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Pulished Date December, 2020
ID: 10681
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Well Intervention Service Market Size, Share, Trends and Growth Analysis Report –Region - Industry Forecast | 2020 to 2025

Pulished: December, 2020
ID: 10681
Pages: 175

Well Intervention Service Market Value and Growth Analysis (2020-2025):

The worldwide well interventions market is predicted to reach $ 8.5 billion by 2025 from an estimated $ 7.3 billion in 2020, with a post-COVID-19 CAGR of 4.8% over the foreseen period. Escalating efforts by upstream companies to improve production from mature fields are the driving force behind the well intervention market. Due to the availability of numerous subsea wells and easy mobility on offshore platforms, the offshore well response services market is predicted to show the highest expansion during the foreseen period due to since increased exploration and production activities ( E&P) in the offshore environment while onshore to most of the market call for well intervention services. The escalating number of mature oil and gas fields, together with the escalatingcall for refined petroleum products due to rapid urbanization and industrialization in emerging economies, will boost the well intervention market. Strong expansion in aging oil fields, accompanied by a lower rate of exploration for new fields, will accelerate the expansion of the industry. Furthermore, the growing call for logging services due to the change in the geological substructure of the wells will further stimulate the expansion of the industry.

Well interventions or well work are generally employed in the oil and gas industry to improve the production interval. Together with well control technologies, they help to enter a well safely. Pumping, slick line, braided line, snub, reconditioning, etc. are some of the most common types of well work. The main purpose of the well intervention is to manage the production of the well. At some point in the life cycle of an oil and gas well, parts must be serviced, repaired, or replaced. Well intervention or well work involves operations that are performed to modify, manage or diagnose the health of the well in order to prolong its life. Few oil and gas wells produce uninterrupted production; however, in wells moving parts and seals wear, tube leaks, sensors fail, or formation pressure drops. Well intervention is the only tool to diagnose the situation and solve this problem. It can be done in any oil or gas well during or at the end of its productive life.

Well Intervention Service Market Trends:

The onging COVID-19 pandemic has affected the oil and gas industry around the world. Due to the current scenario, several oil and gas companies in all regions have to close their production assets and services as countries practice a partial or full closure strategy to cope with the pandemic. Companies in the region have also suspended or delayed their major oil and gas projects. Additionally, the COVID-19 pandemic has also affected crude oil prices, well drilling and production activities, and the oil and gas supply chain.

Recent Developments in the Well Intervention Service Market:

  • UDS launches a program of intervention vessels in hybrid wells. The owner of the submarine support vessel Ultra Deep Solutions has launched its new vessel response program.
  • Statoil launches a new type of platform for increased oil recovery. Developing technologies to increase field recovery is an area of ​​Statoil's commitment. Over the past year, the average oil recovery rate for Statoil-operated fields fell from 49% to 50%.

Well Intervention Service Market Drivers:

There is a growing call for oil and gas, so companies are determined to increase production. Mature fields account for about 70% of worldwide oil and gas production, according to a Halliburton survey. As these fields mature, they are likely to meet the growing call for energy in the future. Therefore, these companies are currently focusing on escalating recovery and lengthening the useful life of mature fields, thus exceeding natural production levels, which will likely stimulate market call for well intervention. The availability of rich hydrocarbon reserves independent of onshore and offshore basins and the heavy dependence of many economies on the oil and gas industry is predicted to drive the market in the near future. Emerging regions are predicted to see considerable development in the oil and gas fields, which will drive the need for well response services.

Well Intervention Service Market Restraints:

Strict government regulations regarding oil and gas leaks, water pollution, and public and environmental health are one of the main factors limiting the market. The increased focus on renewables is also a major hurdle for the well services market. Several oil-producing countries have adopted new regulations such as greenhouse gas emissions, performance standards for oil and gas operations, and guidelines for the maintenance of certain stationary gas and diesel engines. This has had an impact on several companies in the oil and gas industry. For example, New York State in the United States has banned hydraulic fracturing due to health concerns and air and water pollution issues. Maryland, another US state, has also banned hydraulic fracturing. Therefore, these regulations have had an impact on the oil and gas service industry in the long term.

Opportunities in the Well Intervention Service Market:

The oil and gas industry is digitizing the operation of its wells, allowing the service provider to better analyze the condition of the well and reduce the cost of operations. Additionally, upstream operators are calling digital slickline methods compared to conventional slickline operations, as electronic line (also known as wired log) has improved the success of long and difficult runs, eliminating expensive repetitions. Increased investments related to technological advances to improve efficiencies across the spectrum of exploration and production activities will drive worldwide market expansion. Additionally, increased subsea production coupled with the government's continued focus on the development of old fields will drive expansion in the industry. Favorable government tax regimes to develop these reserves will positively influence the adoption of the technology.

