Subsea Well Intervention Market
Subsea Well Intervention Market Forecasts to 2028 - Global Analysis By Intervention Type (Heavy Intervention, Medium Intervention and Light Intervention), Services (Fishing Well Intervention Services, Coiled Tubing Well Intervention, Wireline Cased Well Intervention and Subsea Landing String Well Intervention Services), Application and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $6.15 BN |
|
Projected Year Value (2028) |
US $23.42 BN |
|
CAGR (2022 - 2028) |
24.9% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Subsea Well Intervention Market is accounted for $6.15 billion in 2022 and is expected to reach $23.42 billion by 2028 growing at a CAGR of 24.9% during the forecast period. Subsea intervention, also known as platform well intervention, is the practise of interfering in a well to repair it and/or boost production so that profitable operations may continue. Pumping is a sort of subsea intervention in which fluid chemicals are pumped into wells to stimulate oil production or clean up by products of extraction. Another sort of intervention is the workover. Sometimes so many components of an oil or gas well must be replaced at the same time that the entire operation, or a large portion of it, must be replaced.
According to IBEF(India Brand Equity Foundation), in India, the oil demand is projected to reach 11 million barrels per day by 2025, and consumption of natural gas is expected to grow by 25 billion cubic meters, registering an average annual growth rate of 9% until 2024.
Market Dynamics:
Driver:
Increasing discoveries in oil & gas industry
The growing number of oil and gas finds in oilfield reserves, combined with major technological improvements to increase the production output from oil wells, would fuel the expansion of the subsea well intervention market. With the increasing number of significant discoveries in many countries, it is expected that oil prices will rise in the future years. This would make it easier for oil field operators, gas production corporations, and independent exploration firms to invest in oil and gas finds and exploratory activities.
Restraint:
Strict regulations
Strict government regulations on E&P activities are the main market restraints. In the long and short term, the oil and gas drilling sectors are seen as critical components of the global economy. With the petroleum act, there are many normative regulations for well intervention and subsea operations. Countries are enacting stringent measures to protect air quality. The majority of countries have stringent laws in place that oversee oil exploration and production. The Environmental Protection and Enhancement Act, for example, was enacted in Alberta to support and promote environmental protection.
Opportunity:
Surging initiatives to increase production from aging wells
Growing endeavours to incorporate efficient production processes and adaptability to advanced equipment for boosting the output produced from existing old and mature wells are expected to propel market expansion in the coming years. Well intervention techniques are an essential aspect of effective oil and gas well planning, exploration, and production. It would thereby extend the life of production tubing, minimise hazards, enhance output, and run more efficiently.
Threat:
Availability of alternatives
The market is hampered by the shift towards alternate renewable energy sources. Adoption of renewable energy sources is critically needed, despite the fact that it may be difficult. As a result, it is more of a market constraint that will persist. Renewable energy is expected to account for about 49% of worldwide electricity supply by 2050, according to figures from the Energy Information Administration (EIA).
Covid-19 Impact
The global subsea well interventions market has been badly damaged by the COVID-19 outbreak. Containment measures and economic disruption caused by the COVID-19 pandemic have resulted in a global slowdown in output and transportation, as well as a considerable decline in global oil demand. In response to these issues, there has been a fall in demand for fossil fuel projects, and with the commencement of the COVID-19 pandemic, firms have begun shelving new projects and permanently shutting down high-cost operations in response to the oil price collapse.
The light intervention type segment is expected to be the largest during the forecast period
The light intervention type segment is estimated to have a lucrative growth because of the advantages of light well intervention, such as reduced intervention time and cost of intervention services. In comparison to the other segments, it is thought to be a more cost-effective solution. Furthermore, the rapid expansion of mature oilfields around the world increases the need for well intervention to boost well production, which is expected to fuel market growth during the analysed time frame.
