FORT WORTH, Texas, May 13, 2015 /PRNewswire/ --
The North America well intervention market was valued at $3,523.1 million in 2014, and is expected to reach $4,106.9 million by 2019, at a CAGR of 3.1% from 2014 to 2019.
Browse through the TOC of North America Well Intervention Market for an analysis of industry trends and segments, with the help of various tables and figures.
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The growth of the North America well intervention market is attributed to the revitalization of ageing brown field wells. Global decline in oil & gas production, increased water cut with constrained topside facilities, increasing flow assurance challenges, growing operating costs, and integrity challenges due to ageing facilities are all factors that lead to a mature field or brown field, becoming operationally and economically unviable with time. For these reasons, it is not uncommon for operators to leave behind 60% or more of original oil in place.
This global decline of matured fields' oil reserves have been into focus during the recent years, which is drawing companies' attention on technological advancements in inventing tools and techniques required to access residual reserves on conventional acreages. In 2014, 64% of the North America Well Intervention market was contributed by U.S.
The prominent end users considered in this report include offshore and onshore applications. The market has been analyzed in terms of the major countries in the North American region such as U.S., and Canada.
The European Well Intervention Market was valued at $2.5 billion in the year 2013 and is projected to reach $3.5 billion by the end of the year 2018 at a CAGR of 7.0%.
European Well Intervention market constitutes 24.3% of Global Well Intervention market and is poised to grow its market share to 19.4% by the end of year 2018.
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