Challenges in the Well Intervention Service Market:

Drilling HPHT exploration wells involves high-risk, high-cost operations with immense levels of incident exposure. In addition, the call for oil and gas production is escalating, drilling activities are advancing in difficult geographical conditions. This creates a difficult environment for well intervention service providers. Several worldwide well intervention projects have been stopped due to fluctuating oil prices. Furthermore, the growing need to comply with government regulations regarding carbon emissions has led to heavy investments in the renewable energy sector, including wind and solar technologies. The growing trend towards clean energy may negatively affect the expansion of the well intervention market worldwide.

Well Intervention Service Market Segmentation:

By service:

  • Logging &Bottomhole Survey
  • Tubing/Packer Failure and Repair
  • Stimulation
  • Artificial Lift

Logging tools are inserted into the wells to measure the acoustic, electrical, radioactive, and electromagnetic properties of underground formations. This helps to identify the true state of a well. Logging and background investigations have grown in importance in recent years with the rise in production of unconventional resources such as shale in the Americas and Asia-Pacific as shale producing fields require examination. more depth.

By type:

  • Light
  • Medium
  • Heavy

By application:

  • Onshore
  • Offshore

The offshore segment is predicted to grow at the fastest rate during the foreseen period. The ultra-deepwater segment is predicted to grow at a faster CAGR than the deepwater segment. Ultimately, this would create new pockets of revenue for the well intervention market during the foreseen period.

By well:

  • Horizontal
  • Vertical

The horizontal well segment is predicted to dominate the worldwide well intervention market due to the boom in shale production, which requires hydraulic fracturing, which is one of the main drivers of the well intervention market.

Well Intervention Service Regional Analysis:

  • North America 
  • Europe 
  • Asia Pacific
  • Latin America 
  • Middle East & Africa 

North America dominates the market due to untapped oil and gas reserves, increased offshore drilling activity, and the presence of numerous shale gas reserves. The Middle East and Africa are predicted to drive the market for well intervention services. Africa is predicted to be one of the fastest growing markets for well intervention services due to increased oil production activity in Nigeria. Recent developments in offshore activities, such as increased oil production in Middle Eastern countries such as Qatar and Iran, are predicted to boost the market in the near future.

 The North American region is the largest in the well intervention market, due to factors such as the current shale gas revolution in the region. The market is also predicted to be boosted by increased production activities in the region. Asia-Pacific and Africa are emerging regions in the well intervention market, due to the increased use of intervention services in shale and oil services.

Well Intervention Service Market Key Players:

Few of the major competitors currently working in the well intervention market are Halliburton, Schlumberger Limited, Baker Hughes, a GE company, Weatherford, C&J Energy Services, Inc., Superior Energy Services, Inc., Expro Group, OiLSERV, Altus Intervention, Welltec, TRICAN, National Oilwell Varco, PRECISION DRILLING CORPORATION, Odfjell Drilling Ltd., Axis Well Technology.

 

