CHICAGO, December 4, 2018 /PRNewswire/ --
According to the new market research report "Well Intervention Market by Services (Logging & Bottomhole Survey, Tubing/Packer Failure & Repair, Stimulation, Sand Control, Artificial Lift, Fishing, Others), Type (Light, Medium, Heavy), Application (Onshore & Offshore) & Region - Global Forecast to 2023", published by MarketsandMarkets™, the Well Intervention Market is expected to grow from an estimated USD 8.5 billion in 2018 to USD 11.0 billion by 2023, at a CAGR of 5.35%. Increasing shale gas production and reactivation of mature oilfields are likely to drive the Well Intervention Market.
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The logging & bottomhole survey segment is expected to hold the largest share of the Well Intervention Market, by service type, during the forecast period.
The Logging & Bottomhole Survey segment led the Well Intervention Market in 2018 and is projected to have the largest market share during the forecast period. This growth is majorly driven by the Well Intervention Market in North America, due to shale gas revolution and production of oil & gas from shale reserves in the region. It has gained more importance in recent years with increased production of an unconventional resource shale in the Americas and Asia Pacific as shale production fields require more scrutinizing due to rough working environment.
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The Offshore segment of the Well Intervention Market, by application, is expected to grow at the highest CAGR during the forecast period
The Offshore segment led the Well Intervention Market in 2018 and is estimated to be the fastest growing market during the forecast period. This growth is majorly driven by increasing deep water drilling and production activities and an increase in the number of maturing subsea wells.
North America: The leading market for Well Intervention
North America is currently the largest market for well intervention. In 2017, the US accounted for the majority share in North America. Ongoing shale gas revolution is the major factor driving the Well Intervention Market in the US. North America is the largest producer and consumer of oil & gas in the global market. The region houses oil & gas proven reserves with major producing fields at Alaska, Gulf of Mexico, and Canada. All these factors are likely to drive the Well Intervention Market in the region
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Well Intervention Market. The key players include Baker Hughes a GE Company (US), Halliburton (US), Schlumberger (US), Weatherford (Switzerland), Expro Group (UK), Archer (UK). The leading players are adopting various strategies to increase their shares in the Well Intervention Market.
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