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

According to a new market research report, the well intervention market is expected to grow from an estimated USD 7.6 billion in 2021 to USD 9.3 billion by 2026, at a CAGR of 4.2% during the forecast period.

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The growing need for maximizing production potential of mature oil and gas fields is the main driver for the well intervention market. Digitalization and automation of well intervention solutions and the growing demand for offshore and subsea well intervention are expected to offer lucrative opportunities for the well intervention market during the forecast period.

Key Market Players:
A few major players that have a wide regional presence dominate the well intervention market. The leading players in the well intervention market include Halliburton (US), Schlumberger (US), Baker Hughes (US), Weatherford International (US), and NexTier Oilfield Solutions (US).

Recent Developments

In April 2021, Halliburton has launched StrataXaminer, a wireline logging service that provides images of the reservoir structure to identify bedding, fracture patterns, fault zones, and potential flow barriers.
In March 2021, Schlumberger and Microsoft have entered into a partnership to provide open, enterprise-scale data management to the energy industry. The companies launched an Artificial Intelligence (AI) enhanced cloud-native solution for the Open Subsurface Data Universe (OSDU) platform optimized for Microsoft Azure as part of the partnership.
In March 2021, Baker Hughes' Subsea Drilling Systems business and MHWirth, a wholly owned subsidiary of Akastor created a joint venture company. The company would deliver offshore drilling equipment and service offering that will provide customers with a broad portfolio of products and services across the globe. 
In October 2020, Weatherford International launched ForeSite sense, a reservoir monitoring solution that provides real-time critical downhole data such as pressure, temperature, and flow measurements. ForeSite sense serves applications across mature wells, shale wells, and deepwater wells.
In July 2020, Halliburton and TechnipFMC launched Odassea, a distributed acoustic sensing solution for subsea wells. The technology enables operators to execute live seismic imaging and reservoir diagnostics to improve the quality of reservoir data.

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This research report categorizes the well intervention market based on service, intervention type, well type, application, and region
Based on Service:

Logging and Bottomhole Survey
Tubing/Packer Failure and Repair
Stimulation
Remedial Cementing
Zonal Isolation
Sand Control
Artificial Lift
Re-perforation
Fishing
Others

Based on Intervention Type:

Light Intervention
Medium Intervention
Heavy Intervention

Based on Well Type:

Horizontal Well
Vertical Well

Based on Application:

Onshore
Offshore
Shallow Water
Deepwater
Ultra-deepwater

Based on the region:

North America
Asia Pacific
South & Central America
Europe
Middle East
Africa  

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.

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

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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