The well intervention market is expected to grow from an estimated USD 8.18 billion in 2017 to USD 9.85 billion by 2022, at a CAGR of 3.78%, from 2017 to 2022. The upsurge in global energy demand, increase in oil & gas production, and revitalization of aging fields/wells are the major factors driving the well intervention market.
Browse 76 market data tables and 78 figures spread through 181 pages and in-depth TOC on "Well Intervention Market by Services (Logging & Bottomhole Survey, Tubing/Packer Failure & Repair, Stimulation, Sand Control, Artificial Lift, Fishing, Others), Application (Onshore & Offshore), and Region - Global Trends & Forecast to 2022"
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Well intervention is advancing beyond conventional reservoir applications. Given the growing demand for energy and the depletion of existing reservoirs, untapped reservoirs with typical geological structures are quickly becoming a crucial alternative. However, these unconventional resources cannot be tapped effectively with the existing well technology; therefore, companies need to adopt advance well intervention technologies to explore the most difficult structures across the globe.
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The well intervention market is segmented by service type, application, and region. The increasing shale gas production, in the North America region is driving the well intervention market in this region. The global oil production increased by around 1% since 2015 as compared to 2014 with Europe and Middle East witnessing 2% and 0.70% respective increase in oil production from 2015, there by driving the market for the various well intervention services mentioned in the report.
The stimulation & sand control services segment of the well intervention market is projected to grow at the fastest pace during the forecast period. The need to enhance production and produce from mature & unconventional reservoirs drive the market for this segment during the forecast period.
The onshore application market is expected to dominate the well intervention market till 2022. This growth is majorly driven by the revitalization of aging onshore fields/wells. The offshore application segment is expected to grow at the fastest pace during the forecast period. This growth is attributed to the nearly maturing onshore fields and increasing E&P activities in the offshore environment.
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This research study involved the extensive use of secondary sources, directories, and databases (such as Hoover’s, Bloomberg, Businessweek, and Factiva) to identify and collect information useful for this technical, market-oriented, and commercial study of the well intervention market. The points mentioned below explain the research methodology applied in this report.
• Analysis of all the operational and upcoming infrastructural projects across the world
• Analysis of country-wise industrial growth rate for the past 5 years
• Estimation of cost of well intervention services in various regions using the cost variance models
• Analysis of the market trends in various regions and countries supported by well intervention equipment manufacturers and oilfield service providers
• Overall market size values are finalized by triangulation with the supply-side data which includes product developments, supply chain, and annual deliveries of well intervention services across the globe
After arriving at the overall market size, the total market has been split into several segments and subsegments. The figure given below shows the breakdown of the primaries on the basis of company type, designation, and region.
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The heavy well intervention segment is estimated to grow at the fastest pace during the forecast period. Whereas the light well intervention market is estimated to hold the largest market share till 2022.
The well intervention market in Africa is expected to be the fastest growing regional market during the forecast period. The African region is experiencing continuous oil & gas field development which triggers the need for well intervention/workover services.
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Global Well Intervention Market Outlook to 2022 by Service, Type and Application
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