Global Well Intervention Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Well Intervention Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global well intervention market report has been segmented on the basis of service, intervention type, application, and region.

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Global Well Intervention Market: Overview

Well intervention refer to an operation carried out to oil or gas well to extend its producing life by improving performance or providing access to stranded or additional hydrocarbon reserves.

Global Well Intervention Market: Dynamics

Increasing oil & gas exploration activities, coupled with increasing need for well intervention mainly in subsea area are some of the major factors expected to boost growth of the target market over the forecast period. In addition, technological advancements and introduction of new technologies in well intervention such as well-sense technology and FibreLine Intervention (FLI) technology, are likely to bolster growth of the target market.

For instance, in 2017, C6 Technologies AS, the oilfield technology company specializing in the development of innovative solutions for well intervention and conveyance, launched advanced ComTrac system, that can be operated onshore as well as offshore.

Also, increasing investments to improve the efficiency of exploration & production equipment is expected to drive growth of the target market. Moreover, industrialization, urbanization, and strong government support by providing taxation schemes and subsidies related to oil & gas activities are some of the other factors anticipated to bolster growth of the global market.

However, high capital cost and increasing focus on renewable energy sources are some major factors may restrain growth of the global market during the forecast period.

Global Well Intervention Market: Segment Analysis

Global well intervention market is segmented on the basis of service, intervention, application, and geography.

On the basis of service, the global market is segmented into logging & bottomhole survey, tubing & packer failure & repair, stimulation, remedial cementing, and others. The logging & bottom hole survey segment is expected to hold significant share in the market over the forecast period.

On the basis of intervention, the global market is segmented into light well intervention and heavy well intervention. The light well intervention segment is expected to contribute significant share in the market over the forecast period, owing to increasing oil recovery process and safety with the help of equipment such as slickline, wireline, and coiled tubing unit.

On the basis of application, the onshore segment is expected to hold major share in the global target market over the forecast period.

Well Intervention Market: Regional Analysis

The market in North America is expected to account for highest share in terms of revenue and is expected to maintain its dominance over the forecast period. This dominance is attributed to increasing onshore shale gas exploration activities and increasing initiatives by government for attaining energy security in countries such as US and Canada.

The Middle East & Africa accounts for significant revenue share in the global market and is expected to witness considerable growth in the upcoming period. Increasing investment related oil & gas exploration activities, availability of oil reserves in Nigeria, Algeria, Angola, and Egypt, along with recent discovery of offshore oilfields, is expected to propel growth of the target market during the forecast period.

Growing support by governments of various countries for development of oil & gas sector, increasing private investments to support new drilling activities, and growing number of wells in Asia Pacific are among some of the major factors expected to support growth of the target market in countries in the region.

According to a report published by Oil and Natural Gas Corporation (ONGC), the Indian government is to invest US$ 2.73 Bn on drilling activities for oil and gas wells in 2018–19. ONGC drilled over 501 wells in 2016–17 as compared to 386 wells in 2015–16.

Global Well Intervention Market Segmentation:

Segmentation by Service:

Logging & Bottomhole Survey
Tubing & Packer Failure & Repair
Stimulation
Remedial Cementing
Others (Zonal Isolation, sand control, Artificial Lift, Reperforation)

Segmentation by Intervention Type:

Light/Medium Well Intervention
Heavy Well Intervention

Segmentation by Application:

Onshore
Offshore