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
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Type
- Light Well Intervention
- Medium Well Intervention
- Heavy Well Intervention
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Services
- Coiled Tubing Well Intervention
- Subsea Landing String Well Intervention Services
- Fishing Well Intervention Services
- Wireline Cased Well Intervention
- Sidetracking Well Intervention
- Thru Tubing Well Intervention
- Slickline Well Intervention
- Other Well Intervention Services
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Application
- Onshore Well Intervention Services
- Offshore Well Intervention Services
Key Takeaways from the Market Study
- Global market for well intervention to surpass US$ 7 Bn by 2021
- Light well intervention services to garner maximum traction, clocking a revenue share worth 56%
- Demand for coiled tubing well intervention services to rise promptly, registering a CAGR of 6%
- Offshore well intervention to accumulate a revenue share worth 55% from 2021-2031
- U.S to emerge as a promising market, clocking a CAGR of over 8%, amid rising oil & gas exploration projects
- India to emerge as an opportunistic landscape, registering a CAGR worth 6.5% across the forecast period
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
- In April 2021, Halliburton Company announced a new wireline logging service that helps operators acquire more accurate well data to better evaluate production potential called StrataXaminer. The tool delivers high-resolution images of the reservoir structure to identify bedding, fracture patterns, fault zones, and potential flow barriers with increased accuracy.
- In March 2021, Schlumberger and Microsoft announced an expanded strategic partnership to accelerate new technologies for the energy industry. The first offering, the Schlumberger Enterprise Data Management Solution for the OSDU Data Platform—a new industry standard for energy data