Well Intervention Market Analysis | 2023-2028

"The well intervention market is estimated to grow from USD 7.73 billion in 2022 to USD 9.91 billion by 2028 at a CAGR of 4.19% during the forecast period".

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Market Dynamics

Introduction

Well Intervention targets the crux and explains the basic tools and techniques for producing the below potential. This process of well-servicing operations is conducted within completed wellbores.

Well Intervention is a well testing process carried out on oil & gas during its fruitful life that changes the state of the well and provides diagnostics and manages the efficient production of the well.

Market Drivers

Growing Discoveries in the Oil & Gas Industry to Boost Growth

The growing number of oil and gas discoveries in oilfield reserves and technological advancements are driving well-intervention market growth. Key discoveries include Alaska, Golan Heights, Alpine High, Stabroek Block, Yellowtail, and Haimara. An expected increase in oil prices could encourage investment in exploration activities.

Growing Initiatives to Increase Production from Aging Wells Will Propel Growth

The integration of efficient production techniques and advanced equipment in oil and gas wells is expected to boost market growth, increase tubing life, reduce risks, and enhance efficiency.

Restraining Factors

Focus on Renewable Energy and stringent Regulations for Protecting the Environment

Renewable energy sources and strict regulations in the oil and gas industry are expected to hinder market growth, with renewable energy accounting for 49% of global electricity output by 2050. Countries are also implementing strict environmental regulations.

Opportunities

Surge in demand for offshore and subsea well intervention

The exploration and production division is experiencing a surge in offshore and subsea exploration demand due to aging onshore wells and the need for more intervention services. High investments are being made to explore and drill new wells in offshore areas, but there is a significant gap in offshore well counts compared to onshore wells. Technological advancements have made offshore production economical, leading to the expansion of oilfield services in offshore regions.

Segment Analysis

By Service Type

 "Logging & bottom hole surveys led the market in 2022 and are expected to maintain their dominance during the forecast period"

The market is segmented as logging & bottom hole survey, tubing/packer failure & repair, stimulation, remedial cementing, zonal isolation, sand control, re-perforation, fishing, artificial lift, etc. The logging & bottom-hole survey led the market in 2022 and is expected to maintain its dominance during the forecast period. The increase in demand for energy and expenditure on offshore assets is the contributing factor to the growth of the well industry’s service segment.

By Intervention Type

"Heavy intervention dominated the market in 2022 and is estimated to lead the market during the forecast period"

The market is divided into light, medium, and heavy intervention. The heavy intervention dominated the market in 2022 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 through light interventions.

By Application Type

"Onshore share is more than 60% in 2022"

The market is segmented as onshore and offshore. The Onshore share is more than 60% in 2022. On the other hand, the offshore segment is expected to register faster growth during the forecasted period on account of the increasing investments in subsea oil & gas activities.

By Well Type

"Horizontal segment is expected to account for the larger share of the market during the forecast period"

The market is segmented as horizontal and vertical. The horizontal segment is expected to 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, better 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.

Regional Analysis

"North America shares more than 75% in 2022"

North America shares more than 75% in 2022. 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.

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Key Players

The following are the key players in the Well Intervention Market (arranged alphabetically)

• Archer
• Altus Intervention
• BHG
• Expro Group
• Halliburton
• NOV, Inc. (US)
• Oilserv
• Superior Energy Services, Inc.
• Schlumberger
• Weathe
• Welltec.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. 

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a 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.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the well types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.