DUBLIN, July 23, 2019 /PRNewswire/ -- The "Well Intervention Market by Service (Logging & Bottomhole Survey, Tubing/Packer Failure & Repair, Stimulation, Artificial Lift), Type (Light, Medium, Heavy) Application (Onshore, Offshore) Well (Horizontal, Vertical) Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The well intervention market is estimated to be USD 8.2 billion in 2018 and is projected to reach USD 11.6 billion by 2024, at a CAGR of 5.7% during the forecast period.
North America is expected to dominate the global well intervention market between 2019 and 2024. The North American oil production is rising drastically, with a growth rate of 8.5% from 2017 to 2018. Moreover, the continuous shale activities in the region are driving the demand for well intervention operations. The upstream operators, such as Total, ExxonMobil, Chevron, and Apache, also have a significant presence in North America. This creates more opportunities for oilfield service providers to capture long-term contracts.
The oil & gas wells must perform efficiently and produce hydrocarbons uninterruptedly once production starts, post well drilling and completion. But, with time, the well parts and equipment worn out, tubulars develop leaks and the production declines due to pressure failure. The upstream operators demand well intervention operations in order to address these challenges. Intervention services are economical and help the operators reduce the operational cost of production.
Well intervention operations are done using the slickline, wireline, or coiled tubing tools to clear the sand from falling into the well, to remove the paraffin, hydrates, or to clear the debris through the fishing operations. Moreover, the pressure is also lifted with the help of artificial lifts, which is done with the help of Electrical Submersible Pumps (ESPs), so that the trapped oil & gas comes to the surface.
The shale developments in North America, Asia Pacific, and South & Central America is the major driver for the well intervention market. Moreover, the stabilized oil prices have encouraged investments in the production enhancement and recovery of onshore and offshore fields, thus driving the growth of the well intervention market. The major challenge faced by the players in well intervention business is to cope with the operational challenges that arise while drilling high-pressure high-temperature wells.
The major equipment & service providers in the well intervention market are Schlumberger, Halliburton, BHGE, Weatherford, and NOV.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Well Intervention Market During the Forecast Period
4.2 Well Intervention Market, By Region
4.3 North American Well Intervention Market, By Well Type & Country
4.4 Well Intervention Market, By Application
4.5 Offshore Well Intervention Market, By Depth
4.6 Well Intervention Market, By Service
4.7 Well Intervention Market, By Intervention Type
4.8 Well Intervention Market, By Well Type
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Efforts for Production Enhancement From Maturing Oil & Gas Fields
5.2.1.2 Continuous Shale Developments are Likely to Drive the Well Intervention Market
5.2.1.3 Stabilized Oil Prices Expediting Upstream Capital Investments
5.2.1.4 Rising Primary Energy Consumption From Asia Pacific
5.2.2 Restraints
5.2.2.1 Strict Government Regulations on E&P Activities
5.2.2.2 Decreasing Oil Demand From Europe
5.2.3 Opportunities
5.2.3.1 Digitalization of Intervention Services
5.2.3.2 Propelled Exploration & Production Activities to Drive the Well Intervention Market
5.2.3.3 Demand for Subsea Well Intervention
5.2.4 Challenges
5.2.4.1 Challenging Intervention Operations in High Pressure High Temperature (HPHT) Drilling
5.2.4.2 Application of Artificial Lift Technique in Horizontal Wells
5.3 Supply Chain Overview
5.3.1 Key Influencers
5.3.1.1 Equipment Manufacturers
5.3.1.2 Service Providers
5.3.1.3 Oilfield Operators
5.4 Impact of Crude Oil Price on Well Intervention
6 Well Intervention Market, By Service
6.1 Introduction
6.2 Logging & Bottomhole Survey
6.2.1 North America is the Largest Logging & Bottomhole Survey Market
6.3 Tubing/Packer Failure & Repair
6.3.1 Europe is Expected to Be the Second Largest Tubing/Packer Failure & Repair Services Market
6.4 Stimulation
6.4.1 Demand for Hydraulic Fracturing in the American Region Offers A Lucrative Opportunity to Stimulation Service Providers
6.5 Remedial Cementing
6.5.1 Complexity in Carrying Out E&P Activities at Unconventional Reserves is Expected to Drive the Remedial Cementing Segment
6.6 Zonal Isolation
6.6.1 Increase in Oil & Gas Production From Mature & Horizontal Wells is Expected to Drive the Zonal Isolation Market
6.7 Sand Control
6.7.1 Redevelopment of Aging Reservoirs Provides Lucrative Opportunities for Players in the Sand Control Market
6.8 Artificial Lift
6.8.1 The Middle East is Projected to Be the Fastest Growing Artificial Lift Market
6.9 Re-Perforation
6.9.1 Increase in Production From Mature Wells is Likely to Support the Growth of the Re-Perforation Segment
6.10 Fishing
6.10.1 Asia Pacific Held the Third Largest Share of the Fishing Segment
6.11 Others
7 Well Intervention Market, By Intervention Type
7.1 Introduction
7.2 Light Intervention
7.2.1 Increasing Demand for Riserless Light Well Intervention (RLWI) Vessel Assists the Growth of the Light Intervention Segment
7.3 Medium Intervention
7.3.1 Medium Intervention Segment is Growing at the Highest Rate Owing to Rise in Developments of Unconventional Reserves With the Support of Snubbing Units
7.4 Heavy Intervention
7.4.1 Developments in Mature Fields Support the Adoption of Heavy Intervention Services
8 Well Intervention Market, By Well Type
8.1 Introduction
8.2 Horizontal Well
8.2.1 North America is Expected to Dominate the Horizontal Well Segment Owing to Shale Development in the Region
8.3 Vertical Well
8.3.1 Asia Pacific is Expected to Dominate the Vertical Well Segment Owing to the Increasing Count of Mature Conventional Fields in the Region
9 Well Intervention Market, By Application
9.1 Introduction
9.2 Onshore
9.2.1 Increasing Number of Onshore Oil & Gas Fields are Driving the Well Intervention Market
9.3 Offshore
9.3.1 Shallow Water
9.3.1.1 Maturing Shallow Oilfields in the Middle East and Europe are Driving the Well Intervention Market
9.3.2 Deepwater
9.3.2.1 New Discoveries in Deepwater are Expected to Leverage the Deepwater Well Intervention Market
9.3.3 Ultra-Deepwater
9.3.3.1 Challenging Operations and Safety Regulations in Ultra-Deepwater Locations are Expected to Drive the Well Intervention Market
10 Well Intervention Market, By Region
11 Competitive Landscape
11.1 Overview
11.2 Competitive Leadership Mapping, 2018
11.2.1 Visionary Leaders
11.2.2 Innovators
11.2.3 Dynamic
11.2.4 Emerging
11.3 Market Share Analysis, 2018
11.4 Competitive Scenario
11.4.1 New Product Launches
11.4.2 Expansions & Investments
11.4.3 Contracts & Agreements
11.4.4 Mergers & Acquisitions
Company Profiles
- Altus Intervention
- Archer
- Baker Hughes, A GE Company
- C&J Energy Services
- Expro Group
- Halliburton
- Oilserv
- Schlumberger Limited
- Superior Energy Services
- Trican
- Weatherford
- Welltec
For more information about this report visit https://www.researchandmarkets.com/r/94kyna
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