Well Intervention Market size was over USD 9.11 billion in 2023 and is likely to reach USD 15.95 billion by the end of 2036, witnessing around 4.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of well intervention is assessed at USD 9.43 billion.
The growth of the market can be attributed largely to the rising need to maximize production potential of mature oil and gas fields, and increasing E&P for enhancing productivity in conventional oil and gas fields, especially in the U.S., Saudi Arabia, Canada and China. In 2019, approximately 95 million barrels of oil were produced each day around the world, up from about 94 million barrels/day and 92 million barrels/day of oil in the years 2018 and 2017 respectively. Along with these, growing investments in research and development activities in the petroleum industry, coupled with the surge in development of eco-friendly well intervention services are expected to significantly boost the growth of the market in the near future. Furthermore, escalating emphasis on improving operational efficiency of wells, and growth in initiatives to increase production from aging wells are projected to offer abundant opportunities for market expansion in the forthcoming years.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
4.4% |
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Base Year Market Size (2023) |
USD 9.11 billion |
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Forecast Year Market Size (2036) |
USD 15.95 billion |
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Regional Scope |
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The well intervention market is segmented by service into logging & bottom hole survey, stimulation, remedial cementing, zonal isolation, sand control services, artificial lift, and fishing, out of which, the logging & bottom hole survey segment is anticipated to witness the highest growth in the market. This can be accounted to the growing number of active rigs across the globe, and the effectiveness of this service in monitoring cementing, corrosion, radioactivity and plug settings. Additionally, on the basis of location of deployment, the onshore segment is predicted to acquire the largest share over the forecast period owing to the fact that onshore drilling comprises of all the drilling sites located on dry land and accounts for about 70 percent of worldwide oil production. Apart from this, increase in oil and gas discoveries is also evaluated to boost the market segment growth in the future.
Our in-depth analysis of the global market includes the following segments:
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Location of Deployment |
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Service |
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Intervention |
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On the basis of geographical analysis, the well intervention market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America industry is anticipated to dominate majority revenue share by 2036, propelled by upsurge in crude oil production, and rising oil and gas drilling and completion activities in the region. For instance, more 15.3 million barrels per day of oil was produced in the United States in 2018, which increased up to approximately 17 million barrels per day by the end of the year 2019. In addition, growing efforts to find untapped oil and gas reserves, and increasing offshore drilling activities are also expected to impel the region’s market growth in the coming years. Moreover, the market in the Asia Pacific region is also expected to gather a significant share during the forecast period ascribing to the surging number of aging wells, and escalating number of largescale projects regarding natural gas development and exports.
April 2021- Halliburton launched StrataXaminer, which is a wireline logging service providing images of the reservoir structure for identifying fracture patterns, bedding, fault zones and potential flow barriers.
March 2021- Baker Hughes’ Subsea Drilling Systems business and MHWirth, a wholly owned subsidiary of Akastor, created a joint venture company that would deliver offshore drilling equipment and services.
Author Credits: Dhruv Bhatia
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