Well Intervention Market Size

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.