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Light Well Intervention Is Projected To Reach US$ 14 Billion By The End Of 2031

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A recently published report by Fact.MR reveals that the global well intervention market is projected to grow at a CAGR of 7% during the forecast period (2021-2031), reaching US$ 14 Bn by 2031. Heavy investments in the discovery of new oilfields reserves on the account of rapid depletion of existing reserves and an incessant demand for oil and gas are anticipated to translate into the growth of the well intervention market.

Historical analysis of the market establishes that well intervention services demand surged at approximately 6% value CAGR from 2016-2020. Rising subsea well counts and the need to improve recovery rates from developed fields are likely growth stimulators. Prospects contracted substantially during COVID-19, as cessation of energy exploration projects amid imposition of strict lockdowns resulted in limited output. However, as curbs eased, projections have gradually recovered.

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Key Segments Covered

Key Takeaways from the Market Study

As global energy requirements mount, key countries are initiating large-scale conventional and alternative energy exploration and extraction projects, requiring increased budgetary allocation for equipment maintenance. This is boding well for well intervention services, remarks a Fact.MR analyst.

Market Competition

Some of the key players in the market include Schlumberger, Halliburton, HELIX ESG, Weatherford International Plc, National Oilwell Varco, Expro Group, GE, Deepwell AS, Hunting Energy Services, Oceaneering International Inc., Archer, Basic Energy Services Inc., Trican Well Service Ltd., Precision Drilling Corporation, Superior Energy Services Inc. and others


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