Portland, OR, Nov. 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global well intervention market generated $8.7 billion in 2020, and is projected to reach $15.3 billion by 2030, witnessing a CAGR of 5.8% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Rise in demand for crude oil and other oil & gas products and surge in usage of dual fuel or hybrid vehicles drive the growth of the global well intervention market. However, rise in electric vehicle demand hinders the market growth. On the other hand, increase in investments toward oil & gas exploration and production activities present new opportunities in the coming years.
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Covid-19 Scenario:
- Owing to lockdown measures imposed by governments, there has been decline in the production and processing activities of oil & gas and petrochemicals. This impacted the growth of the global well intervention market.
- Moreover, ban on import-export activities, lack of workforce, and supply chain disruptions resulted in interruptions of well intervention activities. However, the activities are expected to get back on track post-lockdown.
The report offers detailed segmentation of the global well intervention market based on service, intervention type, well type, application, and region.
Based on service, the logging and bottomhole survey segment accounted for the largest share in 2020, holding more than two-fifths of the total share, and is estimated to maintain its lead position during the forecast period. However, the tubing/packer failure and repair segment is projected to manifest the highest CAGR of 6.4% from 2021 to 2030.
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Based on application, the onshore segment held the highest share in 2020, accounting for around three-fifths of the total share of the global well intervention market, and is expected to maintain its dominance during the forecast period. However, the offshore segment is estimated to register the highest CAGR of 6.2% from 2021 to 2030.
Based on region, North America contributed to the highest share in 2020, accounting for nearly one-third of the total share, and is estimated to maintain its leadership status in terms of revenue by 2030. However, Europe is estimated to portray the largest CAGR of 7.4% during the forecast period.
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Leading players of the global well intervention market analyzed in the research include Altus Intervention, Baker Hughes Company, Archer, Helix Energy, Halliburton, Oceaneering International, Inc., Key Energy Services, LLC, Trican, Schlumberger Limited, and Weatherford International PLC.
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