Global Well Intervention Market: Overview
Well intervention refers to assessing the potential of the well towards the end of its lifecycle. Well intervention operations provide an exact and an accurate analysis and diagnostics of the well to better the production levels through repairs and maintenance. The global well intervention market has been growing at a rapid pace due to the skyrocketing demand for energy. The unstoppable pace of urbanization and industrialization has instigated an unending demand for well maintenance, which necessitates timely interventions. The soaring demand for oil and gas is expected to be the key growth driver for the global well intervention market over the forecast period.
Global Well Intervention Market: Key Trends
The report suggests that the global well intervention market is likely to grow at a healthy CAGR due to rising number of deeper water activities as the subsea well count increases. The need for servicing is likely to soar due to increasing number of subsea wells. Rapid technological advancements have enabled production and exploration of oil and gas in extreme weather conditions and in toughest of terrains. This has resulted in depleting shallow water resources, thereby creating a need for well intervention.
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Discoveries of newer oil fields and gas reserves have also triggered significant demand for well intervention. Analysts indicate that the demand for better recovery rates will also compel end users to opt for frequent well interventions in developed fields. Factors such as increased water or sand production, scaling in wells, and reduced pressure have been assessed to bolster the growth of the overall market.
Global Well Intervention Market: Market Potential
The fluctuating oil and gas prices across the globe has drastically affected the well intervention companies. To combat the fallout of volatile political conditions that are negatively impacting business, players in the global well intervention market are focusing on mergers and acquisitions to stay strong against the headwinds. For instance, GE Oil & Gas and Baker Hughes’ joined hands in 2016 to add value to their product portfolio. The collaboration will be able to offer better intervention services to the aging oilfields. The companies are looking enable consumers to extract more hydrocarbons from current fields instead of developing new fields. This move is aimed at catering to consumers to are looking at making opex-driven decisions.
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Global Well Intervention Market: Regional Outlook
From a geographic point of view, the global well intervention market is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Of these regional markets, North America well intervention market is expected to lead the pack. Currently, the U.S. holds a dominant share in the regional due to ongoing activities in the shale gas industry. Analysts project that the increasing investments in shale gas in the U.S. are likely to drive the North America well intervention market throughout the forecast period.
Meanwhile, the Middle East and Africa market is also likely to experience a robust growth rate. Emerging economies of India and China are also likely to offer the global market a plethora of options to grow in the region of Asia Pacific. The burgeoning demand for oil and gas in these developing countries is expected to propel the Asia Pacific well intervention market over the forecast period.
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Key Players Mentioned in this Report are:
Some of the key players operating in the global well intervention market are Baker Hughes Incorporated, GE Oil & Gas, Schlumberger Limited, Halliburton Company, Weatherford International plc, Archer Limited, Expro International Group Holdings Ltd., Welltec International ApS, Trican Well Service Ltd., TechnipFMC plc, Basic Energy Services, Inc., Key Energy Services, Inc., Superior Energy Services, Inc., and Lupatech SA , among others.