Well Intervention Market
Well Intervention Market Forecasts to 2030 - Global Analysis By Product (Gas, Oil and Other Products), Service (Logging and Bottom hole Survey, Tubing/Packer Failure and Repair, Stimulation, Remedial Cementing, Zonal Isolation, Sand Control, Artificial Lift, Re-perforation, Wellhead and Christmas Tree Maintenance, Coiled Tubing, Well Control, Fishing Services and Other Services), Intervention Type, Well Type, Application and by Geography
According to Stratistics MRC, the Global Well Intervention Market is accounted for $8.57 billion in 2023 and is expected to reach $13.06 billion by 2030 growing at a CAGR of 6.2% during the forecast period. The term well intervention describes any work done on an oil or gas well with the goal of increasing or restoring production. From well drilling to well abandonment, these interventions are critical to the well's life cycle. They include a variety of tasks like logging, stimulation, cleaning, and upkeep of the well. The specific problems a well faces, such as obstructions, dwindling production rates, or equipment malfunctions, determine the kind of well intervention strategy to use.
According to the International Association of Drilling Contractors (IADC), well intervention is a vital aspect of maintaining the integrity and productivity of oil and gas wells throughout their operational lifespan.
Market Dynamics:
Driver:
Growing energy consumption
Global population growth and economic expansion are driving up energy demand in a number of industries, including manufacturing, transportation, and residential use. This tendency is especially noticeable in developing nations that are rapidly industrializing and urbanizing. Thus, as the demand for gas and oil production increases, so do exploration and development efforts. Additionally, in order to meet the rising energy demands of a growing global population, optimize production rates, and ensure the efficient operation of currently operating wells, well intervention services are essential.
Restraint:
Regulatory and environmental barriers
Well intervention activities are severely constrained by increased environmental consciousness and more stringent regulatory frameworks. Operational complexity and cost are increased when environmental regulations, such as those pertaining to waste management, emissions control, and the preservation of delicate ecosystems, are followed. Furthermore, project timeliness and cost-effectiveness may also be impacted by administrative obstacles and delays brought on by regulatory approvals and permitting procedures. To avoid fines and reputational harm, operators must carefully negotiate these restrictions and make sure that intervention activities are carried out in a way that minimizes environmental impact and conforms to legal requirements.
Opportunity:
Improved oil recovery (EOR) methods
The implementation of enhanced oil recovery (EOR) methodologies offers auspicious prospects for augmenting hydrocarbon extraction from established reservoirs and prolonging the field life. Implementing EOR techniques, such as chemical flooding, gas injection, and thermal methods, to increase sweep efficiency and displace remaining oil reserves requires careful intervention. Moreover, operators can maximize incremental oil production, unlock additional reserves that were previously thought to be uneconomical, and improve the efficacy of EOR processes by utilizing intervention techniques like reservoir stimulation, water shut-off, and conformance control.
Threat:
Market uncertainty and price volatility
Well intervention projects are seriously threatened by price volatility in the oil and gas market, which has an effect on operator budgets, investment choices, and project economics. Variations in oil prices can impact operator’s willingness to invest in intervention activities by causing revenue uncertainty, cost escalation, and decreased profitability. Additionally, project planning and financing may be hampered by market uncertainty brought on by supply-demand imbalances, geopolitical developments, and economic downturns, which may result in project cancellations or delays.
Covid-19 Impact:
Global supply chains have been disrupted, oil prices have dropped, and intervention activities have been widely postponed or cancelled as a result of the COVID-19 pandemic. Restrictions on travel, lockdowns, and social distancing have made field operations more difficult, preventing equipment from being mobilized and personnel from moving around, which has made project execution more difficult. Moreover, operators have prioritized capital preservation and cost-cutting measures over well intervention activities, which have diminished investment in oil and gas projects, including well intervention activities.
The Stimulation segment is expected to be the largest during the forecast period
The stimulation segment has the largest share in the market. In order to increase well productivity and reservoir permeability, stimulation methods include acidizing and hydraulic fracturing. The need for stimulation services has increased as there is a greater emphasis on optimizing the recovery of hydrocarbons from current wells, especially in unconventional reservoirs. Additionally, cutting-edge methods like multi-stage fracturing and technological developments like engineered fluids and proppants have reinforced the efficacy and practicality of stimulation interventions in a variety of reservoir types and operational contexts.
