Global Well Intervention Market Highlights 2022 – 2030
The global well intervention market is estimated to garner a sizeable revenue by recording a CAGR of ~4% over the forecast period, i.e., 2022 – 2030. 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.
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The 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 global well intervention 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.
Major Macro-Economic Indicators Impacting the Market Growth
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global Well Intervention Market Regional Synopsis
On the basis of geographical analysis, the global 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 is estimated to acquire the largest share over the forecast period on the back of the 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.
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The global well intervention market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global well intervention market includes the following segments:
By Location of Deployment
- Onshore
- Offshore
By Service
- Logging & Bottom Hole Survey
- Stimulation
- Remedial Cementing
- Zonal Isolation
- Sand Control Services
- Artificial Lift
- Fishing
By Intervention
- Light
- Medium
- Heavy
Growth Drivers
- Rising Need to Maximize Production Potential of Mature Oil and Gas Fields
- Increasing E&P for Enhancing Productivity in Conventional Oil and Gas Fields
Challenges
- Stringent Regulations with Exploration and Production Activities
Top Featured Companies Dominating the Market
- Schlumberger Limited
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Halliburton Company
- Weatherford International Plc.
- China Oilfield Services Ltd.
- Baker Hughes Company
- Deepwell AS
- Superior Energy Services, Inc.
- Expro Group
- Oceaneering International, Inc.
- Hunting Energy Services
