Well Intervention Market Gains Underpinned by Increasing Need to Revitalize Aging Oilfields
Large-stage well intervention solutions and services are gaining rising momentum due to increasing expenditure in revitalization of aging, marginal field wells in order to improve their functioning and extend production. Exploration and production (E&P) companies or oilfield operators across the world are focusing on boosting production and extending the plateau which require a clear understanding of the subsurface quality and performance of the existing surface facilities to manage the production in a safe manner. This, in turn, is likely to trigger investments in these services and eventually strengthen the well intervention market growth.
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Global Well Intervention Market Segmentation
On the basis of type, the global well intervention market has been segmented into:
- Light Well
- Medium Well
- Heavy Well
Based on services, the global well intervention market has been segmented into:
- Coiled Tubing
- Subsea Landing String Services
- Fishing Services
- Wireline Cased Well Intervention
- Thru Tubing Intervention
On the basis of application, the global well intervention market has been segmented into:
Transition from Onshore to Subsea E&P Activities to Push Well Intervention Market Growth
Subsea intervention services are still in their infancy with huge potential. While many leading oil & gas companies do not have well-established subsea intervention policies, new discoveries and growing need to improve recovery rates from developed fields are expected to increase the demand for such services. In addition, these companies have also begun embracing the need to carry out intervention in their rising portfolios of subsea wells. Gradual increase in the adoption of regular subsea intervention programs along with rising activities and subsea well counts are expected to favor the expansion of global well intervention market.
Heightened Volatility of Oil Prices and Heavy Investments in Renewable Energy Sources to Impede Market Growth
Various global well intervention projects have been halted due to fluctuating prices of crude oil. In addition, the growing need to adhere to government regulations regarding carbon emission has triggered robust investments in renewable energy business including wind and solar power technologies. Rising inclination toward clean energy may negatively affect the growth of well intervention market at the global level.
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