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.
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Research:
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: http://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
Access press release by Grand View Research: http://www.grandviewresearch.com/press-release/global-well-intervention-market
About 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.
