Well intervention is the process of entering an oil and gas well by adhering to proper safety measures and using well control technologies. Well control technologies are primarily used for activities such as to intervene in other than drilling. With technological advancements, the depths at which the fields can be drilled are increasing and it causes well construction changes and further increases the demand for well intervention.
The global well intervention market is projected to reach USD 14.96 Billion by 2028 at a CAGR of around 6.39% during the forecasted period. Increased activity in oil and gas production due to increasing surge in global energy needs creates high demand for well intervention services. With key improvements in technology, more mature oil and gas wells are being reactivated for further penetration. More focus on older fields and lesser exploration rate for newer wells and with addition to more demand for logging services also help the well intervention market to grow significantly. The stakeholders involved in this market are oil and gas companies, rig and safety equipment manufacturers, various small scale suppliers and advisory firms. With the increasing importance of subsea drilling, the demand for well intervention is also increasing and this factor is further contributing to the growth of this market.
Major restraints for the well intervention market are declining price of crude oil and stringent government norms with respect to offshore drilling and carbon emissions. The global well intervention market is segmented on the basis of type, service, application, and region.
On the basis of type, the global well intervention market is bifurcated into light, medium, and heavy. Among these types, the light intervention type is expected to have the largest share in global well intervention market in the forecasted period. Oil and gas wells that have matured and are again garnering attention by companies will look to improve the recovery rate so that the demand supply mismatch can be shortened. With high demand for coiled tubing services and also the ability of light well intervention to perform remedial operations has propelled its demand over the other sub-segments. Heavy well intervention is also growing due to many key players undertaking subsea exploration activities.
Service segment of well intervention market is divided into sand control, artificial lift, logging & bottom-hole survey, tubing/packer failure & repair and others. Logging and bottom-hole survey holds the most market share in this segment and is expected to grow exponentially in the given analysis period. With regions like United States concentration more on shale gas exploration and also the growing demand for energy especially in the Asia Pacific region would propel the demand for logging and bottom-hole survey.
Application segment of the global well intervention market is divided into onshore and offshore. The offshore drilling has the largest share in terms of value and continue to grow during the forecast period. With modern innovation, deep sea drilling is becoming very relevant as most of the new drilling is done there. Also with more subsea wells maturing and global economies concentrating more on shale gas as an alternative energy source, there is an increase in production activities, hence the need for well intervention grows.
The global well intervention market has analyzed across the five regions including, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa with its major countries. In terms of value the North American region is set to lead in the forecasted period. With various key industry players in oil and gas located in the North American region, there is always room for technological innovations and these factors affect the well intervention in a good way. Other regions especially the Middle East where there are abundant oil reserves and the regions increasing focus towards ageing oil fields has further driven the well intervention market growth across the globe.
The report covered the detailed competitive analysis including company profiles of the major industry players operating in the global well intervention market. Key players profiled in the report are Superior Energy Services, Archer, Expro Group, Trican, Welltec, Altus Intervention, Oilserv, Halliburton, Schlumberger Limited, Baker Hughes, Weatherford, C&J Energy Services, and others.
|Report Attribute||Report Scope|
|Historic Data||2018 - 2020|
|Forecast Period||2021 - 2028|
|Units||Market Revenue in USD Million and CAGR in % from 2021 - 2028|
|Report Coverage||Revenue Forecast, Competitive Landscape, Company Market Share, Market Growth Factors, and Future Trends|
|Segments Covered||Type (Light, Medium, and Heavy), Service (Sand Control, Artificial Lift, Logging & Bottom-hole Survey, Tubing/Packer Failure & Repair, and Others), and Application (Onshore and Offshore)|
|Region||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Argentina, UAE, Saudi Arabia, South Africa|
|Major Companies Profiled||Superior Energy Services, Archer, Expro Group, Trican, Welltec, Altus Intervention, Oilserv, Halliburton, Schlumberger Limited, Baker Hughes, Weatherford, C&J Energy Services, and others|
The report segments the global well intervention market as follows:
Well Intervention Market, Type Segment Analysis
Well Intervention Market, Service Segment Analysis
- Sand Control
- Artificial Lift
- Logging & Bottom-hole Survey
- Tubing/Packer Failure & Repair
Well Intervention Market, Application Segment Analysis
Well Intervention Market, Region Segment Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa