Rig-less intervention service is used in various activities such as logging, well cleaning, perforating, fishing, selective simulation, fluid displacement, thru-tubing sand control, remedial cementing, artificial lift services, re-entry drilling services, and surface controlled subsurface safety valve repair. It is capable of saving almost 20 days of a rig’s time. Rig-less intervention does not require any conventional workover rig to be used; therefore, it is expected to boost the market growth over the forecast period. Traditionally, workover rigs were used to perform these operations, but rig-less intervention services are replacing the conventional rigs due to increased efficient and cost-effective services. Rig-less intervention systems can be easily transported and installed from one site to another without the help of barge. Moreover, these systems are also equipped with large work areas, which enhance safety. Therefore, these features of rig-less intervention services are anticipated to propel the market growth over the forecast period.
COVID-19 scenario analysis
The virus has forced companies to suspend their physical operations, thereby impacting the growth of the industry. The price of oil has decreased drastically over a short period of time due to the pandemic. Moreover, the demand for oil has been reduced due to various restrictions and travel ban by the government to prevent further spread of the virus. Additionally, a number of cases are growing in the rigs daily, resulting in the shutdown of the rig. Therefore, these factors hinder the market growth of rig-less intervention services across the globe during the forecast period.
Market scenario analysis
The global rig-less intervention market is expected to grow vigorously. The major factors responsible for the growth of the market include increase in demand for energy across the globe, deepwater operations, and efficient & cost-effective techniques that are provided by rig-less vessels compared to the conventional rig. Moreover, rig-less intervention services have the advantage of less time consumption as these rigs are designed without much cutting and welding operations. The rig-less intervention services market can be segmented as offshore and onshore. Additionally, the rise in exploration operations in the deep water is expected to propel the demand for offshore rig-less intervention services. The demand for rig-less intervention in offshore environments is expected to increase significantly over the forecast period. This is attributed to higher cost savings in offshore environments by minimizing unnecessary rig usage. However, rise in environment concerns has made governments to launch various initiatives that may restrict the growth of the rig-less intervention services market over the forecast period.
One of the major trends in the rig-less intervention market is the adoption of supercritical carbon dioxide in fracking. It is a process used to recover the oil & gas inside the rock by drilling down into the earth and directing a high-pressure water mixture.
The other trend gaining popularity over the forecast period is the advancement in 4D seismic survey technologies. It is a monitoring technique, which provides better quality image of the potential reservoir compared to 2D and 3D. Moreover, 4D seismic technology has the ability to simultaneously receive horizontal and vertical components of seismic waves to provide a better understanding of the property of rocks and fluid found underneath.
North America is expected to be the most attractive markets for rig-less intervention services, which can be attributed to the increase in number of offshore exploration & production activities. A large number of offshore wells are being explored in the Latin American and African regions. These are expected to create opportunities for the rig-less intervention services market in the future. Asia-Pacific is also expected to grow during the forecast period due to increased demand for energy in developing economies such as India and China.
Key benefits of the report:
- This study presents the analytical depiction of the rig-less intervention services market along with the current trends and future estimations to determine the imminent investment pockets.ars.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the rig-less intervention services market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the rig-less intervention services market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming ye
Rig-less Intervention Service Market Report Highlights
Key Market Players
Weatherford, Oceaneering International, Schlumberger, Halliburton, Baker Hughes