Global Well intervention Market that contains the information from 2017, Well intervention Market is predicted to grow at approximately 3.5% | Well intervention Market
— Global Well intervention Market Information Report by service (Logging & bottom hole survey, Stimulation, Artificial Lift, Re-perforation and Others), By Application (Onshore and Offshore) and By Region - Forecast To 2023
Well intervention refers to the operations that carried out during the life of the oil well. These operations are carried out for improvement of production and for the maintenance of the well.
One of the major factors driving the growth of the market is the continuous depletion of oil reserves and the ever increasing demand for oil all over the world. There is a rapid increase in demand for energy owing to factors such as rapid urbanization and industrialization.
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The growth in demand for energy is also driving the growth of the oil and gas industry. So, there is a rise need for enhancement of production so as to meet the growing demand for energy, especially oil and gas, which is further driving the market for well intervention. The other factors driving the growth of the market are the increase in production of oil & gas and regeneration of aging fields/wells. However, the growth of the market is restrained by factors such as strict rules and regulations and the increasing focus on renewable energy.
The well intervention market is expected to grow over the CAGR of around 3.5 % during the period 2017 to 2023.
Well intervention or well work is the operation performed on oil and gas wells during their productive life, which alters the well geometry and manages the production of wells by providing extensive well diagnostics. Market Research Future (MRFR) has recently published a detailed report on the global well intervention market asserting that the global market for well intervention is anticipated to expand at a steady CAGR of 3.5% during the forecast period of 2017-2023.
Market Drivers and Restraints:
The rapid rise in global population and increased production and usage of automobiles are inducing high demand for non-renewable energy sources such as fossil fuels, which is acting as a major driver for the expansion of the global well intervention market. The vital role of well intervention services in drilling operation that includes monitoring the pressure and temperature in the reservoir, transportation of fluids to and fro the reservoirs and others are inducing the demand for high quality well intervention services owing to the increase in oil and gas exploration activities and production process.
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The major benefits of well intervention services such as cleaning up of wells, stimulation of well for making it production ready by enhancing the flow of hydrocarbons in it, monitoring all the on-going operations in the wells, providing annular seal for isolating certain sections of the well and others make these services an essential component of the oil and gas exploration and production process, which is fueling the growth of the global well intervention market. The increased exploration and production activities in oil and natural gas industry are simultaneously leading to the expansion of the global well intervention market during the forecast period.
However, the strict regulatory framework for exploration and production of oil and natural gas in various regions is likely to hamper the growth of the global well intervention market during the forecast period.
The global well intervention market has been segmented on the basis of services and applications. Based on services, the well intervention market has been segmented into logging & bottom hole survey, stimulation, artificial lift, re-perforation and others.
Based on applications, the well intervention market has been segmented into on-shore and off-shore. The off-shore application segment of the global well intervention market is projected to grow at the fastest rate owing to the high demand for well intervention services on the off-shore oil rigs due to the harsh environmental conditions.
The global well intervention market has been geographically segmented into four major regions such as North America, Europe, Asia Pacific and the rest of the world. The North America region is projected to be the largest market in the global well intervention market owing to the ongoing revolution in shale gas exploration and production activities in this region. The Asia Pacific and Africa regions are emerging as significant regions in the global well intervention market owing to the increased utilization of well intervention services in the oil and natural gas sector of these regions.
The players in the global well intervention market are increasing their investments in research and development in order to introduce advanced services in the global well intervention market. The focus of prominent players on the strategic mergers and acquisitions in order to create dominance in the global market has led to increased competition in the global well intervention market.
OWI MENA 2018 has arranged a workshop in Abu Dhabi on 9th and 10th October 2018 which will be joined by ADNOC, PDO, Petropars, Dragon Oil, SNOC and other regional operators along with 150+ well intervention experts to discuss their well intervention strategies in order to increase efficiencies and reduce the cost of on-shore as well as off-shore projects.
The prominent players of the global well intervention market that are profiled in the report by MRFR are GE Oil & Gas (U.K.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), TechnipFMC plc. (U.K.), Baker Hughes Incorporated (U.S.), Weatherford International Plc. (Switzerland), Archer Limited (U.K.), Trican Well Service Ltd. (Canada), Superior Energy Services, Inc. (U.S.), Basic Energy Services, Inc. (U.S.) and Others.
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