The well intervention market is projected to reach USD 9.3 billion by 2026 from an estimated USD 7.6 billion in 2021, at a CAGR of 4.2% during the forecast period. The growing need for maximizing production potential of mature oil and gas fields is the main driver for the well intervention market. Growing demand for offshore and subsea well intervention and increasing oil and gas discoveries are expected to offer lucrative opportunities for the well intervention market during the forecast period
The horizontal well segment, by well type, is expected to be the largest and the fastest-growing market from 2021 to 2026 The well type segment is categorized as horizontal well and vertical well.The horizontal well segment is expected to dominate the global well intervention market owing to increasing horizontal directional drilling activities to optimize production from wells.
Although drilling and operating horizontal wells are expensive when compared to vertical wells, they are preferred due to their efficiency in increasing oil field production and their ability to access subsurface reservoirs that are not directly accessible from above.
The offshore segment, by application, is expected to be the fastest-growing market from 2021 to 2026 The offshore segment is expected to be the fastest-growing application sub-segment during the forecast period.The companies operating in the market have been exploring offshore locations for oil and gas production owing to the fact that offshore locations have a large number of untapped reserves.
Moreover, the activities in offshore oilfield environments are comparatively more complex than onshore oil and gas fields. Despite fluctuating oil prices, the application of offshore well intervention services is expected to rise, attributed to the increasing deep and ultradeep water drilling and production activities and an increase in the number of maturing subsea wells.
North America: The largest and the fastest-growing region in the well intervention market.
North America is expected to dominate the global well intervention market between 2021–2026.The region has the largest shale reserves, which makes it a lucrative market for drilling activities and for oilfield service providers.
According to the US Energy Information Administration, in 2017, the region had 307.9 trillion cubic feet of shale reserves, out of which only 18.6 trillion cubic feet have been produced in the same year. Thus, the vast potential from the shale reservoirs has been attracting more drilling operations in the North American oil industry. Profitable drilling activities are likely to create enough opportunities for well intervention operations.
Breakdown of Primaries: In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-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- 65%, Tier 2- 24%, and Tier 3- 11% • By Designation: C-Level- 30%, D-Level- 25%, and Others- 45%
By Region: Asia Pacific- 33%, North America- 27%, Europe- 20%, Middle East – 4%, and South & Central America-12%, Africa- 4%
Note: “Others” include sales managers, engineers, and regional managers The tiers of the companies are defined based on their total revenue as of 2019: Tier 1: >USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3: The well intervention market is dominated by a few major players that have a wide regional presence. The leading players in the well intervention market are Halliburton (US), Schlumberger (US), Baker Hughes (US), Weatherford International (US), NexTier Oilfield Solutions(US), Archer (Norway), Expro Group (UK), Trican Well Service (Canada), Pioneer Energy Services(US), Basic Energy Services (US), Nine Energy Services(US), Key Energy Services(US), Oceaneering International (US), Welltec (Denmark), and Altus Intervention (Norway).
Study Coverage: The report defines, describes, and forecasts the well intervention market, by service, intervention type, well type, application, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the well intervention market.
Key Benefits of Buying the Report 1. The report identifies and addresses the key markets for well intervention operations and services, which would help equipment manufacturers and service providers review the growth in demand. 2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges. 3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
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