NEW YORK, Dec. 10, 2018 /PRNewswire/ --The Well
Intervention market is projected to grow at a CAGR of 5.35%, from
2018 to 2023.
Read the full report: https://www.reportlinker.com/p05164671
The Well Intervention market is projected to reach USD 11.0 billion by 2023 from an estimated
USD 8.5 billion in 2018, at a CAGR of
5.35%. This can be attributed to the growth of the technological
developments in the oil & gas industry. Increasing demand for
well intervention in subsea and discoveries of new oilfields offer
promising business opportunities for the growth of the well
intervention market. The strict environment regulations on E&P
activities can act as a restraint for Well Intervention market.
The Stimulation segment is expected to dominate the Well
intervention market from 2018 to 2023.
The Stimulation segment held the largest market share in 2018 and
is estimated to be the fastest growing segment during the forecast
period.It is majorly driven by the increasing demand for hydraulic
fracturing & matrix treatments.
These services are performed to restore and enhance the production
of a well that is hindered by skin formation near the wellbore
area.This is a frequent problem in producing wells.
There are two types of remedial stimulation methods: hydraulic
fracturing and matrix treatments. The demand for hydraulic
fracturing is increasing in the Americas, making it a lucrative
market.
Offshore segment is expected to be the fastest growing segment
in Well intervention market during the forecast period.
The Offshore segment led the Well Intervention market in 2018 and
is expected to be the fastest growing market during the forecast
period. This growth is majorly driven by increasing deep water
drilling and production activities and by the increasing number of
maturing subsea wells.
North America: The fastest growing
market for Well intervention.
North America is expected to be
the largest market for Well intervention in 2023 and is projected
to grow at the highest CAGR, during the forecast period.The market
growth is driven by investments in the power generation and oil
& gas sectors.
The region has abundant reserves of hydrocarbons and is one of the
leading petroleum producing regions in the world.The Middle East is the primary exporter of oil
& gas globally, mainly to Asian countries such as China and India.
In January 2016, the oil export
sanctions on Iran were lifted,
allowing the country to export oil, which led to an increase in
E&P activities, further leading to a rise in oil
production.Moreover, as per the Baker Hughes' International Rig
Count December 2017, there was a
considerable drop in the rig count in 2016 compared to that in 2014
and 2015.
These developments would trigger the growth of the Well
intervention market in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry
participants, subject-matter experts, C-level executives of key
market players, and industry consultants, among other experts, to
obtain and verify critical qualitative and quantitative
information, as well as to assess future market prospects. The
distribution of primary interviews is as follows:
• By Company Type: Tier 1- 70%, Tier 2- 20%, and Tier 3- 10%
• By Designation: C-Level- 50%, Director Level- 20%, and Others-
30%
By Region: North America- 40%,
Asia Pacific- 21%, Europe- 15%, Middle
East & Africa- 13%, and
South & Central America-
11%
Note: Others includes product engineers, product specialists, and
engineering leads.
Note: The tiers of the companies are defined on the basis of their
total revenues as of 2017. Tier 1: >USD 1
billion, Tier 2: From USD 500
million to USD 1 billion, and
Tier 3:
The leading players in the Well Intervention market include BHGE
(US), Halliburton (US), Schlumberger (US), Weatherford
(Switzerland).
Research Coverage:
The report defines, describes, and forecasts the global Well
Intervention market by intervention type, service, application, and
region.It also offers a detailed qualitative and quantitative
analysis of the market.
The report provides a comprehensive review of the major market
drivers, restraints, opportunities, and challenges.It also covers
various important aspects of the market.
These include an analysis of the competitive landscape, market
dynamics, market estimates in terms of value, and future trends in
the Well Intervention market.
Key Benefits of Buying the Report
The report will provide the market leaders/new entrants in this
market information on the closest approximations of the revenue
numbers for the overall Well Intervention market and the
subsegments.This report will help stakeholders understand the
competitive landscape and gain more insights to better position
their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the
market and provides them with information on key market drivers,
restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05164671
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