“The well intervention market is projected to grow at a CAGR of 3.78%, from 2017 to 2022.”
The well intervention market is expected to grow from an estimated USD 8.18 billion in 2017 to USD 9.85 billion by 2022, at a CAGR of 3.78%, from 2017 to 2022. The factors driving the well intervention market include upsurge in global energy demand, increase in oil & gas production, and revitalization of aging fields/wells. Increasing focus on renewable energy and strict government regulations on E&P activities are key restraints for the growth of the well intervention market.
“Stimulation: The fastest growing segment of the well intervention, by service.”
The well stimulation services segment is estimated to be the fastest growing due to the increasing demand for hydraulic fracturing & matrix treatments. These services are performed to restore and enhance the production of a well that is hindered by skin formation near the wellbore area. This is a frequent problem in producing wells. There are two types of remedial stimulation methods: hydraulic fracturing and matrix treatments. The demand for hydraulic fracturing is increasing in the Americas, making it a lucrative market.
“Offshore is the fastest growing application-based market segment.”
The offshore well intervention application segment is expected to grow at the fastest pace during the forecast period. This is due to the onshore fields reaching maturity and the increasing E&P activities in the offshore environment.
“Africa: The fastest growing segment of the well intervention market, by region.”
The African market is expected to be the fastest growing segment of the well intervention market, by region, during the forecast period. The region is experiencing continuous oil & gas field development which triggers the need for well intervention/workover services.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, corporate-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1—60%, Tier 2—27%, and Tier 3—13%
By Designation: C-Level—35%, Manager Level—25%, and *Others—40%
By Region: North America—30%, Europe—23%, Asia-Pacific—17%, South and Central Americas—15%, Middle East—10%, and Africa—5%
*Others include sales managers, engineers, regional managers etc.
Note: Tier 1 Company—Revenue >5 billion, Tier 2 Company—Revenue between 1 and 5 billion, and Tier 3 Company—Revenue <1 billion
The leading players in this industry have been profiled, along with their recent developments and other strategic activities. These include GE Oil & Gas (U.K.), Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International plc (Switzerland), Expro International Group Holdings Ltd. (U.K.), Archer Limited (U.K.), Welltec International ApS (Denmark), TechnipFMC plc (U.K.), Trican Well Service Ltd. (Canada), Basic Energy Services, Inc. (U.S.), Superior Energy Services, Inc. (U.S.), Key Energy Services, Inc. (U.S.), and Lupatech SA (Brazil), among others.
The report segments the well intervention market, on the basis of service, into logging and bottom hole survey, tubing and packer failure and repair, stimulation, remedial cementing, zonal isolation, sand control services, artificial lift services, fishing, reperforation, and others*. The applications for the well intervention market are onshore and offshore. The offshore well intervention market has been further segmented into light intervention, medium intervention, and heavy intervention. The well intervention market has been segmented by region into North America, Europe, Asia-Pacific, South and Central America, the Middle East, and Africa. Each region has been further analyzed based on key country-level markets.
Others* include water shut off, casing repair, horizontal well sand control, well abandonment, sand washing, and paraffin/asphaltene/hydrates removal, among others.
Why buy this report?
1. The report identifies and addresses key markets for well intervention solutions, which is useful for suppliers and OEMs to review production and distribution plans.
2. The report helps manufacturers understand the pulse of the market and provides insights on drivers, restraints, and challenges. The report includes analyses of key countries, by service and application. It analyzes historical trends and forecasts for 2022, which assists in strategic decision-making.
3. The report will help OEMs better understand their competitors’ strategies and will help in making strategic decisions. It also presents the competition by analyzing recent market developments such as key contracts, expansions, and new product launches by key global market players.