The Horizontal Well segment is expected to have the highest CAGR during the forecast period
The well intervention market's horizontal well segment has the highest CAGR. In comparison to vertical wells, horizontal wells offer higher production rates and better hydrocarbon recovery because of their longer reach and increased reservoir contact. Furthermore, the growing use of horizontal drilling methods, especially in unconventional reservoirs like heavy oil deposits, tight gas sands, and shale formations, has increased the need for well intervention services designed specifically for horizontal wellbores.
Region with largest share:
In the well-intervention market, North America accounts for the largest share. The main causes of this dominance are the large number of established oil and gas fields and the explosive growth of unconventional resource development. Well intervention services are supported by a thriving market ecosystem in the region thanks to its established oil and gas infrastructure, technological know-how, and supportive regulatory framework. Moreover, the demand for well intervention solutions throughout the region is further fueled by the increased focus on reservoir optimization, production enhancement, and well integrity management.
Region with highest CAGR:
In the well-intervention market, the Middle East and Africa region exhibits the highest CAGR. The region's substantial oil and gas reserves, vast oilfield infrastructure, and continuous efforts to maximize production and improve recovery rates are the main drivers of this growth. With their massive gas and oil operations and bold energy sector investment plans, nations like Saudi Arabia, the United Arab Emirates, and Iraq are important drivers of market expansion. Furthermore, new opportunities for well-being intervention services in the region are presented by the exploration and development of unconventional resources like heavy oil fields and tight gas formations.
Key players in the market
Some of the key players in Well Intervention market include Expro Group, Altus Intervention, General Electric Company, Halliburton Company, Schlumberger Ltd, Baker Hughes Company, Key Energy Services, LLC, Welltec International, Oceaneering International, Inc., Helix Energy Solutions Group, Inc., Archer Limited, Weatherford International plc, Hunting PLC, NOV, Inc., Aker Solutions, Superior Energy Services, Inc. and NexTier Oilfield Solutions.
Key Developments:
In January 2024, Energy services provider, Expro Group Holdings N.V., has secured a new Carbon Capture Utilization and Storage (CCUS) contract with INPEX Corporation for the Kashiwazaki Clean Hydrogen/Ammonia project which is Japan’s first clean hydrogen production demonstration project. Expro’s work scope, will include the delivery of tubular running services for multiple sections of casing, liner and tubing across a 12-month period.
In December 2023, GE Vernova announced today that it has signed a framework agreement with Forestalia to install up to 693 MW of onshore wind turbines across 16 future project sites throughout the Aragon region in Spain. Through this exclusive framework agreement, 110 of GE’s 6.1-158 wind turbines will be installed in six phases near Zaragoza.
In November 2023, Halliburton Company and Sekal AS have announced an agreement to jointly provide leading well construction automation solutions as part of a longer-term strategy to deliver fully automated drilling operations. Under the agreement, Halliburton and Sekal are collaborating on several technologies and services that incorporate Halliburton digitally integrated well construction solutions and the Sekal DrillTronics automation platform.
Products Covered:
• Gas
• Oil
• Other Products
Services Covered:
• Logging and Bottom hole Survey
• Tubing/Packer Failure and Repair
• Stimulation
• Remedial Cementing
• Zonal Isolation
• Sand Control
• Artificial Lift
• Re-perforation
• Wellhead and Christmas Tree Maintenance
• Coiled Tubing
• Well Control
• Fishing Services
• Other Services
Intervention Types Covered:
• Light Intervention
• Medium Intervention
• Heavy Intervention
Well Types Covered:
• Horizontal Well
• Vertical Well
• Other Well Types
Applications Covered:
• Onshore
• Offshore
• Other Applications
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 2021, 2022, 2023, 2026, and 2030
- 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
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 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 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 Well Intervention Market, By Product
