Well Intervention Market Growth to Double as Demand for Oil and Gas Skyrockets

Light Well Intervention to Account for Over 56% of Demand in Well Intervention Market

News provided by

Nov 24, 2021, 09:30 ET

Fact.MR's latest report on well intervention market presents a thorough study of growth drivers, latest trends, and restraints affecting growth through 2031. It uncovers hidden opportunities across leading segments in terms of type, services and application. The report also highlights various strategies adopted by key players to dominate the market.

NEW YORK, Nov. 24, 2021 /PRNewswire/ -- As per latest Fact.MR analysis, the global well intervention market is likely to reach US$ 7.1 Bn in 2021. The overall well intervention demand is expected to increase at a CAGR of 7% between 2021 and 2031, surpassing US$ 14 Bn by the end of 2031.

Rising demand for oil and gas across the globe, increasing need to revamp & refurbish existing oilfields, and high investments by governments to explore new oilfield reserves are some of the factors driving the well intervention market.

As well intervention is a remedial operation carried out on oil and gas well to increase its production capacity, demand is significantly high in oil and gas sector. Hence, rising focus on improving operational efficiency of wells will continue to accelerate the growth of well intervention market.

Rising number of offshore oil & gas exploration projects planned for the forthcoming decades, especially across Africa and North America is anticipated to create high demand for offshore well intervention services.

Further, adoption of digitalization and automation in intervention services has made the restoring process of complex wells easy and more effective. In response to this, manufacturers are designing and launching new autonomous well intervention system to maximize production while reducing intervention costs.

Get Sample Copy With Impact Analysis Of COVID-19 Of Market Report

https://www.factmr.com/connectus/sample?flag=S&rep_id=3216

As per Fact.MR, light well intervention will continue to dominate the global market, accounting for around 56% revenue share by 2031. Demand for light well intervention is surging as it is considered to be the most cost-efficient solution for restoring oil and gas wells.

Moreover, as light well intervention enables more operations, resulting into better repair and exploration of subsea wells, sales are expected to burgeon over the coming years.

Regionally, North America is estimated to dominate the global well intervention market, with the U.S. spearheading the growth. As per the study, the U.S. is poised to exhibit strong growth on the back of increasing investments by government in oil and gas activities, presence of thousands of production wells and increasing consumption of oil and gas.

According to the U.S. Energy Information Administration (EIA), there are over 90000 production wells in the U.S. Furthermore, the U.S. oil production reached 12.8 million barrels per day while natural gas gross withdrawals reached 116.8 billion cubic feet per day in December 2019.

"Amid surging demand for oil and gas, governments are investing heavily for exploring more oil and gas reserves. This is anticipated to create lucrative growth avenues within well intervention market. Besides this, rising need for restoring old oil and gas wells will bode well for the market," says a Fact.MR analyst

Key Takeaways from Well Intervention Market Survey

The U.S. market is slated to expand at a CAGR of 8% over the forecast period, owing to the increasing exploration of shale reserves and oil and gas projects.
With increasing investments in oil and gas activities, India is poised to register growth at 6.5% CAGR by the end of 2031.
By type, light well intervention accounts for more than half of the share in 2021.
Coiled tubing well intervention services segment is projected to grow at 6% CAGR over the forecast period.
Based on application, offshore well intervention is likely to dominate the market, accounting for 55% of revenue by 2031.

Key Drivers

Growing need for enhancing production potential of mature oil & gas fields will propel the demand for well intervention.
Rising energy consumption requirements will facilitate the uptake of well intervention services.
Technological advancement in well intervention systems is positively impacting the growth in the market.
Increasing investments in offshore sector is escalating the demand for oilfield services such as intervention and floating platform.

Key Restraints

Increasing volatility of oil prices and gradual shift towards alternate renewable sources of energy might impede the growth in the market.
Implementation of stringent government regulations is also limiting the growth.

