Well Intervention Market Outlook - 2030
The global well intervention market size was valued at $8.7 billion in 2020, and is expected to reach $15.3 billion by 2030, registering a CAGR of 5.8% from 2021 to 2030. Well intervention is the process, which enhances the quality of oil & gas wells and provides data to help in management of production rate of oil and gas wells. The well intervention market provides detailed information on well intervention services in onshore and offshore application. Oil & gas wells covered in the market study include horizontal and vertical wells. There are two types of interventions, light intervention and heavy intervention.
The growth of the global well intervention market is driven by rise in demand for oil and gas from various operations in end-uses such as transportation, manufacturing, power generation, and others. However, implementation of stringent government regulations toward environmental pollution from conventional fuels and rapid development of the electric vehicle industry are the key factors hampering the growth of the market. On the contrary, R&D toward improvement of well intervention technologies, discovery of new oilfields in Asia-Pacific & Africa, and development of shale producing fields in North America are anticipated to provide lucrative well intervention market opportunities for the key players to maintain their position in the in the coming years.
The global well intervention market is segmented into service, intervention type, well type, application, and region. Depending on service, the market is divided into logging and bottomhole survey, tubing/packer failure and repair, and stimulation. On the basis of intervention type, it is categorized into light and heavy. As per well type, it is classified into horizontal and vertical. The applications covered in the study include onshore and offshore. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global market covers in-depth information of the major well intervention industry participants. Some of the major players in the market include Altus Intervention, Archer, Baker Hughes Company, Halliburton, Helix Energy, Key Energy Services, LLC, Oceaneering International, Inc., Schlumberger Limited, Trican, and Weatherford International PLC.
Other players operating in the value chain of the global well intervention market are Basic Energy Services, Weltec, Expro Group, Superior Energy Services, Inc., Deepwell AS, and Hunting Energy Services.
The key players are adopting numerous strategies, such as product launch, agreement, partnership, acquisition, and business expansion, to stay competitive in the well intervention market.
For instance, in September 2021, Halliburton signed an agreement with Energean (an independent E&P company focused on developing resources in the Mediterranean and North Sea) to execute a three to five well drilling and completions campaign. This agreement led to increase in demand for well intervention services and will increase the project portfolio of the company.
In addition, in May 2021, Archer Oil signed an agreement with Wintershall Noordzee B.V. to perforate, wash, and cement & formation integrity testing tools & services and downhole tools on tubing conveyed & plugs-cutters for 22 wells with an option of another 20 wells. This agreement led to growth of the company’s project portfolio and increased the overall revenue of the company.
The well intervention market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2030. The report includes the study of the market with respect to the growth prospects and restraints based on regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Well intervention market, by service
By service, the logging and bottomhole survey segment held the largest well intervention market share in 2020. This is attributed to rise in number of active rigs and flexibility of conducting logging and bottomhole survey during drilling, completion, production, and in case of shut-in. In addition, rise in awareness of maintenance and recovery of aged & abandoned oil wells to enhance production is anticipated to propel the market growth from 2021 to 2030.
By Service
Logging and Bottomhole Survey segment is projected as the most lucrative segment.
Well intervention market, by intervention type
On the basis of intervention type, the light segment dominated the global market in 2020, in terms of market share, owing to benefits associated with light well intervention such as reduced intervention time and cost of intervention services. In addition, rapid growth of mature oilfields across the globe increases the need for well intervention to enhance the production of wells, which is expected to fuel the growth of the market during the analyzed time frame.
By Type
Light is projected as the most lucrative segment.
Well intervention market, by well type
By well type, the vertical segment garnered the highest market share in 2020. This is attributed to increase in exploration & production activities and vast presence of vertical wells across the globe. In addition, rise in awareness of careful planning and management of operations in vertical wells and benefits associated with well intervention of vertical wells, such as low cost and increased productivity, are the factors expected to fuel the well intervention market growth in the coming years.
By Well Type
Vertical is projected as the most lucrative segment.
Well intervention market, by application
On the basis of application, the onshore segment exhibited the highest market share in 2020. This is attributed to effectiveness of onshore well intervention as compared to offshore wells and rise in number of mature onshore oil wells across the globe. In addition, rise in onshore sites propels the market growth, as onshore sites are easily operatable and take less years for production in comparison to offshore. Moreover, 70% of the world’s oil and gas come from onshore sites, which notably contribute to the growth of the market.
