The global well intervention market is
expected to reach USD 17.76 billion by 2025, according to a new report by Grand
View Research, Inc. Development of new oilfields has been a major factor
driving market growth. Employment of well intervention services has increased
owing to the growing need for energy.
Well
intervention services have various uses in drilling operations including,
monitoring pressure & temperature at the reservoir. It is also utilized for
transporting fluids and gasses to and fro the reservoir, stimulating the well
and making it ready for production by increasing the flow of hydrocarbons, and
isolating desired sections by means of annular seals.
Well
intervention services are utilized extensively for E&P activities and well
cleanup purposes. Monitoring of various activities in the well reservoir, and
the ongoing operations, including, perforations, radioactivity, temperature,
cementing, noise, plug and packer settings, have become of utmost importance;
owing to the high amount of risk. On account of this scenario, logging and
bottom hole survey was the largest service category in 2016 and is projected to
show a steady growth over the next eight years. The logging and bottom hole
survey segment had a market share of 22.1% in 2016.
Offshore is
expected to be the fastest growing segment in the application category over the
forecast period with an estimated CAGR of 5.1% from 2016 to 2025. A lot of
logistics are required for offshore exploration & production activities.
The equipment utilized for offshore drilling operations is also expensive as it
has to withstand the pressure & temperature of the water bodies as well as
the drilling activity. This factor is anticipated to positively drive the
offshore segment growth over the forecast period of 2017 to 2025.
Browse full report by
Grand View Research : http://www.grandviewresearch.com/industry-analysis/well-intervention-market
Further key findings from the report suggest:
·
The global well intervention demand was USD
12.45 billion in 2016 and is expected to grow at a CAGR of 4.2% from 2017 to
2025
·
Logging and bottom hole survey emerged as the
largest service segment in 2016 and is estimated to generate revenue over USD
3.95 billion by 2025
·
Stimulation is anticipated to be the
fastest growing service segment over the next eight years and is estimated to
grow at a CAGR of 6.1%
·
The well intervention demand in onshore
application was USD 8.15 billion in 2016 and is anticipated to witness steady
growth over the next eight years
·
The U.S. offshore well intervention market
in applications category was worth USD 2.28 billion and is estimated to reach USD
3.5 billion by 2025
·
The Middle East & Africa region is
anticipated to witness high growth at a CAGR of 5.7% by 2025. Recent
developments in offshore activities such as increasing oil production in
various countries including Qatar and Iran is expected to drive E&P market
over the next eight years
·
Key players of the industry include Baker
Hughes, Archer Limited, Halliburton, Weatherford International, and
Schlumberger. These major players are often indulged in mergers, joint
ventures, & acquisitions, in order to expand their product portfolio and
gain market share
Browse more reports of this category by
Grand View Research: https://www.grandviewresearch.com/industry/oil-and-gas-drilling-and-extraction-equipments
Grand View Research has segmented the
global well intervention market on the basis of service, application, and
region:
Well
Intervention Service Outlook (Revenue, USD Million, 2014 - 2025)
·
Logging & Bottom Hole Survey
·
Tubing/Packer Failure & Repair
·
Stimulation
·
Remedial Cementing
·
Zonal Isolation
·
Sand Control Services
·
Artificial Lift
·
Fishing
·
Re-Perforation
·
Others
Well
Intervention Application Outlook (Revenue, USD Million, 2014 - 2025)
·
Onshore
·
Offshore
Well
Intervention Regional Outlook (Revenue, USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
UK
o
Russia
·
Asia Pacific
o
China
o
Australia
·
Central & South America
o
Brazil
o
Argentina
·
Middle East & Africa
o
Saudi Arabia
o
Algeria
o
South Africa
View press release of this research
report by Grand View Research:
https://www.grandviewresearch.com/press-release/global-well-intervention-marketAbout Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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