Well Intervention Market Will Reach Nearly 13.26 Billion with 5.3% CAGR By 2027

Well Intervention Market

The well intervention market is projected to grow at a rate of 5.3% in terms of value, from USD 8.74 Billion In 2019 to reach USD 13.26 Billion by 2027. Rise in oil & gas production worldwide is playing a vital role in driving market demand. Oil & gas is expected to play a significant part in the energy mix worldwide in the upcoming years.

The oil & gas is likely to hold around 44.0% of the primary energy supply across the globe in 2050. Studies display that oil demand was 30.0% higher in 2018 as compared to 2000, while natural gas demand sore exponentially by 60.0% during the same time period. Moreover, the industrial sector energy consumption is expected to increase by over 30.0% between 2018 and 2050 owing to the increased consumption of goods, and by 2050, worldwide industrial energy consumption is likely to reach around 315 quadrillions Btu.

Subsea well intervention services hold considerable potential for the growth of the market. Several oil & gas producers do not possess fixed subsea intervention policies; therefore, new discoveries and increasing requirements to enhance recovery rates from developed fields are anticipated to boost the demand for the market. Moreover, these firms started implementing the requirement to achieve intervention in the growing subsea wells portfolios. Steady growth in the acceptance of subsea intervention programs, as well as rising activities, are estimated to foster market growth.

Growing technological developments in the market are crucial to the growth of the market. The oil & gas industry has been centered on the conventional method for drilling deploying drill bits and pipes. Laser drilling provides several benefits, including higher accuracy, single diameter borehole, precision drilling, and a decrease in drilling time while drilling through hard formations. Laser drilling consumes approximately fifteen times less power as compared to drilling rigs, and thus, saves substantial energy and cost.

However, increasing demand for renewable energy worldwide and an adverse effect of oil & gas drilling activities on the environment may create hindrances in the growth of the market in the upcoming years

 COVID-19 Impact

The spread of COVID-19 across the globe has forced several nations to impose a lockdown, which in turn has resulted in a decline in demand for oil from the end-users, thus further bringing down the oil price. To combat the situation, the leading oil & gas producing firms reduced their production by 1.5 Million barrel following the guidelines of OPEC (Organization of the Petroleum Exporting Countries).

The reduction in the production of oil means less exploration and drilling activities by the oil & gas industry, which eventually have a negative impact on the market.

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Further key findings from the report suggest

  • By service, tubing/packer failure & repair held the second-largest market share in 2019. Failure & repair of tubing and packers is one of the major undertakings in well intervention and comprises removing of old tubing and packers and substituting them with new ones. If possible, packers must be designed and positioned in such a way that it enables the swiftest and utmost cost-effective way to replace them.
  • By well type, Horizontal type held a significant market share in 2019. Horizontal type offers benefits such as reduced coning of water and gas owing to a reduction in the size in the reservoir for a specified production rate, thus decreasing the remedial work necessary in the future. Also, it helps in an increased rate of production, due to the greater exposure of the wellbore to the reservoir producing oil & gas.
  • By application, onshore contributed to a larger market share of above 60.0% in 2019. A rising number of mature oil fields, along with growing emphasis on heavy oil reserves, is driving the growth of onshore applications. Also, the services for onshore applications may be achieved by deploying trucks or snubbing units, and hence it is convenient as compared to offshore applications.
  • North America dominated the market in 2019 and is likely to grow at a rate of 5.0% in the forecast period. The market dominance of the region is due to factors including continuing shale gas revolution. An increasing number of low-pressure oil wells, as well as the growing demand for energy, is fuelling the market growth in the region.
  • Key participants include Baker Hughes, Weatherford International Inc., Cudd Energy Services, Schlumberger Limited, Halliburton, Archer Limited, Calfrac Well Services Limited, C&J Energy Services Limited, Trican Well Service Limited, and Superior Energy Services Inc., among others.
  • In June 2018, Baker Hughes declared the receiving of an integrated well services contract for backing up a large proportion of drilling and construction activities of Equinor in the Norwegian sector of the North Sea. The partnership intends to enhance operational efficiencies considerably and decrease well costs over the life of the project.

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For the purpose of this report, Reports and Data have segmented the global well intervention market on the basis of service, well type, intervention type, application, and region:

Service Outlook (Revenue, USD Million; 2017-2027)

  • Tubing/Packer Failure & Repair
  • Logging & Bottom Hole Survey
  • Zonal Isolation
  • Remedial Cementing
  • Sand Control
  • Artificial Lift
  • Re-Perforation
  • Fishing
  • Others

Well Type Outlook (Revenue, USD Million; 2017-2027)

  • Horizontal
  • Vertical

Intervention Type Outlook (Revenue, USD Million; 2017-2027)

  • Light
  • Heavy
  • Medium

Application Outlook (Revenue, USD Million; 2017-2027)

  • Onshore
  • Offshore

Regional Outlook (Revenue, USD Million; 2017-2027)

  • North America
    • U.S
  • Europe
    • UK
    • France
  • Asia Pacific
    • China
    • India
    • Japan
  • Latin America
    • Brazil
  • MEA

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