By Application
Onshore is projected as the most lucrative segment.
Well intervention market, by region
North America garnered the highest share in the well intervention market in 2020, in terms of revenue, and is anticipated to maintain its dominance during the forecast period. This is attributed to the presence of key players and huge consumer base in the region. In addition, rise in number of new exploration fields, improvements in shale oil in North America, and rise in well intervention services in onshore oilfields to enhance the productivity are anticipated to fuel the growth of the global market during the analyzed time frame
By Region
North America holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
COVID-19 impact on the market
Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased the demand for oil & gas products from these consumers. This resulted in decline in market growth in the second, third, and fourth quarters of 2020. However, the well intervention market is expected to recover by the second quarter of 2021 as COVID-19 vaccination has started in various economies across the globe, which is expected to improve the global economy.
Key Benefits For Stakeholders
- The report provides an extensive qualitative and quantitative analysis of the current well intervention market trends and future estimations of the global market from 2021 to 2030 to determine the prevailing opportunities.
- A comprehensive well intervention market analysis of the factors that drive and restrict the market growth is provided.
- Estimations and well intervention market forecast are based on factors impacting the market growth in terms of value.
- Profiles of leading players operating in the market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth.
Key Market Segments
By Service
- Logging and Bottomhole Survey
- Tubing/Packer Failure and Repair
- Stimulation
By Intervention Type
- Light
- Heavy
By Well Type
- Horizontal
- Vertical
By Application
- Onshore
- Offshore
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Well Intervention Market Report Highlights
| Aspects | Details |
 By SERVICE |
|
 By INTERVENTION TYPE |
|
| By WELL TYPE |
|
 By APPLICATION |
|
 By Region |
|
 Key Market Players | TRICAN, Baker Hughes Company, Archer, Halliburton, Weatherford International PLC, Oceaneering International, Inc., Schlumberger Limited, .Key Energy Services, LLC., Altus Intervention, Helix Energy |
Analyst Review
According to the CXOs of leading companies, rapid industrialization is the key factor attributed to the leading position of North America and Asia-Pacific regions in the global well intervention market. The North America region is further expected to provide lucrative opportunities to leading well intervention service provides, owing to its huge potential to enhance exploration & production activities and surge in demand for petroleum products across the globe.
Increase in demand for conventional fuels such as petrol, diesel, kerosene, and others from the transportation and power generation industry is the key factor driving the growth of the global well intervention market during the forecast period. However, implementation of stringent government regulations toward environmental pollution, owing to the use of petroleum products is expected to hamper the growth of the market during the analyzed time frame. On the contrary, use of smart control systems in well intervention equipment and R&D toward efficient well intervention services is anticipated to provide remunerative opportunity for the key players to maintain the pace in the well intervention market in the upcoming years.
Among the analyzed regions, North America is expected to account for the highest revenue in the market by the end of 2030, followed by LAMEA, Asia-Pacific, and Europe.
Product launch, agreement, partnership, acquisition, and business expansion are the key growth strategies of well intervention market.
Potential customers of well intervention industry are oil & gas, petroleum, shale gas, and others are the potential customers of well intervention industry.
To get latest version of well intervention market report can be obtained on demand from the website.
North America and LAMEA will provide business opportunities for well intervention in future.
Increase in demand for crude oil & other oil & gas products, rapid growth of hybrid vehicles are key factors drives the well intervention market growth during the forecast period.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
Leading global players in the well intervention market include Altus Intervention, Archer, Baker Hughes Company, Halliburton, Helix Energy, Key Energy Services, LLC, Oceaneering International, Inc., Schlumberger Limited, Trican, and Weatherford International PLC.
Key benefits of the well intervention market report include detailed analysis on global trends, key players, competitive scenario, opportunities, market size & forecast, and segmental & regional analysis.
Rise in demand for enhancing the production of oil and gas wells across the globe is expected to be the current trend in the well intervention market in the next few years
Onshore application is expected to drive the adoption of well intervention in the coming years.
Loading Table Of Content...
