Sprint Stat Research has published a new report titled “Well Intervention Market - Global Trends and Forecast Analysis, 2021-2028”. According to Analysts at Sprint Stat Research, the global well intervention market was valued at USD 9.11 billion in 2020 and is projected to reach USD 14.96 billion by 2028, at a growth rate of 6% in 2021-2028.
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Increased focus on mature oil fields and abandoned oil fields due to better technology also has driven the well intervention market to new heights. Almost all of the major discoveries are in offshore drilling compared to onshore drilling, hence the market for onshore drilling is increasingly exponentially. Furthermore, governments of emerging economies are providing encouragement to the industry for the development of the old reserves by relaxing taxation policies, thereby allowing more technological innovations. Increasing importance of renewable energy can be one of the major deterrent for the growth of the well Intervention market.
Increasing focus by countries in North America, especially the U.S., for shale gas production in oil and gas industries to address the mismatch between the demand and supply of energy resources has led to high demands for well intervention market. In addition to this, to meet the energy demands of a growing population and to stabilize the oil and gas industry, North American countries are adopting advanced technologies and this would further creates lucrative opportunity for the well intervention market growth in the region.
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. Service segment of well intervention market is divided into sand control, artificial lift, logging & bottom-hole survey, tubing/packer failure & repair and others. Application segment of the global well intervention market is divided into onshore and offshore. 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.
Key players profiled in the report are Schlumberger Limited, Baker Hughes, Weatherford, Superior Energy Services, Archer, Expro Group, Trican, Welltec, Altus Intervention, Oilserv, Halliburton, C&J Energy Services, and others.
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This research report provides in-depth assessment of well intervention market driving factors and features. The report highlights detailed analysis of well intervention market across various countries in the region. It provides a market outlook for 2021-2028 and sets the forecast within the context of well intervention market, including latest technological developments as well as offerings in the market. The report also presents a detailed overview on market segmentation. Overall, this research report shows historic, on-going, and estimated market analysis in terms of value, analysis of niche industry developments and market share analysis. Detailed profiles of industry players are also included in the scope of the report to evaluate their business strategies, key offerings and recent developments in the well intervention market space.