Light Well Intervention to Account for Over 56% of Demand in Well Intervention Market
Fact.MR's latest report on well intervention market presents a thorough study of growth drivers, latest trends, and restraints affecting growth through 2031. It uncovers hidden opportunities across leading segments in terms of type, services and application. The report also highlights various strategies adopted by key players to dominate the market.
NEW YORK, Nov. 24, 2021 /PRNewswire/ -- As per latest Fact.MR analysis, the global well intervention market is likely to reach US$ 7.1 Bn in 2021. The overall well intervention demand is expected to increase at a CAGR of 7% between 2021 and 2031, surpassing US$ 14 Bn by the end of 2031.
Rising demand for oil and gas across the globe, increasing need to revamp & refurbish existing oilfields, and high investments by governments to explore new oilfield reserves are some of the factors driving the well intervention market.
As well intervention is a remedial operation carried out on oil and gas well to increase its production capacity, demand is significantly high in oil and gas sector. Hence, rising focus on improving operational efficiency of wells will continue to accelerate the growth of well intervention market.
Rising number of offshore oil & gas exploration projects planned for the forthcoming decades, especially across Africa and North America is anticipated to create high demand for offshore well intervention services.
Further, adoption of digitalization and automation in intervention services has made the restoring process of complex wells easy and more effective. In response to this, manufacturers are designing and launching new autonomous well intervention system to maximize production while reducing intervention costs.
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As per Fact.MR, light well intervention will continue to dominate the global market, accounting for around 56% revenue share by 2031. Demand for light well intervention is surging as it is considered to be the most cost-efficient solution for restoring oil and gas wells.
Regionally, North America is estimated to dominate the global well intervention market, with the U.S. spearheading the growth. As per the study, the U.S. is poised to exhibit strong growth on the back of increasing investments by government in oil and gas activities, presence of thousands of production wells and increasing consumption of oil and gas.
According to the U.S. Energy Information Administration (EIA), there are over 90000 production wells in the U.S. Furthermore, the U.S. oil production reached 12.8 million barrels per day while natural gas gross withdrawals reached 116.8 billion cubic feet per day in December 2019.
"Amid surging demand for oil and gas, governments are investing heavily for exploring more oil and gas reserves. This is anticipated to create lucrative growth avenues within well intervention market. Besides this, rising need for restoring old oil and gas wells will bode well for the market," says a Fact.MR analyst
Key Takeaways from Well Intervention Market Survey
The U.S. market is slated to expand at a CAGR of 8% over the forecast period, owing to the increasing exploration of shale reserves and oil and gas projects.
With increasing investments in oil and gas activities, India is poised to register growth at 6.5% CAGR by the end of 2031.
By type, light well intervention accounts for more than half of the share in 2021.
Leading players operating in the well intervention market are leveraging various growth strategies such as product innovation, mergers, acquisitions, collaborations and new facility establishments to gain competitive edge and expand their global footprint
In November 2021, Expro, a leading provider of energy services, launched "Galea", the world's first fully autonomous well intervention system to maximize production while reducing intervention costs, HSE risks and environmental impact. Galea™ replaces larger, conventional and more labor-intensive wireline rig-ups for a range of slickline operations such as solids removal, plug setting/pulling and logging surveys.
In November 2021, Helix Energy Solutions Group, Inc., an international offshore energy services company joined Trendsetter Engineering, Inc. in a global partnership to provide integrated hydraulic intervention services for subsea wells and flowlines. The new partnership will integrate Trendsetter's 15,0000psi Subsea Tree Injection Manifold (15K STIM) and experienced personnel into Helix's state-of-the-art fleet of well intervention vessels and equipment used to perform well services globally.
In March 2021, international oilfield service company Expro Group formed an exclusive alliance with global vessel provider FTAI Ocean LLC, a subsidiary of Fortress Transportation and Infrastructure Investors LLC, for the supply of the DP3 M/V Pride well intervention vessel to provide full light well intervention ("LWI") services to the subsea oil and gas sector.
Some of the prominent players operating in the well intervention market profiled by Fact.MR are:
Weatherford International Plc
National Oilwell Varco
General Electric Company (GE)
Hunting Energy Services
Oceaneering International Inc.
More Insights on the Global Well Intervention Sales Outlook
Fact.MR provides an unbiased analysis of well intervention market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for well intervention with a detailed segmentation on the basis of:
Light Well Intervention
Medium Well Intervention
Heavy Well Intervention
Coiled Tubing Well Intervention
Subsea Landing String Well Intervention Services
Fishing Well Intervention Services
Wireline Cased Well Intervention
Sidetracking Well Intervention
Thru Tubing Well Intervention
Slickline Well Intervention
Other Well Intervention Services
Onshore Well Intervention Services
Offshore Well Intervention Services
Key Questions Covered in the Well Intervention Market Outlook Report
The report offers insight into well intervention demand outlook for 2021-2031
The market study also highlights projected sales growth for well intervention market between 2021 and 2031
Well intervention market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Well intervention market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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