Well Intervention Market Key Players May See Big Move According to Industry Experts

“Well Intervention Market Size, Share & COVID-19 Impact Analysis, By Type (Light Intervention, Medium Intervention, and Heavy Intervention), By Service (Logging & Bottom Hole Survey, Tubing/Packer Failure & Repair, Stimulation, Remedial Cementing, Zonal Isolation, Sand Control, Artificial Lift, Fishing, Reperforation, Others), By Application (Onshore and Offshore), and Regional Forecasts, 2020-2027.” The report further states that the well intervention market size was USD 8.43 billion in 2019 and is projected to reach USD 10.64 billion by 2027, exhibiting a CAGR of 6.1% during the forecast period.

Drivers & Restraints-

Rising Number of Oil & Gas Discoveries to Augment Growth

The number of oil & gas discoveries in oilfield reserves is increasing day by day. Coupled with this, the ongoing technological advancements to boost production outputs from oil wells would contribute to the well intervention market growth in the coming years. As per our estimation, oil prices may surge significantly in the near future. This would aid independent exploration & gas production companies to invest hefty amounts in oil & gas exploration activities. However, nowadays, companies are shifting towards renewable energy sources for generating power. This factor may obstruct the demand for well intervention systems.

Segment-

Light Intervention Segment to Hold Largest Share Backed by Cost-effectiveness

Based on type, the light intervention segment earned 59.9% in terms of well intervention market share in 2019. This growth is attributable to its cost-effective nature. It is likely to hold the largest share throughout the forthcoming years.

Regional Analysis-

Increasing Number of Aging Wells to Favor Growth in Asia Pacific

Geographically, in 2019, North America procured USD 3.24 billion in terms of revenue. The huge potential for exploring oilfields, as well as the increasing number of oil & gas discoveries in the region would propel growth. In April 2019, for instance, Shell successfully discovered oil at the Blacktip prospect. It is located in the deepwater of the U.S. Gulf of Mexico.

Asia Pacific, on the other hand, is set to hold the second-largest share stoked by the increasing capital expenditure (CAPEX) by various countries to secure the rising energy demand in future. Also, the surging number of old wells is set to boost the demand for well intervention systems in the region.

Competitive Landscape-

Key Players Focus on Gaining New Orders to Compete in Market

The market is fragmented with the presence of numerous organizations operating across the globe. Most of them are trying to gain a competitive edge by obtaining new orders for delivering prominent firms their in-house well intervention systems. Below are two latest industry developments:

  • February 2020: Oceaneering International, Inc. bagged a new contract from BP p.l.c. to deliver riserless light well intervention (RLWI) services in Blocks 18 & 31, Angola. These would support a multi-well campaign designed to include tree change-outs, well stimulations, and mechanical well interventions.

  • July 2019: TIOS awarded a new contract to Altus Intervention AS. It would enable the latter to offer wireline services across three light well intervention vessels, namely, Island Wellserver, Island Frontier, and Island Constructor.

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List Of Key Companies Profiled in Well Intervention Market:

  • Schlumberger (Texas, US)

  • Baker Hughes (Texas, US)

  • Halliburton (Texas, US)

  • Weatherford (Texas, US)

  • National Oilwell Varco (Texas, US)

  • HELIX ESG (Texas, US)

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