Rockville, June 28, 2023 (GLOBE NEWSWIRE) -- According to the detailed report by Fact.MR, the Well Intervention Market is forecasted to increase at a CAGR of 7% and reach a valuation of US$ 16 billion by 2033.
Well intervention is any remedial operation performed on an oil or gas well to restore or increase production. It was traditionally done with drill rigs, but with significant advancements in technologies, well construction and wellhead designs have transformed, influencing well intervention to evolve as well as grow in demand.
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The primary driver of market growth is an increase in exploration and production processes. The market has seen a significant positive shift as a result of the advent of new oil fields and technological advancements.
Development of environment-friendly technologies and an increase in big firms' R&D spending are all expanding the market for well intervention worldwide. The demand for well intervention throughout the projected period is anticipated to be driven by the rapid expansion of end-use industries in emerging economies.
Coiled tubing services have gained speedy momentum for their efficient and reliable intervention for different types of wells, including live, horizontal, vertical, and highly deviated wells. In addition to their rising scope of application, coiled tubing services are most sought-after for their ability to improve well and reservoir performance, which will remain one of the important factors accelerating the overall growth of the well intervention market.
Key Takeaways from Market Study
- Global well intervention services account for a revenue of US$ 8.16 billion in 2023.
- Worldwide demand for well intervention is estimated to rise at a CAGR of 7% from 2023 to 2033.
- The global well intervention market is expected to reach US$ 16 billion by 2033.
- Demand for light well intervention services is projected to surge at a CAGR of 7.5% through 2033.
- The market in China is estimated to reach US$ 3.98 billion by the end of 2033.
- The market in India is projected to increase at 5.9% CAGR over the next ten years.
“The oil & gas sector is digitizing well operations, enabling service providers to more accurately assess the well's condition and save operating costs. Government organizations’ sustained emphasis on the development of aging fields along with enhanced subsea production is set to fuel industry growth,” says a Fact.MR analyst
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Competitive Landscape
Leading companies are investing in R&D projects to provide well intervention services that are ecologically sustainable. Many businesses are concentrating on quality control, new launches, product approvals, and product standards to expand their geographic reach.
- The creation of new goods by organizations such as the Himalayan Action Research Centre (HARC) for removing waste and dangerous pollutants, such as portable bio-treatment units, is predicted to boost market revenue.
- In March 2021, Baker Hughe's Subsea Drilling Systems business and MHWirth, a fully-owned subsidiary of Akastor, launched a joint venture firm. The company will offer a wide range of wells and services, including offshore drilling equipment and services, to clients all around the world.
Key Companies Profiled
- Schlumberger Ltd.
- Halliburton Company
- Helix Energy Solutions
- National Oilwell Varco
- Expro Group
- Weatherford International plc
- General Electric Company
- Deepwell AS
- Hunting Energy Services
- Oceaneering International Inc
Winning Strategy
Restoration of complex wells has become simpler and more efficient because of the implementation of digitization and automation in intervention services. Manufacturers are developing and introducing new autonomous well intervention systems to increase production while lowering intervention costs.
For instance,
- In 2019, China-based COOEC Offshore partnered with worldwide oilfield service provider Expro to increase its Riserless Well Intervention (RWI) skills and resources.
- In 2019, the Petroleum Safety Authority (PSA) granted permission for the Island Wellserver vessel to be used for light well intervention by the Norwegian oil giant Equinor.
Key Segments of Well Intervention Industry Research
- By Type:
- Light
- Medium
- Heavy
- By Service:
- Coiled Tubing
- Subsea Landing String
- Fishing
- Wireline Cased
- Sidetracking
- Thru Tubing
- Slickline
- Others
- By Application:
- Onshore
- Offshore
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global well intervention market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on type (light, medium, heavy), service (coiled tubing, subsea landing string, fishing, wireline cased, sidetracking, thru tubing, slickline, others), and application (onshore, offshore), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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