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:
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.
Our in-depth analysis of the global well intervention market includes the following segments:
By Location of Deployment
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: The major factors driving market growth are 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.
Ans: The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2030.
Ans: Stringent regulations with exploration and production activities are estimated to hamper the market growth.
Ans: North America will provide more business opportunities for market growth owing to the upsurge in crude oil production, and rising oil and gas drilling and completion activities in the region.
Ans: The major players in the market are Halliburton Company, Weatherford International Plc., China Oilfield Services Ltd., Baker Hughes Company, Deepwell AS, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by location of deployment, service, deployment, and by region.
Ans: The onshore segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.