(MENAFN- The Express Wire) Well Intervention Market: How to Leverage on Technology During Covid19 Crisis? Fortune Business Insights
Posted on Oct 16 2020 5:51 AM
"Well Intervention Market Size, Share and Global Trend By Type (Light Intervention, Medium Intervention, Heavy Intervention), Service (Logging & Bottom Hole Survey, Tubing/Packer Failure & Repair, Stimulation, Remedial Cementing, Zonal Isolation, Sand Control, Artificial Lift, Fishing, RE-Perforation), Application (Onshore, Offshore) and Geography Forecast till 2026
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The Global Well Intervention Market will gain significantly from the increasing demand for oil and gas from offshore areas. Fortune Business Insights has recently announced the publishing of a report, titled " Well Intervention Market " Size, Share and Global Trend by Type (Light Intervention, Medium Intervention, Heavy Intervention), Service (Logging & Bottom Hole Survey, Tubing/Packer Failure & Repair, Stimulation, Remedial Cementing, Zonal Isolation, Sand Control, Artificial Lift, Fishing, RE-Perforation), Application (Onshore, Offshore) and Geography Forecast till 2026. As per the report in 2018, the global well intervention market was worth US$ 8+ Bn. The global well intervention market is expected to progress at a CAGR of 5.23% and reach US$ 12.5 Bn by the end of 2026.
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In terms of type, light intervention held the highest share in the global well intervention market. Light intervention accounted for 58.8% of the global market in 2018. The popularity of light intervention is high among end users due to its less operational cost compared to heavy and medium intervention. However, the demand for heavy and medium intervention is likely to increase during the forecast period in response to the increasing well intervention activities.
To cater the constantly increasing demand for oil and gas, key market players are trying to increase the productivity of existing wells. This is likely to increase the growth rate in the global well intervention market.
Key Companies
- Schlumberger
- Baker Hughes, a GE company
- Halliburton
- Helix Energy Solutions Group
- C & J Energy Services
- Expro
- TechnipFMC
- Superior Energy Services
- Welltec
- DeepWell AS
Key Industry Developments
In July 2020, TIOS has won a contract to provide wireline service across three light well intervention vessels.
In July 2020, Tatweer Petroleum has awarded multiple well intervention contract to National Energy Services Reunited Corporation in the kingdom of Bahrain.
In June 2020, C-Innovation, LLC and its family of companies has been awarded a contract to perform riserless light well intervention in Gulf of Mexico.
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Key Segmental Overview:
1. By Type
- Light Intervention
- Medium Intervention
- Heavy Intervention
2. By Service
- Logging & Bottom Hole Survey
- Tubing/Packer Failure & Repair
- Stimulation
- Remedial Cementing
- Zonal Isolation
- Sand Control
- Artificial Lift
- Fishing
- Re-Perforation
3. By Application
4. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Norway, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia, Indonesia, Thailand and Rest of Asia Pacific)
- Latin America (Argentina, Venezuela, Mexico, Brazil and Rest of Latin America)
- Middle East & Africa (GCC, Algeria, Egypt, Nigeria and Rest of Middle East & Africa)
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Onshore Segment Emerged Dominant in the Global Well Intervention Market
In terms of application, onshore segment was leading the global well intervention market in 2018. However, the offshore segment is anticipated to witness high demand and grow at a relatively higher CAGR during the forecast period 2020-2026. Growth witnessed in this segment is attributable to the increasing investment in subsea oil and gas assets. This is likely to fuel the demand in the global well intervention market.
Increasing number of well intervention activities and rising number of active rigs are key factors expected to drive the global well intervention market during the forecast period 2020-2026. Moreover, discovery of new wells and rigs is also anticipated to give impetus to the global well intervention market.
On the flip side, the high cost associated with well intervention activities may restrain the global well intervention market during the forecast period.
'Market players should focus on investing in offshore assets. This will help improve the reservoir performance and overall life cycle of the well. This may also boost the global well intervention market, said a lead analyst at Fortune Business Insights.
