Well Intervention Market: New Business Opportunities, Emerging Trends, Competitive Strategies and Forecasts 2023

Market Highlight
Accrediting the exponential traction and accruals the Well Intervention market is enjoying currently and the growth prospects the market is demonstrating globally; the Market Research Future has recently published a meticulous study report giving out the complete market insights up till 2023. In its analysis the MRFR asserts that the Global Well Intervention Market is projected to garner exponential accruals registering 3.5 % of CAGR during the forecast period 2017-2023.

Factors such as continuous development of onshore reservoirs attributing to the augmented demand for energy and growing urbanization and industrialization is likely to influence the growth of the global Well Intervention market positively. Other factors that contribute to foster the market growth include the continuous depletion of oil reservoirs and the ever increasing demand for oil coupled with the rising demand for energy across the world.

Technological innovations have presented the Well Intervention industry with a number of clear commercial benefits that have allowed to minimize risks, boost productivity and unlock hidden reserves in existing wells by enabling tools For Advanced Metallurgy Umbilical Tube, Coiled Tube and Slickline allowing optimized flow of liquid assets, better fatigue resistance, longer lifetime and safe, time-saving & innovative connector.

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Well Intervention Market - Competitive Analysis
Characterized by the presence of several major well-established players, the global Market of Well Intervention appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period.

The oil and gas industry has long been known for slow adoption of new ideas. However, there are always innovators and creative entrepreneurs trying new things. However, these innovative key players operating in the market persistently pursue their ideas.

Key Players
The key players of well intervention market are
• GE Oil & Gas (U.K.),
• Halliburton Company (U.S.),
• Schlumberger Limited (U.S.),
• TechnipFMC plc. (U.K.),
• Baker Hughes Incorporated (U.S.),
• Weatherford International plc. (Switzerland),
• Archer Limited (U.K.),
• Trican Well Service Ltd. (Canada),
• Superior Energy Services, Inc. (U.S.),
• Basic Energy Services, Inc. (U.S.)
• Others.

Market Research Analysis
The factors responsible for the growth of the global well intervention market include the use of well intervention services in shale as well as oil wells. The North America region is the largest market for well intervention. The U.S. market for well intervention is expected to be driven by the ongoing shale gas revolution in the region. The Africa market is experiencing continuous oil & gas field development, which is expected to boost the need for well intervention/work over services. Increasing production activities in the American offshore is expected to drive the well intervention market in the future. Asia-Pacific and Africa are the emerging regions in the well intervention market and are expected to demand well intervention services in the forecast period

Industry/ Innovation/Related News:
December 12, 2017 — Oil States International, Inc. (US) announced that it has entered into a definitive agreement to acquire GEODynamics, Inc., a provider of oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations. GEODynamics is being acquired from funds managed by Lime Rock Partners, members of its management team and other investors.

December 19, 2017 — Ultra Deep Solutions announced that it will be building an innovative well intervention/hydrogen saturation diving vessel (construction vessel with hydrogen saturation diving capability) for its latest project ‘China Merchant Heavy Industries’, Shenzhen, China. The Salt 310 design vessel will be capable of well intervention, flex lay and rigid pipe lay operations in 3,000 m of water.

November 9, 2017 — Schlumberger (US) inaugurated the newly expanded reservoir rock and fluid analysis laboratory located in Houston, Texas. The state-of-the-art lab enables petro technical experts to better leverage physical and digital rock and fluid analysis for comprehensive reservoir characterization. The launch of this Advanced Digital Integration of Rock and Fluid Analysis Services, (the expanded Schlumberger Reservoir Laboratory) allows delivering comprehensive physical measurements and digital technology enablement.

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