The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Well Intervention Market.
Well Intervention Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Well Intervention Market is likely to witness an impressive CAGR of 5.7% during the forecast period. Factors driving the well intervention market are the mounting efforts by various upstream companies to pace up the production from the available fields that have grown mature.
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Based on the service type, the market is segmented as logging & bottomhole survey, tubing/packer failure & repair, stimulation, remedial cementing, zonal isolation, sand control, re-perforation, fishing, artificial lift, and others. The logging & bottomhole survey led the market in 2020, and is expected to maintain its dominance during the forecast period. The increase in demand for energy and expenditure in offshore assets is the contributing factor for the growth of the well industry’s service segment.
Based on the intervention type, the market is divided as light, medium, and heavy intervention. The heavy intervention dominated the market in 2020, and is estimated to lead the market during the forecast period. The heavy intervention segment helps in replacing parts, such as pumps and tubing strings that cannot be recovered by means of light interventions.
Based on the application type, the market is segmented as onshore and offshore. The onshore segment is estimated to dominate the well intervention market during the forecasted period. On the other hand, the offshore segment is expected to register a faster growth during the forecasted period on account of the increasing investments in subsea oil & gas activities.
Based on the well type, the market is segmented as horizontal and vertical. The horizontal segment is expected account for the larger share of the market and it accounts for over 70% of the wells drilled globally. The growth can be attributed to the increasing drilling activities in the Middle East and Europe, where horizontal drilling is more prominent. Further, more well intervention operations are required in horizontal wells as compared to vertical wells as the wellbore faces a higher challenge of water shutoffs and wax formation.
In terms of regions, North America is expected to be the largest well intervention market during the forecast period. The market is driven by the growth in unconventional resources in Canada and the USA. Besides, the surge in demand for intervention operations in the maturing offshore fields in regions such as the Gulf of Mexico and other onshore fields in the US is expected to bolster the market during the forecast period.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Well Intervention Market analysis report discusses the following heads in great detail:
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The well intervention market is expected to witness an impressive growth of 5.7% CAGR in the foreseeable future.
The horizontal segment is expected to account for the larger share of the well intervention market in the coming years.