Well intervention or well work is the operation performed on oil and gas wells during their productive life, which alters the well geometry and manages the production of wells by providing extensive well diagnostics. Market Research Future (MRFR) has recently published a detailed report on the global well intervention market asserting that the global market for well intervention is anticipated to expand at a steady CAGR of 3.5% during the forecast period of 2017-2023.
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The prominent players of the global well intervention market that are profiled in the report by MRFR are GE Oil & Gas (U.K.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), TechnipFMC plc. (U.K.), Baker Hughes Incorporated (U.S.), Weatherford International Plc. (Switzerland), Archer Limited (U.K.), Trican Well Service Ltd. (Canada), Superior Energy Services, Inc. (U.S.), Basic Energy Services, Inc. (U.S.) and Others.
Market Drivers and Restraints:
The rapid rise in global population and increased production and usage of automobiles are inducing high demand for non-renewable energy sources such as fossil fuels, which is acting as a major driver for the expansion of the global well intervention market. The vital role of well intervention services in drilling operation that includes monitoring the pressure and temperature in the reservoir, transportation of fluids to and fro the reservoirs and others are inducing the demand for high quality well intervention services owing to the increase in oil and gas exploration activities and production process.
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The major benefits of well intervention services such as cleaning up of wells, stimulation of well for making it production ready by enhancing the flow of hydrocarbons in it, monitoring all the on-going operations in the wells, providing annular seal for isolating certain sections of the well and others make these services an essential component of the oil and gas exploration and production process, which is fueling the growth of the global well intervention market. The increased exploration and production activities in oil and natural gas industry are simultaneously leading to the expansion of the global well intervention market during the forecast period.
The global well intervention market has been segmented on the basis of services and applications. Based on services, the well intervention market has been segmented into logging & bottom hole survey, stimulation, artificial lift, re-perforation and others.
Based on applications, the well intervention market has been segmented into on-shore and off-shore. The off-shore application segment of the global well intervention market is projected to grow at the fastest rate owing to the high demand for well intervention services on the off-shore oil rigs due to the harsh environmental conditions.
The global well intervention market has been geographically segmented into four major regions such as North America, Europe, Asia Pacific and the rest of the world. The North America region is projected to be the largest market in the global well intervention market owing to the ongoing revolution in shale gas exploration and production activities in this region. The Asia Pacific and Africa regions are emerging as significant regions in the global well intervention market owing to the increased utilization of well intervention services in the oil and natural gas sector of these regions.