Well Intervention Industry - Regional Synopsis
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 likely to dominate majority revenue share by 2037, 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.