For Critical Insights on Well Intervention Market, Request for Methodology here

https://www.factmr.com/connectus/sample?flag=RM&rep_id=3216

Competitive Landscape

Leading players operating in the well intervention market are leveraging various growth strategies such as product innovation, mergers, acquisitions, collaborations and new facility establishments to gain competitive edge and expand their global footprint

In November 2021, Expro, a leading provider of energy services, launched "Galea", the world's first fully autonomous well intervention system to maximize production while reducing intervention costs, HSE risks and environmental impact. Galea™ replaces larger, conventional and more labor-intensive wireline rig-ups for a range of slickline operations such as solids removal, plug setting/pulling and logging surveys.
In November 2021, Helix Energy Solutions Group, Inc., an international offshore energy services company joined Trendsetter Engineering, Inc. in a global partnership to provide integrated hydraulic intervention services for subsea wells and flowlines. The new partnership will integrate Trendsetter's 15,0000psi Subsea Tree Injection Manifold (15K STIM) and experienced personnel into Helix's state-of-the-art fleet of well intervention vessels and equipment used to perform well services globally.
In March 2021, international oilfield service company Expro Group formed an exclusive alliance with global vessel provider FTAI Ocean LLC, a subsidiary of Fortress Transportation and Infrastructure Investors LLC, for the supply of the DP3 M/V Pride well intervention vessel to provide full light well intervention ("LWI") services to the subsea oil and gas sector.

Some of the prominent players operating in the well intervention market profiled by Fact.MR are:

Schlumberger Ltd
Halliburton Company
HELIX ESG
Weatherford International Plc
National Oilwell Varco
Expro Group
General Electric Company (GE)
Deepwell AS
Hunting Energy Services
Oceaneering International Inc.
Others

More Insights on the Global Well Intervention Sales Outlook

Fact.MR provides an unbiased analysis of well intervention market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for well intervention with a detailed segmentation on the basis of:

Type

Light Well Intervention
Medium Well Intervention
Heavy Well Intervention

Services

Coiled Tubing Well Intervention
Subsea Landing String Well Intervention Services
Fishing Well Intervention Services
Wireline Cased Well Intervention
Sidetracking Well Intervention
Thru Tubing Well Intervention
Slickline Well Intervention
Other Well Intervention Services

Application

Onshore Well Intervention Services
Offshore Well Intervention Services

Key Questions Covered in the Well Intervention Market Outlook Report

The report offers insight into well intervention demand outlook for 2021-2031
The market study also highlights projected sales growth for well intervention market between 2021 and 2031
Well intervention market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Well intervention market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

Explore Fact.MR's Coverage on the Industrial Goods Domain –

Subsea Well Access System Market Insights- The market's expansion is being fueled by factors such as ease of installation and improved performance. Key manufacturers, such as General Electric, are currently devoted to implementing digital technologies such as Artificial Intelligence and Data Analytics. This improves the assembly's reliability and ease of use. Although investment in subsea well access system market installations is decreasing, drilling costs remain high. The market is driven by the desire to increase extraction rates and increase production. The global demand for subsea well access system has expanded as extraction activities in various regions have increased.

Well Cementing Market Forecast- The demand for fresh ground water, oil, and gas from respective deposits is driving the global market for well cementing. Increased production and exploration of unconventional reserves, increased production from offshore reserves, and an increase in the number of matured wells are all major factors driving growth in the well cementing market throughout the forecast period. Because of technological improvements, it is now possible to provide well cementing services for both offshore and onshore oil and gas reserves.

Oil and Gas Pumps Market Report- As the need for oil and gas rises, so does the demand for equipment like oil and gas pumps. End-users in the oil and gas sectors want efficient oil and gas pumps to ensure smooth operation and compliance with strict emission regulations. Centrifugal pumps are widely used by oil and gas end customers due to their cheap product and maintenance costs, as well as their superior load and pressure handling capabilities. Centrifugal pumps are in high demand in the upstream oil and gas industry as part of multiphase pumping applications. Pump manufacturers are focused on pump modification to conserve energy and increase performance in the oil and gas pump market.

About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, industrial goods to even the most niche categories. 80% of Fortune 1000's trust us in critical decision making.

MarketNgage is powered by Fact.MR – our Unified Intelligence Engine, a revolutionary Market Research Subscription platform with a flexible pricing to suit your needs.

You can access all our healthcare research reports by signing up with MarketNgage's Market Research Subscription with FREE credits. MarketNgage is powered by Fact.MR – A Fully integrated research solution for seamless single-window access Widest coverage on emerging markets, nascent products, and disruptive technologies.

Contact:

Mahendra Singh
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E: [email protected]

SOURCE Fact.MR