DALLAS, April 20, 2015 /PRNewswire/ --
The report "Well Intervention Market by Services (Logging & Bottom Hole Survey, Tubing/Packer Failure & Repair, Stimulation, Artificial Lift, Others), Application (Onshore & Offshore) & Region - Global Trends & Forecast to 2019", published by MarketsandMarkets, defines and segments the well intervention market with an analysis and forecast of the global revenue.
Browse 77 market data tables and 57 figures spread through 185 pages and in-depth TOC on "Well Intervention Market - Global Trends & Forecast to 2019"
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The well intervention/work-over services market is mainly driven by growing demand for energy and aging of existing brown oilfields. The presence of a large number of oil & gas wells and thriving investment in oilfield developments in deeper waters are the major factors behind the growth of the market in the Americas. The U.S., as a country, is the largest end-user of well intervention services, and the trend is expected to continue during the forecast period.
Soaring energy demand is pressurizing field operators to increase the production of hydrocarbons. As existing oil & gas reserves are depleting, the need for well intervention services is gaining its pace. On the other hand, maturity of existing oil & gas wells has also resulted in an increase in the usage of intervention/workover services. This trend makes the well intervention industry lucrative for both equipment manufacturers and service operators. On account of heavy demand for oil and continuous reduction in replacement of depleting hydrocarbon reservoirs, the Well Intervention Market will experience a tremendous increase in demand in the years to come.
The presence of mature onshore oil reserves is shifting the focus of operator companies towards deepwater offshore areas. The mount in deepwater and ultra-deepwater activities for oil is now increasing the demand for heavy well intervention applications. The operators are interested in investing more in offshore oilfields to meet energy needs.
The market has been estimated from the demand point of view. This report breaks the market into smaller service segments. In order to provide a deeper understanding of the competitive landscape, 15 companies in the Well Intervention Market have been profiled.
The Global Well Intervention Market will grow from an estimated $11.31 Billion in 2014 to $13.84 Billion by 2019, at a CAGR of 4.1% during the forecast period. The Americas is expected to lead the global market with a share of more than 40%, in terms of value generation in 2014.
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