Well Intervention Market Worth $17.48 Billion by 2018
DALLAS, April 10, 2013 /PRNewswire/ --
The report Well Intervention Market by Service Types (Logging & Bottom Hole Survey, Tubing/Packer Failure & Repair, Stimulation, Artificial Lift & Others), Application Areas (Onshore & Offshore), and Geography-Global Trends & Forecast to 2018 defines and segments the global well intervention/work over services market with analysis and forecast of the global revenue. Well intervention/work over services market will grow from an estimated $9.97 billion in 2013 to $17.48 billion by 2018, with a CAGR of 11.9% from 2013 to 2018.
- 105 market data tables
- 31 figures
- 353 pages and an in-depth Table of Content on "Well Intervention Market"
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Well intervention/work over services market is mainly driven by growing demand for energy and aging of existing brown oil fields. Americas, due to its huge number of oil and gas wells and thriving investment in oil fields developments in deeper waters is the major growth engine for this market. U.S., as a country, is the largest end user for well intervention services and is expected to continue with the same trend.
The soaring energy demand is pressurizing the field operators to increase the production of hydrocarbons. As the existing oil and gas reserves are depleting, the need for well intervention market services is gaining its pace. On the other hand, the maturity of existing oil and gas wells also leads to greater extent of intervention/work over 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 services market will experience a tremendous increase in demand in the years to come.
The maturity of onshore oil reserves is now shifting the focus of operator companies towards deep water offshore areas. The mount in deep water and ultra deep-water activities for the oil hunt is now increasing the demand of heavy well intervention applications. The operators are interested in investing more and more in the offshore oilfields to meet the energy needs.
In the current offshore intervention services global market, the Light intervention activities are the key application areas on the basis of market size and are projected to grow with significant rate in the near future. On the other hand, the demand for medium and heavy interventions is also projected to increase, escalating the requirement for larger equipment and semi-submersible vessels for specific operations to carry out more complicated intervention activities.
The stimulation well intervention service is a highly growing market supplemented by maximum number of aging wells in order to increase the production levels. Well intervention service providers are continuously trying to integrate their existing technologies in order to provide a more cost effective solution to intervention operations, which in turn helps them to bag bulk service contracts. This market is a fragmented market with large number of industry players. Hence, merger and acquisition is one of the key strategy followed by leading industry players to increase their market penetration in various regions.
Leading Industry Players of this market include Aker Solutions ASA (Norway), Archer - The Well Company (Bermuda), Baker Hughes Inc. (U.S.), Schlumberger (U.S.), Halliburton Energy Services (U.S.), and Weatherford (Switzerland).
The report forecasts revenue of the global well intervention services market and its various submarkets with respect to five main regions such as -
Offshore well intervention services are also analyzed based upon heavy, medium, and heavy type.
The report segments the global market by Services Type, Application Areas, and Geography. It also focuses on market share analysis, value chain, Porters five force analysis, and market metrics such as drivers, restraints, and opportunities. This report also presents the competitive landscape and company profiles. In addition, 20 key players in the market have also been profiled.
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