The wireline cased well intervention services segment is expected to have the highest CAGR during the forecast period
The wireline cased well intervention services segment is anticipated to witness the highest CAGR growth during the forecast period. Wireline cased well intervention services are commonly utilised in the oil and gas industry for reservoir evaluation, pipe recovery practises, and intervention operations. Increasing ongoing drilling and completion activities of wells is one of the primary factors driving market growth. Furthermore, due to increased deepwater and shallow water drilling activities, as well as favourable government policies for offshore oil and gas exploration, the wireline cased well intervention segment is expected to dominate the market during the forecast period.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period as it is attributed to other nations' investments in discovering new offshore hydrocarbon deposits, as well as the rising scenario of maturing wells in India and China. Furthermore, according to the International Trade Administration, India has become the world's largest integrated refinery and petrochemical facility by developing the West Coast Refinery Project (WCRP). As a result of increased demand and government programmes, the global subsea well intervention market is expanding.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, for example, in April 2019, Shell discovered oil at the Blacktip oilfield in the Gulf of Mexico. Furthermore, the Mexican government is attempting to increase private investment in areas of the Gulf of Mexico under its control. From this deepwater location, it produced nearly 900,000 barrels per day (BPD). The growing discoveries would increase the demand for subsea well intervention in North America.
Key players in the market
Some of the key players profiled in the Subsea Well Intervention Market includeWild Well Control, Axis Well Technology, Odfjell Drilling group, Archer Ltd., Schlumberger, NexTier Oilfield Services Inc., Oceaneering International, Expro Group, Altus Intervention, Weatherford International, Pioneer Energy Services and Key Energy Services.
Key Developments:
In July 2021, Altus Intervention AS has secured a 5 years contract with the NCS operator for the integrated delivery of well intervention technology and services. The expected contract value for the contract period is NOK 600 million. The contract includes the delivery of Cased Hole Logging, Powered Tractor Services, and Fiber Optic Logging together with Altus’ alliance partners.
In March 2021, Expro and FTAI Ocean LLC, a subsidiary of Fortress Transportation and Infrastructure Investors LLC, formed an alliance for the supply of well intervention vessels to provide full light well intervention services to the subsea oil and gas sector.
Intervention Types Covered:
• Heavy Intervention
• Medium Intervention
• Light Intervention
Services Covered:
• Fishing Well Intervention Services
• Coiled Tubing Well Intervention
• Wireline Cased Well Intervention
• Subsea Landing String Well Intervention Services
Applications Covered:
• Onshore
• Offshore
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Subsea Well Intervention Market, By Intervention Type
