A well intervention is any remedial operation performed on oil or gas wells with the intention of restoring or increasing the production. It was traditionally done with drill rigs, but with significant advancements in technologies, well construction and well head designs have transformed, influencing well intervention to evolve as well as grow in demand. An oil or gas well may require intervention due to a number of unforeseen problems such as changes in reservoir characteristics, flow restrictions, mechanical failure, and others.
Escalating demand for energy along with growing efforts in discovery of new oilfield reserves has been highly impactful on the development of global market of well intervention. The global well intervention market registered a value of around US$ 6 billion in 2017, and is projected to grow at a promising CAGR of 6% during the 2018-2026 period.
Well Intervention Market Gains Underpinned by Increasing Need to Revitalize Aging Oilfields
Large-stage well intervention solutions and services are gaining rising momentum due to increasing expenditure in revitalization of aging, marginal field wells in order to improve their functioning and extend production. Exploration and production (E&P) companies or oilfield operators across the world are focusing on boosting production and extending the plateau which require a clear understanding of the subsurface quality and performance of the existing surface facilities to manage the production in a safe manner. This, in turn, is likely to trigger investments in these services and eventually strengthen the well intervention market growth.
Although renewable sources of energy are widely being adopted in the recent years, the demand for oil and gas has not declined. Renewable energy provides clean power, but it is yet to become the reliable source for the continuously developing and modernizing society, and therefore resulting into surge in the demand for oil and gas. With rapid depletion of oils reserves, continuous efforts are being undertaken for the discovery of new oilfield reserves, mostly in the Persian Gulf, Gulf of Mexico, South China Sea, and the North Sea, to meet the soaring demand. These are the important factors driving the global well intervention market.
Transition from Onshore to Subsea E&P Activities to Push Well Intervention Market Growth
Subsea intervention services are still in their infancy with huge potential. While many leading oil & gas companies do not have well-established subsea intervention policies, new discoveries and growing need to improve recovery rates from developed fields are expected to increase the demand for such services. In addition, these companies have also begun embracing the need to carry out intervention in their rising portfolios of subsea wells. Gradual increase in the adoption of regular subsea intervention programs along with rising activities and subsea well counts are expected to favor the expansion of global well intervention market.
Heightened Volatility of Oil Prices and Heavy Investments in Renewable Energy Sources to Impede Market Growth
Various global well intervention projects have been halted due to fluctuating prices of crude oil. In addition, the growing need to adhere to government regulations regarding carbon emission has triggered robust investments in renewable energy business including wind and solar power technologies. Rising inclination toward clean energy may negatively affect the growth of well intervention market at the global level.
Notable Developments and Innovations in Well Intervention Market
Leading players operating in the well intervention market are concentrating on various organic & inorganic methods such as merger & acquisitions to improve their presence in the global market scenario. Some of the developments include:
- In February 2018, Schlumberger Limited, a key player in the well intervention market, launched its motion-compensated intervention tower for advanced intervention operations on deepwater tension-leg platforms. The company had acquired all the outstanding shares of Cameron in April 2016, with an aim to create technology driven growth.
- In January 2018, Halliburton was assigned to develop and deliver integrated well intervention campaign, plugging nearly 20 offshore wells in Norway at a very low cost.
Some other players in the global well intervention market include HELIX ESG, Weatherford International Plc, National Oilwell Varco, Expro Group, GE, Deepwell AS, Hunting Energy Services, Oceaneering International, Inc., Archer, Basic Energy Services, Inc., Trican Well Service Ltd., Precision Drilling Corporation, and Superior Energy Services Inc.
Report Description
A well intervention is any remedial operation performed on oil and gas wells in order to improve recovery rates from these wells and extend production. In a new business intelligence report, Fact.MR analyzes the global market of well intervention and provides valuable insights on the market development in accordance with different key segments for the forecast period between 2017 and 2026, considering 2017 as the base year. The main objective of the report is to analyze the market dynamics such as drivers, restraints, and recent trends to identify growth opportunities present in the global market of well intervention. For better understanding, the report details key insights related to each segment of the global well intervention market.
The report provides comprehensive assessments and important information on the global expansion of well intervention market in terms of value, volume, and year-over-year (y-o-y) growth rate of its vital segments. To offer elaborate insights on the global well intervention market, the report covers value chain analysis, competitive analysis, and profiles of leading players with an overview of their strategic developments. An attractive index of each market segment provided in the report demonstrates popularity and attractiveness of well intervention market based on critical parameters such as CAGR and incremental opportunity.
Global Well Intervention Market Segmentation
On the basis of type, the global well intervention market has been segmented into:
- Light Well
- Medium Well
- Heavy Well
Based on services, the global well intervention market has been segmented into:
- Coiled Tubing
- Subsea Landing String Services
- Fishing Services
- Wireline Cased Well Intervention
- Sidetracking
- Thru Tubing Intervention
- Slickline
- Others
On the basis of application, the global well intervention market has been segmented into:
- Onshore
- Offshore
To offer detailed information on the relative contribution of individual segments to the overall growth of global market of well intervention, the market intelligence report estimates both historical and current size of the market. In addition, it includes latest trends, y-o-y growth rate, and attractive analysis of different segments of the global market of well intervention.
The comprehensive assessment of the global well intervention market for the forecast period of 2018-2026 also provides the report audience with regional analysis that includes value share analysis and impact analysis of drivers and latest trends of each segment that push the growth of well intervention market across five key regions and their respective countries.
Regional Segmentation of the well intervention market include:
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Research Methodology
To calculate the total volume of the global well intervention market, an exhaustive research was conducted which was then validated through interviewing industry experts and key stakeholders. Perspectives of these experts are thoroughly analyzed and the average volume of well intervention market is deduced and confirmed prior to including into the report.
The forecast covered in the Fact.MR report estimates the overall revenue generated across various segments of global well intervention market. To provide an accurate forecast, the global market study of well intervention is initiated by sizing the current market which helps predict the future expansion of global well intervention market. Further, to understand the market predictability and to identify the potential growth prospects across various segments, analysis of the global well intervention market in terms of key parameters such as y-o-y growth rates and market attractiveness are taken into consideration.
Each segment of the global market of well intervention is analyzed in terms of basis point share (BPS) to determine their relative contribution to the overall growth of the market. Another important feature considered in the study is the segmental analysis of the global well intervention market in terms of absolute dollar opportunity.
In the last section, the report includes a dashboard view of key players participating in the global market of well intervention for comparing the current industrial scenario and their relative contribution to the growth of global well intervention market. The report is primarily designed to offer the readers an objective and comparative assessments of key providers specific to each segment of well intervention market. Report audience can further gain comprehensive insights on segment-specific suppliers that help in identifying and evaluating leading competitors based on their capabilities and success in well intervention market.
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Well Intervention Market Forecast, Trend Analysis & Competition Tracking -Global Market Insights 2018-2026