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Well Intervention Market Research Report: Insights on USD 11.81 Billion Revenue by 2030

Author : Delvens weforschen | Published On : 28 Mar 2024

Well Intervention Market, By Service (Logging and Bottomhole Survey, Tubing/Packer Failure and Repair, and Stimulation), Intervention Type (Light, medium, Heavy), Well Type (Vertical and Horizontal), and Application (Onshore and Offshore) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).

Well Intervention Market Overview

The global Well Intervention market size was estimated at USD 8.30 billion in 2023 and is projected to reach USD 11.81 billion in 2030 at a CAGR of 5.16% during the forecast period 2023-2030.

Well intervention is an operation performed on oil or gas wells to extend their productive life by improving efficiency or providing access to waste or additional hydrocarbon resources. Using well control techniques, they help safely enter the well. Pumping, slackline, braided line, snubbing, workover and others are some common types of fine work. The main purpose of the well operation is to control the production of wells. Pumping is the simplest procedure, because it does not require machines to be placed in the well.

Growing efforts by early-stage companies to improve production in mature fields is driving the intervention market well. Due to the availability of many subsea wells and easy mobility on offshore platforms, the market for offshore well response services will grow the most during the forecast period due to increased exploration and production activities in the offshore environment, while onshore well intervention services are required for the largest share of the market. The growth of mature oil and gas fields due to rapid urbanization and industrialization of developing economies and increasing demand for refined petroleum products is driving the well intervention market. The strong expansion of aging oil fields and the slowdown in the search for new deposits is accelerating the expansion of the industry. In addition, industrial expansion is further accelerated by the growing need for logging services due to changes in the geological substructure of wells.

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The spread of the COVID-19 pandemic resulted in increased adoption of location intelligence solutions to manage to change business scenarios. The outbreak of the COVID-19 pandemic in various parts of the world had led to reduced demand for oil and gas and petrochemical production, as business and industrial activities had come to a halt due to government restrictions in various parts of the world. This had adversely affected the global well intervention market.

Delvens Industry Expert's Standpoint

The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. Due to which there was a decline in the demand for oil and gas. During the current period, the growth in global oil demand, high energy consumption, increasing number of onshore and offshore drilling activities, expansion of oil and gas sector, surge in investment and growth of shale gas sector positively affect the well intervention market. These factors have led to the expansion of the market and increased demand for Well Intervention solutions.

Key Findings

  • The service segment is further fragmented into Logging and Bottomhole Survey, Tubing/Packer Failure and Repair, Stimulation etc. The logging and borehole measurement segment held the largest share of the well intervention market. This is due to the increase in the number of active rigs and the flexibility to conduct logging and borehole surveys during drilling, completion, production and shut-in. Additionally, growing awareness about the maintenance and utilization of old and abandoned oil wells to increase production is expected to boost the market growth.
  • The intervention type segment is further bifurcated into light, medium and heavy. The mid-size intervention segment is expected to grow faster. Medium-sized well intervention is performed with coiled tubing and cased devices. Snubbing units are used to perform well intervention services on dead or live oil and gas wells in unconventional oil fields. These units are generally advantageous in wells that are more prone to shocks. 
  • The application segment is further bifurcated into onshore and offshore. Onshore wells are being drilled extensively worldwide, with more potential for oil and gas production in the Middle East, North America, Africa, and the Asia-Pacific region. The demand for well intervention services and solutions in the onshore application segment is increasing, as the operating costs of onshore oil fields are lower than in the offshore application segment. In addition, most onshore fields in the Middle East and North America are in decline, where well intervention services are used to restore or increase reservoir production. In addition, discoveries of oil shale reserves are accelerating the growth of the onshore well market, and all wells require extensive intervention in both the completion and production phases. 
  • The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period.

Well Intervention Market Regional Analysis

North America to Dominate the Market

  • North America is estimated to account for the largest market share during the forecast period. In North America, offshore oil and gas projects are becoming more competitive, owing to improving efficiencies and tightening the supply chain, which led to declining offshore drilling costs. 
  • Moreover, increasing oil and gas drilling and completion activities in the region are expected to increase the demand for well intervention market is expected to boost the North American market growth.

Well Intervention Market Competitive Landscape

  • Baker Hughes Company
  • Halliburton, Oceaneering International, Inc.
  • Helix Energy, Altus Intervention, Archer
  • Weatherford International PLC
  • Schlumberger Limited, Key Energy Services, LLC.
  • TRICAN
  • Vallourec SA
  • National Oilwell Varco Inc.
  • Scientific Drilling International Inc.
  • China Oilfield Services Ltd
  • NexTier oilfield solutions
  • Expo group
  • Pioneer Energy Services
  • Basic Energy Services
  • Welltec
  • Altus intervention

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Well Intervention Market Recent Developments

  • In June 2023, Halliburton Company and Nabors Industries announced an agreement on well-construction automation solutions. The collaboration aimed to automate the drilling process and other well construction services with the help of technology. 
  • In March 2023, Schlumberger Limited introduced an Ecoshield geopolymer cement-free system that minimizes the CO2 footprint of a well’s construction. This technology eliminates up to 85% of the carbon footprint. 
  • In February 2023, Schlumberger Limited acquired Gyrodata Incorporated. The acquisition aimed to improve wellbore quality, reduce drilling risk and upgrade overall drilling efficiency.

Reasons to Acquire in the Well Intervention Market

  • Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors. 
  • Gain authentic and granular data access for the Well Intervention Market to understand the trends and the factors involved in changing market situations. 
  • Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future. 
  • In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

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Frequently Asked Questions

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