1. Introduction                 

                1.1 Market Definition    

                1.2 Scope of the report

                1.3 Study Assumptions 

                1.4 Base Currency, Base Year and Forecast Periods          

2. Research Methodology                           

                2.1 Analysis Design         

                2.2 Research Phases      

                                2.2.1 Secondary Research

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling

                                2.2.4 Expert Validation

                2.3 Study Timeline          

3. Report Overview                        

                3.1 Executive Summary

                3.2 Key Inferencees       

4. Market Dynamics                       

                4.1 Impact Analysis         

                                4.1.1 Drivers

                                4.1.2 Restaints

                                4.1.3 Opportunities

                4.2 Regulatory Environment       

                4.3 Technology Timeline & Recent Trends            

5. Competitor Benchmarking Analysis                    

                5.1 Key Player Benchmarking     

                                5.1.1 Market share analysis

                                5.1.2 Products/Service

                                5.1.3 Regional Presence

                5.2 Mergers & Acquistion Landscape      

                5.3 Joint Ventures & Collaborations        

6. Market Segmentation                              

                6.1 Well Intervention Service Market, By Type  

                                6.1.1 Light

                                6.1.2 Medium

                                6.1.3 Heavy

                                6.1.4 Market Size Estimations & Forecasts (2021-2026)

                                6.1.5 Y-o-Y Growth Rate Analysis

                                6.1.6 Market Attractiveness Index

                6.2 Well Intervention Service Market, By Application      

                                6.2.1 Onshore

                                6.2.2 Offshore

                                6.2.3 Market Size Estimations & Forecasts (2021-2026)

                                6.2.4 Y-o-Y Growth Rate Analysis

                                6.2.5 Market Attractiveness Index

                6.3 Well Intervention Service Market, By Service              

                                6.3.1 Logging & Bottomhole Survey

                                6.3.2 Tubing/Packer Failure and Repair

                                6.3.3 Stimulation

                                6.3.4 Artificial Lift

                                6.3.5 Market Size Estimations & Forecasts (2021-2026)

                                6.3.6 Y-o-Y Growth Rate Analysis

                                6.3.7 Market Attractiveness Index

                6.4 Well Intervention Service Market, By Well   

                                6.4.1 Horizontal

                                6.4.2 Vertical

                                6.4.3 Market Size Estimations & Forecasts (2021-2026)

                                6.4.4 Y-o-Y Growth Rate Analysis

                                6.4.5 Market Attractiveness Index

7. Geographical Landscape                         

                7.1 Global Identity Governance and Administration Market, by Region  

                7.2 North America - Market Analysis (2018 - 2024)            

                                7.2.1 By Country

                               

                               

                                7.2.2 By Type

                                7.2.3 By Application

                                7.2.4 By Service

                                7.2.5 By Well

                7.3 Europe         

                                7.3.1 By Country

                               

                               

                               

                               

                               

                               

                                7.3.2 By Type

                                7.3.3 By Application

                                7.3.4 By Service

                                7.3.5 By Well

                7.4 Asia Pacific  

                                7.4.1 By Country

                               

                               

                               

                               

                               

                               

                               

                                7.4.2 By Type

                                7.4.3 By Application

                                7.4.4 By Service

                                7.4.5 By Well

                7.5 Latin America             

                                7.5.1 By Country

                               

                               

                               

                               

                                7.5.2 By Type

                                7.5.3 By Application

                                7.5.4 By Service

                                7.5.5 By Well

                7.6 Middle East and Africa           

                                7.6.1 By Country

                               

                               

                                7.6.2 By Type

                                7.6.3 By Application

                                7.6.4 By Service

                                7.6.5 By Well

8. Key Player Analysis                    

                8.1 Halliburton  

                                8.1.1 Business Description

                                8.1.2 Products/Service

                                8.1.3 Financials

                                8.1.4 SWOT Analysis

                                8.1.5 Recent Developments

                                8.1.6 Analyst Overview

                8.2 Schlumberger Limited            

                8.3 Baker Hughes            

                8.4 Weatherford             

                8.5 C&J Energy Services, Inc       

                8.6 Superior Energy Services, Inc              

                8.7 Expro Group              

                8.8 OiLSERV       

                8.9 Altus Intervention   

                8.10 Welltec      

9. Market Outlook & Investment Opportunities                

Appendix                           

                List of Tables     

                List of Figures   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Well Intervention Service Market Market By Region, From 2021-2026 ( USD Billion )
  2. Global Well Intervention Service Market Market By Type, From 2021-2026 ( USD Billion )
  3. Global Light Market By Region, From 2021-2026 ( USD Billion )
  4. Global Medium Market By Region, From 2021-2026 ( USD Billion )
  5. Global Heavy Market By Region, From 2021-2026 ( USD Billion )
  6. Global Well Intervention Service Market Market By Application, From 2021-2026 ( USD Billion )
  7. Global Onshore Market By Region, From 2021-2026 ( USD Billion )
  8. Global Offshore Market By Region, From 2021-2026 ( USD Billion )
  9. Global Well Intervention Service Market Market By Service, From 2021-2026 ( USD Billion )
  10. Global Logging & Bottomhole Survey Market By Region, From 2021-2026 ( USD Billion )
  11. Global Tubing/Packer Failure and Repair Market By Region, From 2021-2026 ( USD Billion )
  12. Global Stimulation Market By Region, From 2021-2026 ( USD Billion )
  13. Global Artificial Lift Market By Region, From 2021-2026 ( USD Billion )
  14. Global Well Intervention Service Market Market By Well, From 2021-2026 ( USD Billion )
  15. Global Horizontal Market By Region, From 2021-2026 ( USD Billion )
  16. Global Vertical Market By Region, From 2021-2026 ( USD Billion )

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