Growing Offshore Exploration and Production (E&P) Activities to Impact the Growth of Well Intervention Market Positively, Finds Fact.MR
ROCKVILLE, Maryland, April 24, 2019 /PRNewswire/ -- According to the latest research study published by Fact.MR, intensifying demand for energy together with growing efforts to discover new oilfield reserves has majorly influenced the development of global well intervention market. This assessment is titled "Well Intervention Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2018-2026", which further tries to unscramble the leading opportunities that might bolster growth in the target market during the coming years.
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Presently, the status of the global well intervention sector looks promising since the global market registered a US$ 6 billion value in 2017. It is projected the concerned market will showcase favorable CAGR of 6% during the forecast period between 2018 and 2026. This smart Fact.MR study carefully unveils important market characteristics through the examination of market size (US$ Mn), market dynamics, Porter's analysis, market attractiveness analysis and a lot more.
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Switch from Onshore to Subsea E&P Activities Likely to Steer Well Intervention Market Growth
It has been observed that subsea intervention services are maintaining their status of offering higher revenues. Although many leading oil & gas companies lack well-established subsea intervention guidelines, new discoveries along with swelling need to expand recovery rates from settled fields are anticipated to increase the need for such services. Furthermore, these companies have even started to clinch the need to perform intervention in their rising selections of subsea wells. Hence, the expansion of well intervention market at the global level is motivated with the gradual surge in the adoption of regular subsea intervention programs and rise in subsea well counts.
North America to Offer Fairly High Revenue Share in Coming Years
With a vigilant investigation of geographical expanse related to the well intervention sector, it has been revealed that North America attained the largest market of well intervention in 2017, thereby, contributing a total revenue close to US$ 3 billion. According to this intelligent study, it is expected the target region would continue its trend of safeguarding its leading spot during the assessment period.
Browse Full Report Overview on Well Intervention Market with In-depth TOC- https://www.factmr.com/report/3216/well-intervention-market
Based on statistical data, the North America well intervention market might highlight growth at 6.4% CAGR during 2018-2026 period. This expansion can be credited to higher traction supported by technical advancements together with surge in utilization of unconventional oil reserves.
Mounting Demand for Light Well Intervention Promotes Market Development
Presently, it is noticed that light well intervention is likely to take the crowning position in the overall market. This particular segment held more than half of the share in the year 2017, followed by medium wells. Significant advancement in technology have expressively reduced the intervention budget by nearly 50%-60% in comparison to drilling rigs; this factor is expected to be impact the growth of light well intervention market. It is not viewed as a cost-effective alternative, but light well intervention permits more operations, subsequently ending into enhanced repair and exploration of subsea wells. All these pointers in harmony are aimed at abetting the future expansion of well intervention market.
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As the report concludes, readers can attain precise information about the leading market players functioning in the global well intervention market. Some of these players assessed in the report include names like HELIX ESG, National Oilwell Varco, Weatherford International Plc, GE, Deepwell AS, Expro Group, Oceaneering International, Hunting Energy Services, Inc., Basic Energy Services, Inc., Archer, Precision Drilling Corporation, Trican Well Service Ltd.,and Superior Energy Services Inc.
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