Well Intervention Industry Insight:
As COVID-19 breakthrough and its fears are blowing up, Market Research Future finds in its study that the global Well Intervention Market 2020 might see a bright future and expand at a CAGR of approximately 3.5 % during the forecast period 2017-2023. Despite the long-term impact of COVID-19, the market would reach a high valuation by 2023 from a previously attained valuation.
Top Industry Players:
The top industry players of the well intervention market are listed as Halliburton Company (U.S.), GE Oil & Gas (U.K.), TechnipFMC plc. (U.K.), Schlumberger Limited (U.S.), Weatherford International plc. (Switzerland) Baker Hughes Incorporated (U.S.), Trican Well Service Ltd. (Canada), Archer Limited (U.K.), Basic Energy Services, Inc. (U.S.), and Superior Energy Services, Inc. (U.S.).
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Top Impacting Factors
At some point in the lifecycle of oil and gas wells, essential parts require maintenance, repair, or replacement. Well intervention or well work involves operations carried out to manage, alter, or diagnose the well health in order to extend its life. The global well intervention market, as per MRFR’s analysis, is driven by factors such as increased drilling and completion activities, globally. These activities have been driving the demand for the slick line services over the study period. In this, onshore is anticipated to have a maximum share in the market after it attained in the year 2018. Onshore drilling encompasses entire drilling sites located on dry land and grabs 70% of worldwide oil production.
Factors driving the global well intervention market further include a boost in oil & gas production, surge in demand for energy, and the latest innovations in well interventions. The availability of abundant hydrocarbon reserves irrespective of onshore and offshore basins and towering dependence of numerous developed nations on the oil and gas industry is anticipated to propel the market in the near future. During COVID 19 pandemic, the market seems to be more valuable as these well are getting proper maintenance amid a restricted supply of oil.
In fact, emerging regions are anticipated to observe considerable development in the oil and gas fields, which will motivate the need for well intervention services. Stringent government regulations regarding water contamination, oil & gas leaks, and environmental & public health is one of the foremost factors recorded as restraining the market. While a surge in focus on renewable energy is also a key restraint inhibiting the well intervention service market.
Segmentation of Market
Service and application are the segments included under the segmental analysis of the global well intervention market in MRFR’s study.
Concerning with service segment, the market has included logging and bottom hole survey, stimulation, artificial lift, re-perforation, and many.
Concerning with application segment, the market has included offshore and onshore.
North America might gain the maximum share of the well intervention market in the coming time, after the year 2018. The expansion rate of the South America region is the reason to be the highest during the forecast period, mainly owing to the rapidly rising oil and gas activities in the region over the forecast period. Therefore, escalating oil and gas drilling and completion activities in the region are anticipated to boost the demand for well intervention market in the assessment period in the North America region.
Also, the rising oil and gas discoveries coupled with the liberalization in the industry globally have been leading to the creation of innovative opportunities for the players to invest. The new-fangled emerging markets are several developing nations of the Middle East and Africa, Asia-Pacific and South America are also contributing to the most in the rise of the market during the lockdown period.
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