According to the latest report by IMARC Group, titled “Well Intervention Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” global well intervention market reached a value of US$ 7.6 Billion in 2022. Well intervention is a remedial operation performed on oil and gas wells to restore and increase their production output. It is performed through various light and heavy intervention methods. Well intervention is required during flow restrictions, mechanical failures, changes in reservoir characteristics, or the need for additional hydrocarbon pay zones. It offers various benefits, which include reduced risk and nonproductive time (NPT), increased return-on-investment (ROI) with reduced cost, and improved overall production. Well intervention also provides support for operators to make well-informed decision through access to critical data.
Global Well Intervention Market Trends:
The global well intervention market is majorly being driven by the increasing efforts of upstream companies to enhance oil and gas production through mature fields. This can be attributed to rapid urbanization and industrialization, which has escalated the demand for refined petroleum products, especially in emerging economies. In line with this, governments of various nations are introducing taxation schemes to optimize production costs and develop oil and gas reservoirs, which are propelling the market growth. Additionally, continuous investments in research and development (R&D) activities to improve exploration activities are acting as another growth-inducing factor. Apart from this, technological advancements and increasing discoveries in existing oilfields are further creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of 4.1% during 2023-2028.
- Based on the service type, the market has been segregated into logging and bottomhole survey, tubing/packer failure repair, stimulation, sand control, zonal isolation, artificial lift, fishing, and others.
- On the basis of the well type, the market has been bifurcated into vertical and horizontal wells.
- Based on the application, the market has been divided into onshore and offshore applications.
- Region-wise, the market has been segmented into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Aker Solutions, Archer Limited, Baker Hughes Company (General Electric), China Oilfield Services Ltd. (China National Offshore Oil Corporation), Expro Group, Halliburton Company, Schlumberger Limited, Scientific Drilling International Inc., Superior Energy Services Inc., Vallourec and Weatherford International Plc.
|Base Year of the Analysis
||Service Type, Well Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Aker Solutions, Archer Limited, Baker Hughes Company (General Electric), China Oilfield Services Ltd. (China National Offshore Oil Corporation), Expro Group, Halliburton Company, Schlumberger Limited, Scientific Drilling International Inc., Superior Energy Services Inc., Vallourec and Weatherford International Plc.
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