment is expected to dominate the well intervention market, by intervention type, during the forecast period.

Light well intervention is carried out using wireline, slickline, or coiled tubing units. These are generally done to service the downhole equipment such as pumps or valves and to gather bottom-hole temperature, flow, and pressure data. The trend of upstream operators spending more money on major oil & gas projects to enhance production of oil and gas from existing wellsis the driving force for the light

Europe to hold second-largest share of the well intervention market, by region in 2020

The well intervention market report has been analyzed for 6 regions, namely, North America, South & Central America, Europe, Asia Pacific, Middle East, and Africa.

Russia, the UK, Kazakhstan, and Norway have the largest number of reserves in this geography. The majority of the oil and gas production takes place in offshore fields in the UK and Norway, whereas Russia has more onshore fields. As per the BP Statistical Review 2020, Russia and Norway held approximately 72.2% of the total oil reserves in the European region in 2019. As per the EIA, countries such as Russia, France, Ukraine, and Poland have considerable shale gas resources, and further development of these reserves in these countries is expected to drive the growth of the well intervention market in the region.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the well intervention market.

Some of the key players are Schlumberger (US), Halliburton (US), Weatherford International (US), Baker Hughes (US) and NexTier Oilfield Solutions. The leading players are adopting various strategies to increase their share in the well intervention market.

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