5.1 Introduction
5.2 Heavy Intervention
5.3 Medium Intervention
5.4 Light Intervention
6 Global Subsea Well Intervention Market, By Services
6.1 Introduction
6.2 Fishing Well Intervention Services
6.3 Coiled Tubing Well Intervention
6.4 Wireline Cased Well Intervention
6.5 Subsea Landing String Well Intervention Services
7 Global Subsea Well Intervention Market, By Application
7.1 Introduction
7.2 Onshore
7.3 Offshore
8 Global Subsea Well Intervention Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Wild Well Control
10.2 Axis Well Technology
10.3 Odfjell Drilling group
10.4 Archer Ltd.
10.5 Schlumberger
10.6 NexTier Oilfield Services Inc.
10.7 Oceaneering International
10.8 Expro Group
10.9 Altus Intervention
10.10 Weatherford International
10.11 Pioneer Energy Services
10.12 Key Energy Services
List of Tables
1 Global Subsea Well Intervention Market Outlook, By Region (2020-2028) ($MN)
2 Global Subsea Well Intervention Market Outlook, By Intervention Type (2020-2028) ($MN)
3 Global Subsea Well Intervention Market Outlook, By Heavy Intervention (2020-2028) ($MN)
4 Global Subsea Well Intervention Market Outlook, By Medium Intervention (2020-2028) ($MN)
5 Global Subsea Well Intervention Market Outlook, By Light Intervention (2020-2028) ($MN)
6 Global Subsea Well Intervention Market Outlook, By Services (2020-2028) ($MN)
7 Global Subsea Well Intervention Market Outlook, By Fishing Well Intervention Services (2020-2028) ($MN)
8 Global Subsea Well Intervention Market Outlook, By Coiled Tubing Well Intervention (2020-2028) ($MN)
9 Global Subsea Well Intervention Market Outlook, By Wireline Cased Well Intervention (2020-2028) ($MN)
10 Global Subsea Well Intervention Market Outlook, By Subsea Landing String Well Intervention Services (2020-2028) ($MN)
11 Global Subsea Well Intervention Market Outlook, By Application (2020-2028) ($MN)
12 Global Subsea Well Intervention Market Outlook, By Onshore (2020-2028) ($MN)
13 Global Subsea Well Intervention Market Outlook, By Offshore (2020-2028) ($MN)
14 North America Subsea Well Intervention Market Outlook, By Country (2020-2028) ($MN)
15 North America Subsea Well Intervention Market Outlook, By Intervention Type (2020-2028) ($MN)
16 North America Subsea Well Intervention Market Outlook, By Heavy Intervention (2020-2028) ($MN)
17 North America Subsea Well Intervention Market Outlook, By Medium Intervention (2020-2028) ($MN)
18 North America Subsea Well Intervention Market Outlook, By Light Intervention (2020-2028) ($MN)
19 North America Subsea Well Intervention Market Outlook, By Services (2020-2028) ($MN)
20 North America Subsea Well Intervention Market Outlook, By Fishing Well Intervention Services (2020-2028) ($MN)
21 North America Subsea Well Intervention Market Outlook, By Coiled Tubing Well Intervention (2020-2028) ($MN)
22 North America Subsea Well Intervention Market Outlook, By Wireline Cased Well Intervention (2020-2028) ($MN)
23 North America Subsea Well Intervention Market Outlook, By Subsea Landing String Well Intervention Services (2020-2028) ($MN)
24 North America Subsea Well Intervention Market Outlook, By Application (2020-2028) ($MN)
25 North America Subsea Well Intervention Market Outlook, By Onshore (2020-2028) ($MN)
26 North America Subsea Well Intervention Market Outlook, By Offshore (2020-2028) ($MN)
27 Europe Subsea Well Intervention Market Outlook, By Country (2020-2028) ($MN)
28 Europe Subsea Well Intervention Market Outlook, By Intervention Type (2020-2028) ($MN)
29 Europe Subsea Well Intervention Market Outlook, By Heavy Intervention (2020-2028) ($MN)
30 Europe Subsea Well Intervention Market Outlook, By Medium Intervention (2020-2028) ($MN)
31 Europe Subsea Well Intervention Market Outlook, By Light Intervention (2020-2028) ($MN)
32 Europe Subsea Well Intervention Market Outlook, By Services (2020-2028) ($MN)
33 Europe Subsea Well Intervention Market Outlook, By Fishing Well Intervention Services (2020-2028) ($MN)
34 Europe Subsea Well Intervention Market Outlook, By Coiled Tubing Well Intervention (2020-2028) ($MN)
35 Europe Subsea Well Intervention Market Outlook, By Wireline Cased Well Intervention (2020-2028) ($MN)
36 Europe Subsea Well Intervention Market Outlook, By Subsea Landing String Well Intervention Services (2020-2028) ($MN)