Middle East and Africa to Expand at the Highest CAGR
North America was dominating the global well intervention market in 2018. The market in North America was worth US$ 3,268.3 Mn in 2018. Asia Pacific and Europe also held a significant share in the global well intervention market. North America is expected to dominate the global market even during the forecast period. Increase in offshore activities in the Gulf of Mexico and North Sea will create growth opportunities for the well intervention market in North America. Additionally, in 2017 the U.S. accounted for 50% of the new well drilled, followed by China and other Asian nations. The Middle East and Africa, is expected to grow at a relatively higher CAGR owing to the increased investment inflow and huge budget aided from Gulf nations.
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Table of Content
5. Global Well Intervention Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast By Service
5.2.1. Logging & Bottom Hole Survey
5.2.2. Tubing/Packer Failure & Repair
5.2.3. Stimulation
5.2.4. Remedial Cementing
5.2.5. Zonal Isolation
5.2.6. Sand Control
5.2.7. Artificial Lift
5.2.8. Fishing
5.2.9. Re-Perforation
5.2.10. Others
5.3. Market Analysis, Insights and Forecast By Type
5.3.1. Light Intervention
5.3.2. Medium Intervention
5.3.3. Heavy Intervention
5.4. Market Analysis, Insights and Forecast By Application
5.4.1. Onshore
5.4.2. Offshore
5.5. Market Analysis, Insights and Forecast By Region
5.5.1. North America
5.5.2. Europe
5.5.3. Asia Pacific
5.5.4. Middle East & Africa
5.5.5. Latin America
6. North America Well Intervention Market Analysis, Insights and Forecast, 2015-2026
6.1. Key Findings
6.2. Market Analysis, Insights and Forecast By Service
6.2.1. Logging & Bottom Hole Survey
6.2.2. Tubing/Packer Failure & Repair
6.2.3. Stimulation
6.2.4. Remedial Cementing
6.2.5. Zonal Isolation
6.2.6. Sand Control
6.2.7. Artificial Lift
6.2.8. Fishing
6.2.9. Re-Perforation
6.2.10. Others
6.3. Market Analysis, Insights and Forecast By Type
6.3.1. Light Intervention
6.3.2. Medium Intervention
6.3.3. Heavy Intervention
6.4. Market Analysis, Insights and Forecast By Application
6.4.1. Onshore
6.4.2. Offshore
6.5. Market Analysis, Insights and Forecast By Country
6.5.1. U.S.
6.5.2. Canada
7. Europe Well Intervention Market Analysis, Insights and Forecast, 2015-2026
7.1. Key Findings
7.2. Market Analysis, Insights and Forecast By Service
7.2.1. Logging & Bottom Hole Survey
7.2.2. Tubing/Packer Failure & Repair
7.2.3. Stimulation
7.2.4. Remedial Cementing
7.2.5. Zonal Isolation
7.2.6. Sand Control
7.2.7. Artificial Lift
7.2.8. Fishing
7.2.9. Re-Perforation
7.2.10. Others
7.3. Market Analysis, Insights and Forecast By Type
7.3.1. Light Intervention
7.3.2. Medium Intervention
7.3.3. Heavy Intervention
7.4. Market Analysis, Insights and Forecast By Application
7.4.1. Onshore
7.4.2. Offshore
7.5. Market Analysis, Insights and Forecast By Country
7.5.1. UK
7.5.2. Germany
7.5.3. France
7.5.4. Italy
7.5.5. Norway
7.5.6. Russia
7.5.7. Rest of Europe
8. Asia Pacific Well Intervention Market Analysis, Insights and Forecast, 2015-2026
8.1. Key Findings
8.2. Market Analysis, Insights and Forecast By Service
8.2.1. Logging & Bottom Hole Survey
8.2.2. Tubing/Packer Failure & Repair
8.2.3. Stimulation
8.2.4. Remedial Cementing
8.2.5. Zonal Isolation
8.2.6. Sand Control
8.2.7. Artificial Lift
TOC Continued.....!
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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