Press release
Well Intervention Market Trends: Rising Demand Amid Aging Wells
Well intervention refers to a range of activities performed on oil and gas wells to enhance production, maintain well integrity, or address issues that may arise during the well's lifecycle.
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In 2020, North America dominated the global well intervention market with more than 33.0% of the share, in terms of revenue.
North America garnered the dominant share in 2020, and is anticipated to maintain this dominance in well intervention market trend during the forecast period. This is attributed to the presence of key players and huge consumer base in the region.
The key players operating and profiled in the report include Altus Intervention, Archer, Baker Hughes Company, Halliburton, Helix Energy, Key Energy Services, LLC, Oceaneering International, Inc., Schlumberger Limited, Trican, and Weatherford International PLC.
Other players operating in the value chain of the global market are Basic Energy Services, Weltec, Expro Group, Superior Energy Services, Inc., Deepwell AS, Hunting Energy Services, and others.
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.
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.
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.
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.
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Offshore is expected to grow at the fastest rate, registering a CAGR of 6.2% during the forecast period.
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.
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.
Rise in number of new exploration fields, improvements in shale oil in North America, and rise in well intervention services in onshore oilfields to enhance the productivity are anticipated to fuel the global well intervention market growth during the analyzed time frame.
COVID-19 impact on the market
The global well intervention market has witnessed steady growth in 2020, owing to outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus, decreased the demand for various key products including conventional fuels.
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In Europe, economies, such as Germany, France, Spain, and Italy, were following stringent measures, such as maintaining social distance and limiting movements, to prevent the spread of coronavirus.
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