Jul 23, 2019   SOURCE: BusinessWire

$11.6 Billion Well Intervention Market by Service, Type, Application, Well, Region - Global Forecast to 2024 with Halliburton, Schlumberger, BHGE, Weatherford, and NOV Dominating - ResearchAndMarkets.com

The "Well Intervention Market by Service (Logging & Bottomhole Survey, Tubing/Packer Failure & Repair, Stimulation, Artificial Lift), Type (Light, Medium, Heavy) Application (Onshore, Offshore) Well (Horizontal, Vertical) Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Well Intervention Market is Projected to Reach USD 11.6 Billion by 2024 from an Estimated USD 8.8 Billion in 2019, at a CAGR of 5.7% during the Forecast Period

Rising production from the existing oil & gas reserves has driven the well intervention market growth. Furthermore, shale developments and rising drilling activities are driving the market. However, declining oil demand from Europe due to the transition towards renewables is likely to hamper the growth of well intervention market.

The horizontal segment, by well type, is expected to be the largest and the fastest-growing market from 2019 to 2024

The well type segment is categorized as horizontal and vertical, the two drilling methods adopted by companies. In 2018, horizontal wells accounted for about 70% of the wells drilled globally. This is majorly due to the increasing drilling activities in the Middle East and Europe, where horizontal drilling is more prominent. More well intervention operations are required in horizontal wells as compared to the vertical wells as the wellbore faces a higher challenge of water shutoffs and wax formation. North America is expected to hold the largest horizontal well type market, with continuous shale developments in lower-48 states in the US.

The offshore segment, by application, is expected to be the fastest-growing market from 2019 to 2024

The offshore segment is expected to be the fastest-growing application subsegment during the forecast period, owing to the discoveries in the deepwater and ultra-deepwater locations. The offshore wells create demand opportunities for well intervention operations due to the challenging geographic conditions and regulatory standards by nations.

Moreover, recent discoveries in Guyana, the US, and Cyprus located in ultra-deepwater, which is wholly owned by oil companies, indicates that these firms aim at focussing on deepwater exploration. This is driving the growth of the offshore segment of the well intervention market. Europe is projected to be the largest offshore application market by 2024, owing to the rising number of mature oil & gas fields which are located in the North Sea.

The well intervention market is dominated by a few major players that have a wide regional presence. The leading players in the well intervention market are Halliburton (US), Schlumberger (US), BHGE (US), Weatherford (US), and NOV (US).

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Opportunities in the Well Intervention Market During the Forecast Period

4.2 Well Intervention Market, By Region

4.3 North American Well Intervention Market, By Well Type & Country

4.4 Well Intervention Market, By Application

4.5 Offshore Well Intervention Market, By Depth

4.6 Well Intervention Market, By Service

4.7 Well Intervention Market, By Intervention Type

4.8 Well Intervention Market, By Well Type

5 Market Overview

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.1.1 Increasing Efforts for Production Enhancement From Maturing Oil & Gas Fields

