Pune, Oct. 19, 2020 (GLOBE NEWSWIRE) — The global well intervention market is set to gain traction from the increasing demand for energy and the rising investments in the subsea oil & gas industry. This information is published by Fortune Business Insights™ in a new report, titled, “Well Intervention Market Size, Share & COVID-19 Impact Analysis, By Type (Light Intervention, Medium Intervention, and Heavy Intervention), By Service (Logging & Bottom Hole Survey, Tubing/Packer Failure & Repair, Stimulation, Remedial Cementing, Zonal Isolation, Sand Control, Artificial Lift, Fishing, Reperforation, Others), By Application (Onshore and Offshore), and Regional Forecasts, 2020-2027.” The report further states that the well intervention market size was USD 8.43 billion in 2019 and is projected to reach USD 10.64 billion by 2027, exhibiting a CAGR of 6.1% during the forecast period.
COVID-19: Shutdown of Oil & Gas Companies Worldwide May Hinder Growth
The COVID-19 pandemic has compelled several oil & gas companies to shut down their manufacturing facilities owing to the complete lockdown and social distancing measures. At the same time, the pandemic has created the Russia/Saudi price war. It has made it more difficult for companies to establish a flexible business model. Our skilled analysts have developed an elaborate report to help you better understand the current scenario of the market. They have implemented certain vital methodologies to develop the best strategies for surging sales of well intervention systems.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
What Does This Report Contain?
- Elaborate data about the segments in the market.
- Historical, present, and estimated sizes of the market.
- Profiles of prominent players and their crucial strategies.
- In-depth analysis of the growth drivers, dynamics, and hindrances.
Drivers & Restraints-
Rising Number of Oil & Gas Discoveries to Augment Growth
The number of oil & gas discoveries in oilfield reserves is increasing day by day. Coupled with this, the ongoing technological advancements to boost production outputs from oil wells would contribute to the well intervention market growth in the coming years. As per our estimation, oil prices may surge significantly in the near future. This would aid independent exploration & gas production companies to invest hefty amounts in oil & gas exploration activities. However, nowadays, companies are shifting towards renewable energy sources for generating power. This factor may obstruct the demand for well intervention systems.
Light Intervention Segment to Hold Largest Share Backed by Cost-effectiveness
Based on type, the light intervention segment earned 59.9% in terms of well intervention market share in 2019. This growth is attributable to its cost-effective nature. It is likely to hold the largest share throughout the forthcoming years.
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Increasing Number of Aging Wells to Favor Growth in Asia Pacific
Geographically, in 2019, North America procured USD 3.24 billion in terms of revenue. The huge potential for exploring oilfields, as well as the increasing number of oil & gas discoveries in the region would propel growth. In April 2019, for instance, Shell successfully discovered oil at the Blacktip prospect. It is located in the deepwater of the U.S. Gulf of Mexico.
Asia Pacific, on the other hand, is set to hold the second-largest share stoked by the increasing capital expenditure (CAPEX) by various countries to secure the rising energy demand in future. Also, the surging number of old wells is set to boost the demand for well intervention systems in the region.
Key Players Focus on Gaining New Orders to Compete in Market
The market is fragmented with the presence of numerous organizations operating across the globe. Most of them are trying to gain a competitive edge by obtaining new orders for delivering prominent firms their in-house well intervention systems. Below are two latest industry developments:
- February 2020: Oceaneering International, Inc. bagged a new contract from BP p.l.c. to deliver riserless light well intervention (RLWI) services in Blocks 18 & 31, Angola. These would support a multi-well campaign designed to include tree change-outs, well stimulations, and mechanical well interventions.
- July 2019: TIOS awarded a new contract to Altus Intervention AS. It would enable the latter to offer wireline services across three light well intervention vessels, namely, Island Wellserver, Island Frontier, and Island Constructor.
List Of Key Companies Profiled in Well Intervention Market:
- Schlumberger (Texas, US)
- Baker Hughes (Texas, US)
- Halliburton (Texas, US)
- Weatherford (Texas, US)
- National Oilwell Varco (Texas, US)
- HELIX ESG (Texas, US)
- Oceaneering International, Inc. (Texas, US)
- Expro Group (Reading, United Kingdom)
- Hunting Energy Services (Texas, US)
- Deepwell AS (Avaldsnes, Norway)
- Welltec (Allerød Municipality, Denmark)
- TechnipFMC (London, United Kingdom)
- C&J Energy Services, Inc. (Texas, US)
- Superior Energy Services, Inc. (Texas, US)
- Altus Intervention (Stavanger, Rogaland)
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Well Intervention Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Well Intervention Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Light Intervention
- Medium Intervention
- Heavy Intervention
- Market Analysis, Insights and Forecast – By Application
- Market Analysis, Insights and Forecast – By Service
- Logging & Bottom Hole Survey
- Tubing/Packer Failure & Repair
- Remedial Cementing
- Zonal Isolation
- Sand Control
- Artificial Lift
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
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