Well Intervention Market-Size, Insights of Scope, Compound Annual Growth, Forecast to-2024(Trending Report)

Japan, Japan, Thu, 06 Jan 2022 04:41:08 / Comserve Inc. / -- The well intervention market is projected to reach USD 11.6 billion by 2024 from an estimated USD 8.8 billion in 2019, at a CAGR of 5.7% during the forecast period.

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment. 

The well intervention market is projected to reach USD 11.6 billion by 2024 from an estimated USD 8.8 billion in 2019, at a CAGR of 5.7% during the forecast period. Rising production from the existing oil & gas reserves has driven the well intervention market growth. Furthermore, shale developments and rising drilling activities are driving the market. However, declining oil demand from Europe due to the transition towards renewables is likely to hamper the growth of well intervention market.

The well type segment is categorized as horizontal and vertical, the two drilling methods adopted by companies. In 2018, horizontal wells accounted for about 70% of the wells drilled globally. This is majorly due to the increasing drilling activities in the Middle East and Europe, where horizontal drilling is more prominent. More well intervention operations are required in horizontal wells as compared to the vertical wells as the wellbore faces a higher challenge of water shutoffs and wax formation. North America is expected to hold the largest horizontal well type market, with continuous shale developments in lower-48 states in the US.

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The offshore segment is expected to be the fastest growing application subsegment during the forecast period, owing to the discoveries in the deepwater and ultra-deepwater locations. The offshore wells create demand opportunities for well intervention operations due to the challenging geographic conditions and regulatory standards by nations. Moreover, recent discoveries in Guyana, the US, and Cyprus located in ultra-deepwater, which is wholly owned by oil companies, indicates that these firms aim at focussing on deepwater exploration. This is driving the growth of the offshore segment of the well intervention market. Europe is projected to be the largest offshore application market by 2024, owing to the rising number of mature oil & gas fields which are located in the North Sea.

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.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Well Intervention Market-Size, Insights of Scope, Compound Annual Growth, Forecast to-2024(Trending Report)

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
By Region: Asia Pacific- 25%, Middle East– 23, Africa – 12%, Europe- 18%, North America- 13%, and South & Central America- 9%

The tier of the companies is defined based on their total revenue as of 2017. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: The well intervention market is dominated by a few major players that have a wide regional presence. The leading players in the well intervention market are Halliburton (US), Schlumberger (US), BHGE (US), Weatherford (US), and NOV (US).

Research Coverage:
The report defines, describes, and forecasts the well intervention market, by service, intervention type, well type, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the well intervention market.

Why Buy this Report?
1. The report identifies and addresses the key markets for well intervention operations and services, which would help equipment manufacturers and service providers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.

TABLE OF CONTENTS

1 INTRODUCTION 18
1.1 OBJECTIVES OF THE STUDY 18
1.2 DEFINITION 18
1.3 MARKET SCOPE 19
1.3.1 MARKET SEGMENTATION 19
1.3.2 REGIONAL SCOPE 19
1.4 YEARS CONSIDERED FOR THE STUDY 20
1.5 CURRENCY 20
1.6 STAKEHOLDERS 20
2 RESEARCH METHODOLOGY 21
2.1 SCOPE 21
2.2 KEY INFLUENCING FACTORS/DRIVERS 22
2.2.1 WELL COUNT 22
2.2.2 RIG COUNT 23
2.2.3 PRODUCTION 24
2.2.4 CRUDE OIL PRICES 24
2.3 MARKET SIZE ESTIMATION 25
2.3.1 IDEAL DEMAND-SIDE ANALYSIS 25

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