37 Europe Subsea Well Intervention Market Outlook, By Application (2020-2028) ($MN)
38 Europe Subsea Well Intervention Market Outlook, By Onshore (2020-2028) ($MN)
39 Europe Subsea Well Intervention Market Outlook, By Offshore (2020-2028) ($MN)
40 Asia Pacific Subsea Well Intervention Market Outlook, By Country (2020-2028) ($MN)
41 Asia Pacific Subsea Well Intervention Market Outlook, By Intervention Type (2020-2028) ($MN)
42 Asia Pacific Subsea Well Intervention Market Outlook, By Heavy Intervention (2020-2028) ($MN)
43 Asia Pacific Subsea Well Intervention Market Outlook, By Medium Intervention (2020-2028) ($MN)
44 Asia Pacific Subsea Well Intervention Market Outlook, By Light Intervention (2020-2028) ($MN)
45 Asia Pacific Subsea Well Intervention Market Outlook, By Services (2020-2028) ($MN)
46 Asia Pacific Subsea Well Intervention Market Outlook, By Fishing Well Intervention Services (2020-2028) ($MN)
47 Asia Pacific Subsea Well Intervention Market Outlook, By Coiled Tubing Well Intervention (2020-2028) ($MN)
48 Asia Pacific Subsea Well Intervention Market Outlook, By Wireline Cased Well Intervention (2020-2028) ($MN)
49 Asia Pacific Subsea Well Intervention Market Outlook, By Subsea Landing String Well Intervention Services (2020-2028) ($MN)
50 Asia Pacific Subsea Well Intervention Market Outlook, By Application (2020-2028) ($MN)
51 Asia Pacific Subsea Well Intervention Market Outlook, By Onshore (2020-2028) ($MN)
52 Asia Pacific Subsea Well Intervention Market Outlook, By Offshore (2020-2028) ($MN)
53 South America Subsea Well Intervention Market Outlook, By Country (2020-2028) ($MN)
54 South America Subsea Well Intervention Market Outlook, By Intervention Type (2020-2028) ($MN)
55 South America Subsea Well Intervention Market Outlook, By Heavy Intervention (2020-2028) ($MN)
56 South America Subsea Well Intervention Market Outlook, By Medium Intervention (2020-2028) ($MN)
57 South America Subsea Well Intervention Market Outlook, By Light Intervention (2020-2028) ($MN)
58 South America Subsea Well Intervention Market Outlook, By Services (2020-2028) ($MN)
59 South America Subsea Well Intervention Market Outlook, By Fishing Well Intervention Services (2020-2028) ($MN)
60 South America Subsea Well Intervention Market Outlook, By Coiled Tubing Well Intervention (2020-2028) ($MN)
61 South America Subsea Well Intervention Market Outlook, By Wireline Cased Well Intervention (2020-2028) ($MN)
62 South America Subsea Well Intervention Market Outlook, By Subsea Landing String Well Intervention Services (2020-2028) ($MN)
63 South America Subsea Well Intervention Market Outlook, By Application (2020-2028) ($MN)
64 South America Subsea Well Intervention Market Outlook, By Onshore (2020-2028) ($MN)
65 South America Subsea Well Intervention Market Outlook, By Offshore (2020-2028) ($MN)
66 Middle East & Africa Subsea Well Intervention Market Outlook, By Country (2020-2028) ($MN)
67 Middle East & Africa Subsea Well Intervention Market Outlook, By Intervention Type (2020-2028) ($MN)
68 Middle East & Africa Subsea Well Intervention Market Outlook, By Heavy Intervention (2020-2028) ($MN)
69 Middle East & Africa Subsea Well Intervention Market Outlook, By Medium Intervention (2020-2028) ($MN)
70 Middle East & Africa Subsea Well Intervention Market Outlook, By Light Intervention (2020-2028) ($MN)
71 Middle East & Africa Subsea Well Intervention Market Outlook, By Services (2020-2028) ($MN)
72 Middle East & Africa Subsea Well Intervention Market Outlook, By Fishing Well Intervention Services (2020-2028) ($MN)
73 Middle East & Africa Subsea Well Intervention Market Outlook, By Coiled Tubing Well Intervention (2020-2028) ($MN)
74 Middle East & Africa Subsea Well Intervention Market Outlook, By Wireline Cased Well Intervention (2020-2028) ($MN)
75 Middle East & Africa Subsea Well Intervention Market Outlook, By Subsea Landing String Well Intervention Services (2020-2028) ($MN)
76 Middle East & Africa Subsea Well Intervention Market Outlook, By Application (2020-2028) ($MN)
77 Middle East & Africa Subsea Well Intervention Market Outlook, By Onshore (2020-2028) ($MN)
78 Middle East & Africa Subsea Well Intervention Market Outlook, By Offshore (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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