Well Intervention Market By Regional Growth, Top Trend & Industry Outlook To 2024
Increasing demand for refined petroleum products is expected to accelerate well intervention market size over the years to come. Rise in urban population, especially across emerging economies, has led to robust demand for petroleum products. In fact, emerging economies like Indonesia are revitalizing aging fields due to increasing consumption of crude oil, significantly driving well intervention market growth.
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Technological advancement across the complete spectrum of oil & gas industry is anticipated to improve well intervention business outlook. Meanwhile, increasing concerns over depleting oil reserves coupled with burgeoning presence of mature oil fields may stimulate overall market size.
According to a study conducted by GMI, the well intervention market is expected to surpass USD 18 billion by the year 2024.
The offshore well intervention market has observed significant proceeds in recent years. Development of subsea production platforms coupled with favourable regulatory norms regarding the development of ultra-deep & deep drilling activities is driving offshore intervention activities. In addition, there is abundant availability of reserves across the subsea areas in the NSC and Persian Gulf areas.
Based on technology, the high well intervention market is expected to record robust growth in the coming years owing to increasing investments in exploration & production (E&P) activities. High intervention technology is mainly used to replace parts including pumps, valves and tubing from wells. The technology is used to abandon wells that are not feasible for production. Studies suggest that the high well intervention market may record 7% growth by 2024.
On a regional front, Norway is expected to offer lucrative growth opportunities to companies operating in the well intervention market. The region is witnessing growing exploration and production (E&P) activities across the offshore areas like NSC (Norwegian Continental Shelf). Moreover, government authorities in regions are focusing on developing aging fields, which could further compliment well intervention market forecast.
On the other hand, Indonesia well intervention market is expected to surpass USD 350 million by the year 2024. Favourable regulatory policies Ongoing investments in the technology sphere to improve production from aging fields may boost regional industry size.
In terms of service, the remedial cementing segment is expected to record prominent revenue growth owing to surging investments by National Oil Companies (NOCs) toward shale basins across the U.S, China, and the Middle East. This service is mainly used to rectify issues regarding cementing and is required during production activities. Moreover, the service involves using cement plugs & squeeze cementing to prevent the mixing with other fluids.
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As per the market’s competitive landscape, companies such as Superior Energy, Varaco, TechnipFMC, DeepWell, National OilWell, GE, Trican Well Service Ltd., Cudd Energy, Weltec, Tenaris, Omega, Calfrac Well Services, Basic Energy, Weatherford, Expro, Hunting Energy, Haliburton, Helix, Exxon, Altus, Archer, and Oceaneering are currently at forefront of well intervention market.
Partial Chapter of the Table of Content
Chapter 2 Executive Summary
2.1 Well Intervention 3600 synopsis, 2013 – 2024
2.1.1 Business trends
2.1.2 Service trends
2.1.3 Intervention trends
2.1.4 Application trends
2.1.5 Regional trends
Chapter 3 Well Intervention Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 – 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Innovation & sustainability
3.4.1 Schlumberger
3.4.2 Halliburton
3.4.3 Baker Hughes (a GE company)
3.4.4 Weatherford
3.4.5 Altus Intervention
3.5 Regulatory landscape
3.5.1 International standards
3.5.1.1 ISO 16530-1:2017
3.5.1.2 ISO 19901-7:2013
3.5.1.3 ISO 15551-1:2015
3.5.1.4 ISO 15136-1:2009
3.5.2 U.S.
3.5.2.1 Pennsylvania
3.5.3 Canada
3.5.4 Europe
3.5.5 UK
3.5.6 Norway
3.5.7 Oman
3.5.8 Iran
3.5.9 UAE
3.5.9.1 Abu Dhabi
3.5.9.2 Dubai
3.5.9.3 Sharjah
3.5.10 Qatar
3.5.11 Australia
3.5.12 China
3.6 Customer requirement
3.7 Customer group requirement
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