5.2.1.2 Continuous Shale Developments are Likely to Drive the Well Intervention Market

5.2.1.3 Stabilized Oil Prices Expediting Upstream Capital Investments

5.2.1.4 Rising Primary Energy Consumption From Asia Pacific

5.2.2 Restraints

5.2.2.1 Strict Government Regulations on E&P Activities

5.2.2.2 Decreasing Oil Demand From Europe

5.2.3 Opportunities

5.2.3.1 Digitalization of Intervention Services

5.2.3.2 Propelled Exploration & Production Activities to Drive the Well Intervention Market

5.2.3.3 Demand for Subsea Well Intervention

5.2.4 Challenges

5.2.4.1 Challenging Intervention Operations in High Pressure High Temperature (HPHT) Drilling

5.2.4.2 Application of Artificial Lift Technique in Horizontal Wells

5.3 Supply Chain Overview

5.3.1 Key Influencers

5.3.1.1 Equipment Manufacturers

5.3.1.2 Service Providers

5.3.1.3 Oilfield Operators

5.4 Impact of Crude Oil Price on Well Intervention

6 Well Intervention Market, By Service

6.1 Introduction

6.2 Logging & Bottomhole Survey

6.2.1 North America is the Largest Logging & Bottomhole Survey Market

6.3 Tubing/Packer Failure & Repair

6.3.1 Europe is Expected to Be the Second Largest Tubing/Packer Failure & Repair Services Market

6.4 Stimulation

6.4.1 Demand for Hydraulic Fracturing in the American Region Offers A Lucrative Opportunity to Stimulation Service Providers

6.5 Remedial Cementing

6.5.1 Complexity in Carrying Out E&P Activities at Unconventional Reserves is Expected to Drive the Remedial Cementing Segment

6.6 Zonal Isolation

6.6.1 Increase in Oil & Gas Production From Mature & Horizontal Wells is Expected to Drive the Zonal Isolation Market

6.7 Sand Control

6.7.1 Redevelopment of Aging Reservoirs Provides Lucrative Opportunities for Players in the Sand Control Market

6.8 Artificial Lift

6.8.1 The Middle East is Projected to Be the Fastest Growing Artificial Lift Market

6.9 Re-Perforation

6.9.1 Increase in Production From Mature Wells is Likely to Support the Growth of the Re-Perforation Segment

6.10 Fishing

6.10.1 Asia Pacific Held the Third Largest Share of the Fishing Segment

6.11 Others

7 Well Intervention Market, By Intervention Type

7.1 Introduction

7.2 Light Intervention

7.2.1 Increasing Demand for Riserless Light Well Intervention (RLWI) Vessel Assists the Growth of the Light Intervention Segment

7.3 Medium Intervention

7.3.1 Medium Intervention Segment is Growing at the Highest Rate Owing to Rise in Developments of Unconventional Reserves With the Support of Snubbing Units

7.4 Heavy Intervention

7.4.1 Developments in Mature Fields Support the Adoption of Heavy Intervention Services

8 Well Intervention Market, By Well Type

8.1 Introduction

8.2 Horizontal Well

8.2.1 North America is Expected to Dominate the Horizontal Well Segment Owing to Shale Development in the Region

8.3 Vertical Well

8.3.1 Asia Pacific is Expected to Dominate the Vertical Well Segment Owing to the Increasing Count of Mature Conventional Fields in the Region

9 Well Intervention Market, By Application

9.1 Introduction

9.2 Onshore

9.2.1 Increasing Number of Onshore Oil & Gas Fields are Driving the Well Intervention Market

9.3 Offshore

9.3.1 Shallow Water

9.3.1.1 Maturing Shallow Oilfields in the Middle East and Europe are Driving the Well Intervention Market

9.3.2 Deepwater

9.3.2.1 New Discoveries in Deepwater are Expected to Leverage the Deepwater Well Intervention Market

9.3.3 Ultra-Deepwater

9.3.3.1 Challenging Operations and Safety Regulations in Ultra-Deepwater Locations are Expected to Drive the Well Intervention Market

10 Well Intervention Market, By Region

11 Competitive Landscape

11.1 Overview

11.2 Competitive Leadership Mapping, 2018

11.2.1 Visionary Leaders

11.2.2 Innovators

11.2.3 Dynamic

11.2.4 Emerging

11.3 Market Share Analysis, 2018

11.4 Competitive Scenario

11.4.1 New Product Launches

11.4.2 Expansions & Investments

11.4.3 Contracts & Agreements

11.4.4 Mergers & Acquisitions

Company Profiles

  • Altus Intervention
  • Archer
  • Baker Hughes, A GE Company
  • C&J Energy Services
  • Expro Group
  • Halliburton
  • Oilserv
  • Schlumberger Limited
  • Superior Energy Services
  • Trican
  • Weatherford
  • Welltec

For more information about this report visit https://www.researchandmarkets.com/r/7j8kr3