5.1 Introduction
5.2 Gas
5.3 Oil
5.4 Other Products
6 Global Well Intervention Market, By Service
6.1 Introduction
6.2 Logging and Bottom hole Survey
6.3 Tubing/Packer Failure and Repair
6.4 Stimulation
6.5 Remedial Cementing
6.6 Zonal Isolation
6.7 Sand Control
6.8 Artificial Lift
6.9 Re-perforation
6.10 Wellhead and Christmas Tree Maintenance
6.11 Coiled Tubing
6.12 Well Control
6.13 Fishing Services
6.14 Other Services
7 Global Well Intervention Market, By Intervention Type
7.1 Introduction
7.2 Light Intervention
7.3 Medium Intervention
7.4 Heavy Intervention
8 Global Well Intervention Market, By Well Type
8.1 Introduction
8.2 Horizontal Well
8.3 Vertical Well
8.4 Other Well Types
9 Global Well Intervention Market, By Application
9.1 Introduction
9.2 Onshore
9.3 Offshore
9.3.1 Shallow Water
9.3.2 Deepwater
9.3.3 Ultra-deepwater
9.4 Other Applications
10 Global Well Intervention Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Expro Group
12.2 Altus Intervention
12.3 General Electric Company
12.4 Halliburton Company
12.5 Schlumberger Ltd
12.6 Baker Hughes Company
12.7 Key Energy Services, LLC
12.8 Welltec International
12.9 Oceaneering International, Inc.
12.10 Helix Energy Solutions Group, Inc.
12.11 Archer Limited
12.12 Weatherford International plc
12.13 Hunting PLC
12.14 NOV, Inc.
12.15 Aker Solutions
12.16 Superior Energy Services, Inc.
12.17 NexTier Oilfield Solutions
List of Tables
1 Global Well Intervention Market Outlook, By Region (2021-2030) ($MN)
2 Global Well Intervention Market Outlook, By Product (2021-2030) ($MN)
3 Global Well Intervention Market Outlook, By Gas (2021-2030) ($MN)
4 Global Well Intervention Market Outlook, By Oil (2021-2030) ($MN)
5 Global Well Intervention Market Outlook, By Other Products (2021-2030) ($MN)
6 Global Well Intervention Market Outlook, By Service (2021-2030) ($MN)
7 Global Well Intervention Market Outlook, By Logging and Bottom hole Survey (2021-2030) ($MN)
8 Global Well Intervention Market Outlook, By Tubing/Packer Failure and Repair (2021-2030) ($MN)
9 Global Well Intervention Market Outlook, By Stimulation (2021-2030) ($MN)
10 Global Well Intervention Market Outlook, By Remedial Cementing (2021-2030) ($MN)
11 Global Well Intervention Market Outlook, By Zonal Isolation (2021-2030) ($MN)
12 Global Well Intervention Market Outlook, By Sand Control (2021-2030) ($MN)
13 Global Well Intervention Market Outlook, By Artificial Lift (2021-2030) ($MN)
14 Global Well Intervention Market Outlook, By Re-perforation (2021-2030) ($MN)
15 Global Well Intervention Market Outlook, By Wellhead and Christmas Tree Maintenance (2021-2030) ($MN)
16 Global Well Intervention Market Outlook, By Coiled Tubing (2021-2030) ($MN)
17 Global Well Intervention Market Outlook, By Well Control (2021-2030) ($MN)
18 Global Well Intervention Market Outlook, By Fishing Services (2021-2030) ($MN)
19 Global Well Intervention Market Outlook, By Other Services (2021-2030) ($MN)
20 Global Well Intervention Market Outlook, By Intervention Type (2021-2030) ($MN)
21 Global Well Intervention Market Outlook, By Light Intervention (2021-2030) ($MN)
22 Global Well Intervention Market Outlook, By Medium Intervention (2021-2030) ($MN)
23 Global Well Intervention Market Outlook, By Heavy Intervention (2021-2030) ($MN)
24 Global Well Intervention Market Outlook, By Well Type (2021-2030) ($MN)
25 Global Well Intervention Market Outlook, By Horizontal Well (2021-2030) ($MN)
26 Global Well Intervention Market Outlook, By Vertical Well (2021-2030) ($MN)
27 Global Well Intervention Market Outlook, By Other Well Types (2021-2030) ($MN)
28 Global Well Intervention Market Outlook, By Application (2021-2030) ($MN)
29 Global Well Intervention Market Outlook, By Onshore (2021-2030) ($MN)
30 Global Well Intervention Market Outlook, By Offshore (2021-2030) ($MN)
31 Global Well Intervention Market Outlook, By Shallow Water (2021-2030) ($MN)
32 Global Well Intervention Market Outlook, By Deepwater (2021-2030) ($MN)
33 Global Well Intervention Market Outlook, By Ultra-deepwater (2021-2030) ($MN)
34 Global Well Intervention Market Outlook, By Other Applications (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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.
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